New R.I. Foreclosure Related Laws Await Gov's OK; Lenders To Post Upkeep Bonds, Timely Pay Taxes/Utility Bills; Copper Theft Industry Also Takes Hit

In Providence, Rhode Island, The Providence Journal reports:

• Banks that repossess foreclosed properties in Rhode Island will have to pay the properties’ tax and utility bills in a more timely fashion and post bonds for the properties’ upkeep if legislation approved by the General Assembly over the weekend is signed into law by Governor Carcieri. Lawmakers’ approval of two bills aimed at cracking down on giant out-of-state banks and mortgage companies — not to mention dealers in stolen copper — represents just a handful of the dozen or more foreclosure-related bills introduced into legislature.

For more, see Bills on foreclosures await governor’s approval.

Foe story update, see Expungement, public records bills vetoed (The Rhode Island Foreclosed Property Upkeep Act is vetoed by Gov. Carcieri).