Newark council to vote on ordinance allowing city to fine banks

By Naomi Nix | NJ Advance Media for NJ.com
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on October 14, 2014

NEWARK — The Newark city council will vote on an ordinance that allows the city to fine banks that are not maintaining foreclosed properties.

The ordinance will allow the city to fine out-of-state creditors who fail to maintain foreclosed or abandoned properties up to $2,500 per day in the city's municipal court.

The legislation follows a bill passed in the state legislature last summer which allows municipalities to fine banks for not keeping up with their properties.

Baraka said in a statement that the legislation will help prevent abandoned buildings from contributing to crime or becoming health hazards.

“We demand and expect that all owners and landlords of property in Newark, whether they are fellow Newarkers or from out of state, to behave as responsible members of our community,” he said.

A public hearing on the ordinance is scheduled to occur during the city council's meeting on Wednesday.

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