Bill
Bill > A3919
NJ A3919
NJ A3919Prohibits common interest communities from penalizing members who place unit into living, revocable trust fund or classifying placement as title transfer.
summary
Introduced
03/04/2024
03/04/2024
In Committee
03/04/2024
03/04/2024
Crossed Over
Passed
Dead
01/12/2026
01/12/2026
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill would provide that the placement of the unit, or in the case of a cooperative, shares or proprietary lease, and assets, of an association member of a homeowners' association, condominium association, cooperative, or other planned real estate development (association), into a living, revocable trust fund would not constitute a title transfer for the associations' purposes. Under current State law, the governing documents of some associations could enable the association to derive a financial benefit when an association member sells or transfers a unit, assets, or shares or proprietary lease, including placing their unit into a living, revocable trust. This bill would protect association members and senior citizens living in an association by prohibiting the association from charging any fees due on transfer of ownership by placing the property in a living, revocable trust fund. The bill would permit an association to charge a fee that is reasonably related to the costs incurred by the association in connection with a transfer of ownership.
AI Summary
This bill prohibits common interest communities, such as homeowners' associations, condominium associations, and cooperatives, from penalizing members who place their unit, shares, or proprietary lease into a living, revocable trust fund. Under the current law, some associations could charge fees or classify such placements as a title transfer, which could financially benefit the association. This bill would protect association members, particularly senior citizens, by prohibiting these fees and ensuring that placing a property into a living, revocable trust fund does not constitute a title transfer. The bill, however, permits the association to charge a reasonable fee to cover the costs associated with the transfer of ownership.
Committee Categories
Housing and Urban Affairs
Sponsors (3)
Last Action
Introduced, Referred to Assembly Housing Committee (on 03/04/2024)
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/2024/A3919 |
| BillText | https://pub.njleg.gov/Bills/2024/A4000/3919_I1.HTM |
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