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Bill > A5664
NJ A5664
NJ A5664Establishes "Community Wealth Preservation Program"; expands access for certain buyers to purchase property from sheriff's sales.
summary
Introduced
06/26/2023
06/26/2023
In Committee
12/18/2023
12/18/2023
Crossed Over
01/08/2024
01/08/2024
Passed
01/08/2024
01/08/2024
Dead
Signed/Enacted/Adopted
01/12/2024
01/12/2024
Introduced Session
2022-2023 Regular Session
Bill Summary
Establishes "Community Wealth Preservation Program"; expands access for certain buyers to purchase property from sheriff's sales.
AI Summary
This bill establishes the "Community Wealth Preservation Program" to expand access for certain buyers, including foreclosed upon defendants, their next of kin, tenants, and nonprofit community development corporations, to purchase property from sheriff's sales with an initial 3.5% deposit. The bill also includes provisions to require notice and disclosure of certain information related to the sale, limits on the increase of upset prices, and requirements for successful bidders to occupy the property as their primary residence for at least 84 months, with exceptions and penalties. Additionally, the bill amends existing law to increase the fees charged by sheriffs for execution sales that are not conducted under the new program.
Committee Categories
Housing and Urban Affairs
Sponsors (19)
Shanique Speight (D)*,
Shavonda Sumter (D)*,
Britnee Timberlake (D)*,
Shirley Turner (D)*,
Benjie Wimberly (D)*,
Andrew Zwicker (D)*,
Reginald Atkins (D),
Linda Carter (D),
Herbert Conaway (D),
Mila Jasey (D),
Yvonne Lopez (D),
John McKeon (D),
Angela Mcknight (D),
Marilyn Piperno (R),
Verlina Reynolds-Jackson (D),
Bill Spearman (D),
Sterley Stanley (D),
Cleopatra Tucker (D),
Jacqueline Yustein (D),
Last Action
Approved P.L.2023, c.255. (on 01/12/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2022/A5664 |
| BillText | https://pub.njleg.gov/Bills/2022/A6000/5664_R3.HTM |
| Analysis - Statement Assembly 12/21/23 2R | https://pub.njleg.gov/Bills/2022/A6000/5664_S3.PDF |
| BillText | https://pub.njleg.gov/Bills/2022/A6000/5664_R2.HTM |
| Analysis - Statement AAP 12/18/23 1R | https://pub.njleg.gov/Bills/2022/A6000/5664_S2.PDF |
| BillText | https://pub.njleg.gov/Bills/2022/A6000/5664_R1.HTM |
| Analysis - Statement ACE 12/11/23 | https://pub.njleg.gov/Bills/2022/A6000/5664_S1.PDF |
| BillText | https://pub.njleg.gov/Bills/2022/A6000/5664_I1.HTM |
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