Monday, September 24, 2018

More financial institution responsibility over foreclosed Puerto Rico homes proposed

By on March 13, 2018

SAN JUAN — Amid the mounting problem of foreclosed properties in Puerto Rico, Rep. José González proposed Monday the establishment of the Law for the Prevention of Diseases and Accidents for Foreclosed Properties and other ends for financial institutions to take control of these and avoid their deterioration.

“The banks themselves will administrate these properties, and they will be responsible for their maintenance in order to maintain a healthy coexistence,” the legislator said in a statement.

The bill also includes data from the Financial Institutions Commissioner’s Office (OCIF by its Spanish acronym), such as that 300 properties are foreclosed on monthly. It is because of this situation that the lawmaker–concerned about the properties’ lack of maintenance, which could attract rats as well as become the source of diseases such as leptospirosis, dengue and chikungunya– that he introduced the bill.

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“This situation is alarming. We have people who have had to live next to a foreclosed home house that is abandoned, without the grass cut, stagnant pools and mosquitoes that transmit diseases. Also, the lack of conservation of these areas results in security situations since these properties are susceptible to both criminal activity and accidents of those who live near their perimeter,” he said.

González’s proposes that every bank, cooperative or financial institution that does not take responsibility within 30 days b issued a $500 fine after the first notice of violation, $1,000 after the second and $2,000 for a third. It also bars them from charging or transferring the fines.

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