A. 
The creditor filing a summons and complaint in an action to foreclose shall, in addition to the notice provided to the municipality pursuant to N.J.S.A. 46:10B-51, register the residential or commercial property with the Borough's property registration program as a property in foreclosure.
B. 
Registration as a property in foreclosure. The creditor must provide the municipality with:
(1) 
The information pursuant to §§ 110-2 and 110-3 and comply with § 110-5;
(2) 
The date the summons and complaint in an action to foreclose on a mortgage that was filed against the subject property, the court in which it was filed and the docket number of the filing;
(3) 
Identify whether the property is vacant and abandoned in accordance with the definitions in § 110-1;
(4) 
If there is any change in the name, address or telephone number for a representative, agent or individual authorized to accept service on behalf of a creditor required to register pursuant to the property registration program following the filing of the summons and complaint, the creditor shall update the property registration program within 10 days of the change in that information;
(5) 
If there is any change in the property's status, update the property registration with the Borough's property registration program to reflect the change;
(6) 
If the creditor is located out-of-state, the information of an in-state representative or agent to act for the foreclosing creditor.
C. 
The creditor filing a summons and complaint in an action to foreclose shall be responsible for the care, maintenance, security, and upkeep of the exterior of the property if the property is vacant and abandoned at any time while the property is registered with the property registration program.
D. 
A foreclosed property is considered vacant and/or abandoned if it meets the definitions of § 110-1.
E. 
In the case of a violation for failure to provide care, maintenance, security, and upkeep of the exterior of vacant and abandoned property, such notice shall require the person or entity to correct the violation within 30 days of receipt of the notice, or within 10 days of receipt of the notice if the violation presents an imminent threat to public health and safety. In addition, §§ 110-7 and 110-10 shall apply.
F. 
Fees. The creditor will pay an annual registration fee of:
(1) 
$500 per property annually for any property that is required to be registered because a summons and complaint in an action to foreclose was filed by the creditor.
(2) 
An additional $2,000 per property annually if the property is vacant or abandoned when the summons and complaint in an action to foreclose is filed, or becomes vacant and abandoned pursuant to the definition in the ordinance at any time thereafter while the property is in foreclosure.
(3) 
The registration fee shall be due on January 1 of each year, following initial registration.
G. 
Any fines imposed pursuant to this section shall commence 31 days following receipt of the notice of violation, except if the violation presents an imminent risk to public health and safety, in which case any fines shall commence 11 days following receipt of the notice.
H. 
Penalties of out-of-state creditors. An out-of-state creditor who fails to appoint an in-state representative or agent after the 10th day of the period set forth in N.J.S.A. 46:10B-51 shall be subject to a fine of $2,500 for each day of the violation.
I. 
Twenty percent of any money collected pursuant to his section shall be utilized by the municipality for code enforcement.
A. 
For the purposes of this section only, "creditor" means a state chartered bank, savings bank, savings and loan association or credit union, any person required to be licensed under the provisions of the "New Jersey Residential Mortgage Lending Act," N.J.S.A. 17:11C-51 through N.J.S.A. 17:11C-89, and any entity acting on behalf of the creditor named in the debt obligation, including, but not limited to, servicers. For purposes of this section, a creditor shall not include the state, a political subdivision of the state or a state, county or local government entity, or their agent or assignee, such as the servicer.
B. 
A creditor serving a summons and complaint in an action to foreclose on a mortgage on commercial property shall, within 10 days of serving the summons and complaint, notify the Borough Clerk that a summons and complaint in an action to foreclose on a mortgage has been filed against the subject property.
C. 
The notice shall contain the full name, address, and telephone number for the representative of the creditor who is responsible for receiving complaints of property maintenance and code violations and the full name and contact information for any person or entity retained by the creditor or a representative of the creditor to be responsible for any care, maintenance, security or upkeep of the property.
D. 
The notice may contain information about more than one property, and shall be provided by mail and electronic mail communication.
E. 
The Borough Clerk shall forward a copy of the notice to the Public Officer or shall otherwise provide it to any other local official responsible for administration of any property maintenance or public nuisance code.
F. 
The notice shall also include the street address, lot and block number of the property.
G. 
If there is any change in the name, address, or telephone number for a representative, agent, or individual authorized to accept service on behalf of a creditor required to be provided in a notice pursuant to this paragraph following the filing of the summons and complaint, the creditor shall provide a notice to the Borough Clerk containing the updated name, address or telephone number within 10 days of the change in that information.
H. 
If the owner of a commercial property vacates or abandons any property on which a foreclosure proceeding has been initiated or if a commercial property becomes vacant at any point subsequent to the creditor's filing the summons and complaint in an action to foreclose on a mortgage against the subject property, but prior to vesting of title in the creditor or any other third party, and the exterior of the property is found to be a nuisance or in violation of any applicable state or local code, the Borough Clerk shall notify the creditor or the representative or agent.
I. 
The Borough shall include a description of the conditions that give rise to the violation with the notice of violation and shall provide a period of not less than 30 days from the creditor's receipt of the notice for the creditor to remedy the violation.
J. 
If the creditor fails to remedy the violation within that time period, the Borough may impose penalties allowed for the violation of municipal ordinances.
K. 
If the Borough expends public funds in order to abate a nuisance or correct a violation on a commercial property in situations in which the creditor was given notice pursuant to the provisions of subsection h of this section, but failed to abate the nuisance or correct the violation as directed, the Borough shall have the same recourse against the creditor as it would have against the title owner of the property, including, but not limited to, the recourse provided under N.J.S.A. 55:19-100.