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Bill > S401
NJ S401
NJ S401Requires limited liability company to disclose certain information when recording deed concerning residential rental property.
summary
Introduced
01/13/2026
01/13/2026
In Committee
01/13/2026
01/13/2026
Crossed Over
Passed
Dead
Introduced Session
2026-2027 Regular Session
Bill Summary
This bill would require a limited liability company or foreign limited liability company disclose information pertaining to the company's registered agent when that company is the grantee of a deed for residential real property and such property is intended to be used for residential rental purposes. The disclosure of this information would be made at the time when the company files the deed for recording. In addition, if the registered agent is not a member of the company, an affidavit identifying at least one member of the company shall be appended to the deed. The disclosures called for in this bill would be required regardless of the number of rental dwelling units contained on the property.
AI Summary
This bill requires limited liability companies (LLCs) and foreign LLCs that acquire residential rental property to disclose specific information when recording the deed. An LLC is a business structure that offers limited liability to its owners, meaning their personal assets are protected from business debts. A foreign LLC is simply an LLC formed in another state or country. When such a company becomes the new owner (grantee) of a residential property intended for rental, regardless of how many rental units it has, they must attach an affidavit to the deed. This affidavit must identify the company's registered agent, who is the official point of contact for legal notices. If the registered agent is not a member of the LLC, an additional affidavit must be included that names at least one member of the company. This new requirement aims to provide greater transparency regarding the ownership and management of residential rental properties.
Committee Categories
Housing and Urban Affairs
Sponsors (2)
Last Action
Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee (on 01/13/2026)
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/2026/S401 |
| BillText | https://pub.njleg.gov/Bills/2026/S0500/401_I1.HTM |
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