Relates to increasing the maximum civil penalty from $500 to $1000 per day per property for each day the mortgagee or agent of the mortgagee has been in violation.

This bill proposes to double the maximum fine that can be imposed on mortgage lenders or their agents for violations related to property management. Currently, the maximum penalty is $500 per day, but the bill would increase it to $1000 per day for each property in violation. This change aims to hold mortgagees more accountable for their actions.

Supporters of the bill argue that increasing the penalties will encourage mortgage lenders to comply with regulations and protect homeowners from neglect. They believe that higher fines will deter violations, ultimately leading to better property management and community standards.

Critics of the bill contend that raising the penalties could unfairly burden mortgage lenders, especially smaller institutions, and may lead to increased costs for borrowers. They argue that this could result in higher mortgage rates or reduced access to loans for some homeowners.