Over the past year, the City of Chicago has enacted and subsequently amended an Abandoned Property Ordinance. In addition to imposing certain registration and other maintenance obligations on owners of vacant buildings, it seeks to impose similar duties on banks and other mortgagees even before the foreclosure process is complete. Violations can lead to fines of up to $1,000 per day. We will discuss the ordinance and its requirements, as well as provide an update on litigation challenging it.
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