NJ A5744

Executive boards of planned real estate developments are prohibited from increasing association dues by more than 10 percent over a 12-month period compared to the prior year's charges

Unit owners who believe their board violated the cap can request a Division of Consumer Affairs investigation, file a court action, or pursue alternative dispute resolution

Board members found in violation face personal liability with a $1,000 penalty per violation payable to the plaintiff, plus reimbursement of amounts paid exceeding the 10% cap

Executive boards may petition the Commissioner of Community Affairs for approval to exceed the 10% limit; if the commissioner fails to act within 90 days, the requested increase is automatically approved

Exemptions apply to dues increases related to structural inspection compliance requirements under P.L.2023 c.214, commissioner-established exceptions, and approved petitions