ASSEMBLY HOUSING COMMITTEE

STATEMENT TO

ASSEMBLY, No. 4262

STATE OF NEW JERSEY

DATED:  DECEMBER 9, 2024

      The Assembly Housing Committee reports favorably Assembly Bill No. 4262.

      This bill exempts certain creditors from payment of a property registration fee for as long as the property remains subject to the automatic stay provision of the federal Bankruptcy Code.  Current law, section 3 of P.L.2021, c.444 (C.40:48-2.12s3), authorizes a municipality, by ordinance, to require a foreclosing creditor to register property, and to impose an annual fee on the creditor for registering the property.  Under the bill, a creditor who has sought the protection of the federal Bankruptcy Code, and who is protected by the automatic stay provision of the federal Bankruptcy Code, would be excused from the payment of the property registration fees authorized by section 3 of P.L.2021, c.444 (C.40:48-2.12s3).