TRENTON – A bill sponsored by Senator Ronald L. Rice, which would create a mechanism for municipalities to fine creditors when foreclosed properties fall into disrepair was approved by the Senate Commerce Committee today by a vote of 5-0 with one abstention.
“New Jersey, like the rest of the country, is in the middle of a foreclosure crisis, and when these foreclosed properties fall into disrepair, they can have a negative impact on the property values and safety of the surrounding neighborhood,” said Senator Rice, D-Essex. “When a creditor forecloses on a property, they still have a responsibility to the municipality to ensure that the property doesn’t become a burden on the rest of the community. This bill would give local officials the authority to issue citations and impose fines to make sure that creditors live up to their responsibilities.”