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Lawmakers pass foreclosed properties maintenance bill

February 16, 2010
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PORTLAND, OR — Members of the Oregon House of Representatives passed a bill yesterday allowing fines for banks that neglect to maintain foreclosed properties, according to Oregon Public Broadcasting News.
According to the story, banks could be fined up to $150 a day for failing to clean up foreclosed properties, a move that lawmakers say will help neighborhoods and protect investments.
Representative Lew Frederick said: "Not only does it impact just the visual situation, it impacts the financial status of those families that have placed their life savings in those properties and now find their property values going down, and continuing to diminish."
The law, which would be enforced by local governments, would allow banks up to 30 days to repair properties before receiving fines, and would allow for local hearings to dispute the fines, the story stated.

The bill must still pass the state senate, the story added.

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