LAS VEGAS BANKS FINALLY FORCED TO MAINTAIN FORECLOSED PROPERTIES --

A new city ordinance just passed requires banks that own vacant, dilapidated properties in Vegas to be fined or face jail time and misdemeanor penalties for allowing their properties to fall into a state of disrepair.

Hopefully, this will reduce neighborhood blight, crime and falling property values in both residential and commercial areas.

This ordinance has been in the works for months and the Nevada Bankers Association supports the efforts to reduce blight , although they object to the penalties.

Under the ordinance, banks would have 15 days after a notice of default to inspect a property to determine if it is vacant. If vacant, they will have 10 days to list it on a city registry a cost of $200.  

The property then needs to comply with health and safety codes.  If a bank or lender fails to comply, they can receive a notice, a citation, which could then result in a $1,000 fine or or six months in jail. 

Councilwoman Lois Tarkanian said, "this ordinance wouldn't have been required if the banks and lenders had cooperated and treated us with respect." 

Irv