NJ A3237

Exempts creditors from paying municipal property registration fees when the foreclosure property is subject to an automatic stay under Chapter 7 or Chapter 13 of the federal Bankruptcy Code

Applies to New Jersey's existing law that allows municipalities to charge foreclosing creditors up to $500 annually for property registration, plus an additional $2,000 annually if the property is vacant or abandoned

Fee exemption remains in effect only while the automatic stay under 11 U.S.C. §362(a) has not been vacated

Amends P.L.2021, c.444 (C.40:48-2.12s3), which governs municipal property registration programs for properties in foreclosure

Takes effect immediately upon enactment