SECTION 1. Notwithstanding any general or special law to the contrary, any financial institution which is a holder of a deed of residential property, as defined by section 35A of chapter 244 of the general laws, that owns a foreclosed residential property, shall remit to the city or town where the property is located a fee equal to 50 per cent of the rate of the property tax for such property prorated on a monthly basis for any property that has been unoccupied after foreclosure for more than 90 days. The municipal departments of public health, law enforcement and code enforcement from each city and town receiving the fee shall use said fee to address public safety concerns created by the abandoned or vacant property.
SECTION 2. Section 1 shall expire on July 9, 2014 .
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