Bill > A2995

This bill clarifies the authority of the Commissioner of Community Affairs to enforce disclosure requirements for builders of planned real estate developments, which are defined as properties offered under a common promotional plan that include shared elements. Specifically, the bill amends "The Planned Real Estate Development Full Disclosure Act" to explicitly include "builders" as individuals or business organizations engaged in construction within the definition of "person," thereby making them subject to the act's provisions. This change is a direct response to a 2005 report by the State Commission of Investigation and allows the Commissioner to impose fines of up to $50,000 per violation on builders who fail to comply with disclosure rules or make false statements in registration applications. The Commissioner can levy these penalties after providing an opportunity for a hearing, and if unpaid, the penalties can be pursued through legal action.

Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2026/A2995