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  • NJ A1599
  • Requires condominium and homeowners' associations to provide information to federal home loan insurance providers at no cost to potential buyers.
In Committee
Crossed OverPassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill would require condominium associations and homeowners' associations to cooperate to the fullest possible extent with federal home loan insurance providers, by responding fully and expediently to any questionnaires or other requests for information required by the providers before insuring a loan, and providing such materials at no cost to potential buyers, no later than 10 business days after receiving the request. The Commissioner of Community Affairs may enforce the requirements of this bill through the imposition of a personal civil penalty, not to exceed $500 per person per violation, on the officers of the association, which may be recovered in summary proceedings pursuant to the provisions of the "Penalty Enforcement Law of 1999," P.L.1999, c.274 (C.2A:58-10 et seq.).
Not specified
Introduced, Referred to Assembly Housing and Community Development Committee  (on 1/27/2016)
Date Chamber Action Description
1/27/2016 A Introduced, Referred to Assembly Housing and Community Development Committee
Date Motion Yea Nay Other
None specified