Bill > S3659

This bill limits the amount that landlords or their agents can charge for residential rental property application fees to $50, with specific penalties for violations. Landlords who charge more than $50 for an application fee will face escalating financial penalties: $500 for a first offense, $750 for a second offense, and $1,000 for subsequent offenses. The penalties will be collected through summary legal proceedings in the county where the property is located, with the amount wrongfully charged being remitted to the applicant. The bill includes exceptions for rental properties in one or two-family dwellings and for real estate commission licensees who are not the property's landlord. Additionally, the bill establishes an annual adjustment mechanism tied to the Consumer Price Index for the New York-Northern New Jersey-Long Island Metropolitan Area, which will allow the $50 fee limit to be updated each year based on inflation. The Director of the Division of Consumer Affairs is required to create rules for implementing the law, including a mechanism for tenants to report violations, and the law will take effect four months after its enactment.

Budget and Finance, Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2024/S3659