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NJ A1233
Bill
Status
1/9/2024
Primary Sponsor
Alex Sauickie
Click for details
AI Summary
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Requires limited liability companies (LLCs) and foreign LLCs purchasing residential rental properties (one or two dwelling units or multiple dwellings) to submit an affidavit disclosing the registered agent's name and business address when recording the deed
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Mandates disclosure of beneficial owner information including full legal name, date of birth, current business street address, and a unique identifying number from an acceptable identification document
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Defines "beneficial owner" as an individual who directly or indirectly owns at least 25% of the entity and holds the greatest ownership interest, or the individual with the greatest ownership interest if no one owns more than 25%
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If the registered agent is not a member of the LLC, the affidavit must also identify at least one member of the company
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Authorizes municipalities to adopt ordinances allowing unpaid housing, building, or health code charges against LLC landlords to become liens on the property, enforceable like real property tax liens, if unpaid after 13 months
Legislative Description
Requires limited liability company to disclose ownership information when submitting deed for recording.
2nd Reading in the Assembly
Last Action
Reported out of Assembly Comm. with Amendments, 2nd Reading
1/5/2026