Update Regarding the Chicago City Council Vacant Property Registration and Maintenance Ordinance

December 05, 2011
In response to concerns raised by lenders and loan servicers, the Chicago City Council recently amended an ordinance that addresses mortgagee and securitization trustee liability for vacant properties located in the city. The amendments remove mortgagees and their assignees and agents from the definition of “owner” for the purposes of Section 13-12-125 of the Municipal Code of Chicago, and establish a separate set of standards for compliance with registration and maintenance requirements for mortgagees of residential properties. This update provides a brief overview of the new requirements.