NJ A4262

Exempts creditors from paying municipal property registration fees when a foreclosed property is part of a Chapter 7 or Chapter 13 federal bankruptcy case and the automatic stay under 11 U.S.C. §362(a) has not been vacated

Amends P.L.2021, c.444, which currently allows municipalities to impose annual fees of up to $500 per property in foreclosure, plus an additional $2,000 if the property is vacant or abandoned

The exemption remains in effect only as long as the bankruptcy automatic stay provision protects the property from creditor actions

Applies specifically to properties registered under municipal property registration programs that track residential and commercial properties subject to foreclosure actions