NYS financial regulators propose rules to combat vacant and abandoned 'zombie' properties

On Oct. 12, the New York State Department of Financial Services (DFS) issued proposed regulations aimed at fighting the statewide "zombie" property issue. The regulations will require lenders to inspect, secure and maintain their one-to-four family residential vacant properties and will establish an electronic statewide vacant and abandoned property registry/database maintained by DFS. The proposed regulations can be found here.