ASSEMBLY HOUSING COMMITTEE

STATEMENT TO

ASSEMBLY, No. 3237

STATE OF NEW JERSEY

DATED:  MAY 14, 2026

      The Assembly Housing Committee reports favorably Assembly Bill No. 3237.

As reported, 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 municipal property registration fees authorized by State law.  

      This bill was prefiled for introduction in the 2026-2027 session pending technical review.  As reported, the bill includes the changes required by technical review, which has been performed.