Loading chat...
NJ A2450
Bill
Status
1/9/2024
Primary Sponsor
Annette Quijano
Click for details
AI Summary
-
Establishes a mandatory licensure system administered by the Commissioner of Community Affairs for community management entities that contract with planned real estate development associations to perform management services
-
Defines "management services" to include acting with authority in business/legal/financial transactions, executing board resolutions, collecting and disbursing funds, preparing budgets, and arranging meetings or contracts for associations
-
Prohibits entities from entering new contracts to serve as community management entities without first obtaining a license from the commissioner
-
Imposes penalties of up to $4,000 per contract for violations of the licensure requirement
-
Requires the commissioner to adopt implementing regulations within 7 months of enactment, with the act taking effect on the first day of the seventh month following enactment
Legislative Description
Requires licensure of community management entity that contracts to conduct management services for planned real estate development association.
Appropriations
Last Action
Reported and Referred to Assembly Appropriations Committee
12/9/2024