Bill > S399

This bill requires limited liability companies (LLCs) and foreign LLCs that purchase residential real property intended for rental purposes, specifically properties with one or two dwelling units or multiple dwellings, to disclose ownership information when submitting a deed for recording. This disclosure includes the name and business address of the LLC's registered agent, and if the agent is not a member, the name and address of at least one member. Additionally, the bill mandates the disclosure of the "beneficial owner," defined as an individual who directly or indirectly owns at least 25% of the company's ownership interests and holds the greatest ownership interest, or if no individual owns more than 25%, the individual with the greatest ownership interest. This beneficial owner's full legal name, date of birth, current business street address, and a unique identifying number from an acceptable identification document must be provided. Failure to comply with these disclosure requirements will result in a penalty of $5,000 per violation, with each month the violation persists counting as a separate offense, and municipalities can direct that unpaid charges related to housing, building, or health codes become a lien on the property if not paid.

Budget and Finance, Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2026/S399