Bill
Bill > S3524
NJ S3524
NJ S3524Prohibits seller of residential real estate from requiring potential buyers to disclose down payment when presenting offer to seller.
summary
Introduced
06/28/2024
06/28/2024
In Committee
06/28/2024
06/28/2024
Crossed Over
Passed
Dead
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill prohibits a seller of residential real estate from requiring potential buyers to disclose the amount that the buyer will provide as a down payment for the residential real estate. A seller who violates the provisions of this act will be liable to a civil penalty of no more than $1,000. For the purpose of this bill, "residential real estate" means a property or structure or both which serves as a dwelling. "Residential real estate" does not include a dwelling with more than four residential units.
AI Summary
This bill prohibits sellers of residential real estate from requiring potential buyers to disclose the amount of their down payment when presenting an offer to purchase the property. For the purposes of this bill, "residential real estate" refers to properties or structures that serve as dwellings, excluding those with more than four residential units. Sellers who violate this provision will be liable for a civil penalty of up to $1,000, to be collected through a civil action. The bill will take effect 90 days after being enacted.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Commerce Committee (on 06/28/2024)
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/S3524 |
| BillText | https://pub.njleg.gov/Bills/2024/S4000/3524_I1.HTM |
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