NJ S135

Requires home improvement contractors to register with the Division of Consumer Affairs every two years instead of annually, and mandates they maintain a $50,000 bond, letter of credit, or other security to protect consumers who suffer losses from contractor violations

Removes "non-commercial property" from the definition of covered properties, limiting the act's scope to residential properties only, and clarifies that persons performing home improvements without compensation are not considered contractors

Expands exemptions from registration requirements to include employees of residential property owners/managers acting within their employment scope, while removing the exemption for persons improving property they own or that family/charity owns

Makes it an unlawful practice under consumer fraud law for contractors to fail to complete work per the contract, with penalties up to $10,000 for first offense and $20,000 for subsequent offenses, plus potential treble damages and restitution

Allows consumers to waive the three-day contract cancellation period for bona fide emergencies and authorizes municipalities to bring enforcement proceedings to recover fines from contractors for violations within their jurisdiction