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NJ A3919
Bill
Status
3/4/2024
Primary Sponsor
Brian Rumpf
Click for details
AI Summary
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Prohibits homeowners' associations, condominium associations, cooperatives, and other planned real estate developments from treating the placement of a unit into a living, revocable trust fund as a title transfer
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Bars associations from charging membership fees, capital contribution fees, transfer fees, transfer taxes, or other revenue-raising charges when members place their property into a living, revocable trust
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Allows associations to charge a reasonable fee limited to actual costs incurred in processing such a transfer
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Applies to cooperative shares and proprietary leases as well as traditional units and assets
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Takes effect immediately upon enactment
Legislative Description
Prohibits common interest communities from penalizing members who place unit into living, revocable trust fund or classifying placement as title transfer.
Housing
Last Action
Introduced, Referred to Assembly Housing Committee
3/4/2024