Bill > S276

This bill requires limited liability companies (LLCs) and foreign LLCs to disclose detailed ownership information when submitting deeds for residential rental properties containing one or two dwelling units or multiple dwellings. Specifically, when recording a deed, these companies must provide an affidavit that includes the registered agent's name and business address, and for the primary beneficial owner, detailed personal information such as full legal name, date of birth, current business street address, and a unique identifying number from an official identification document. A "beneficial owner" is defined as an individual who directly or indirectly owns at least 25 percent of the ownership interests and holds the greatest ownership interest, or in cases where no individual owns more than 25 percent, the individual with the greatest ownership interest. Additionally, the bill allows municipalities to convert unpaid housing, building, or health code charges into municipal liens against properties owned by LLCs after 13 months, with a requirement to provide 90 days' written notice to the property owner before filing the lien. The legislation aims to increase transparency in property ownership and provide municipalities with more effective tools for enforcing code compliance.

Housing and Urban Affairs

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