Bill > A1233

This bill requires that when a limited liability company (LLC) or a foreign LLC (an LLC formed outside of New Jersey) purchases residential real property intended for rental purposes with one or two dwelling units, or a multiple dwelling, they must submit an affidavit along with the deed for recording. This affidavit must identify the LLC's registered agent, who is the official point of contact for legal matters. If the registered agent is not a member of the LLC, the affidavit must also identify at least one member of the company. Furthermore, the affidavit must include specific information about the "beneficial owner" of the company, defined as an individual who owns at least 25% of the company's interests or, if no one owns that much, the individual with the largest ownership stake. This beneficial owner information includes their full legal name, date of birth, business street address, and a unique identifying number from an acceptable identification document. The bill also allows municipalities to place unpaid housing, building, or health code charges against such rental properties as a lien, similar to property tax liens, if the charges remain unpaid for a significant period, with prior notice to the property owner.

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https://www.njleg.state.nj.us/bill-search/2024/A1233