(A) For purposes of this section the terms DEFAULT, MORTGAGE, MORTGAGEE, MORTGAGOR and VACANT shall be defined as provided in § 150.031(E).
(B) Beginning 45 days after a default, a mortgagee shall determine, on a monthly basis, if the building on the real estate subject to its mortgage is vacant. Such determination may be made by communication with the mortgagor, a visual inspection of the real estate, or other means reasonably calculated to determine if the building is vacant.
(C) This section shall not require a mortgagee to perform any action which it is barred from doing by an automatic stay pursuant to a bankruptcy proceeding.
(D) To the extent permitted by law, a mortgagee’s acts or omissions required by this section shall not subject the mortgagee to civil or criminal liability unless the act or omission constitutes gross negligence or willful, wanton, or intentional misconduct.
(E) Any person who violates any provision of this section or of the rules and regulations issued hereunder shall be fined not less than $500 and not more than $1,000 for each offense. Every day that a violation continues shall constitute a separate and distinct offense. The affirmative defenses provided in §§ 150.031 and 150.032 shall also apply to this section.
(Ord. CO-2012-08, passed 2-21-2012)