Bill > S276

This bill requires limited liability companies (LLCs) and foreign limited liability companies (companies formed outside of New Jersey) that purchase residential real property intended for rental purposes, specifically properties with one or two dwelling units or multiple dwellings, to disclose ownership information when submitting a deed for recording. This means that when such a company buys a rental property, they must attach an affidavit to the deed that identifies their registered agent and their "beneficial owner." A beneficial owner is defined as an individual who directly or indirectly owns at least 25% of the company's ownership interests and holds the greatest ownership interest, or if no one owns more than 25%, it's the individual with the greatest ownership interest. If the registered agent is not a member of the company, the affidavit must also identify at least one member. Furthermore, this bill allows municipalities to establish ordinances that can turn unpaid housing, building, or health code charges against these rental properties into liens on the property, similar to how property taxes are handled, after providing notice to the owner.

Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2024/S276