HB 691: Receiverships for Blighted Residential Buildings

H.B. 691, P.N. 784 (WALKO) This would create the Blighted Property Receivership Act.
This would allow a residential building determined by court to violate municipal or housing codes or is determined to be a public nuisance and the violations are not corrected after 90 days, or is an immediate safety or health threats to tenants or adjoining neighbors, to be ordered by a court to be placed into receivership to a party requesting to be the receiver. The receiver could obtain court approval to reduce a first lien held by the same mortgagor to reflect a property value that is less than the amount of the first lien. A court may rescind a receivership.