NJ A3248

Prohibits institutional investors (partnerships, corporations, LLCs, trusts, and their affiliates, subsidiaries, or beneficial owners) from bidding on, acquiring, or purchasing single-family homes (1-4 unit residential properties including townhomes) in New Jersey

Exempts nonprofit affordable housing organizations, family trusts, family LLCs with five or fewer members, small institutional investors owning four or fewer homes, financial institutions acquiring properties through foreclosure, government authorities, and public utilities

Requires violating institutional investors to sell the property within six months, with all profits payable to the Attorney General

Imposes civil penalties of $500 per day for first offenses and $1,000 per day for subsequent violations, enforceable through consumer fraud act proceedings; allows adversely affected parties to file complaints and recover attorney's fees and costs

Mandates annual reporting by all institutional investors to the Commissioner of Community Affairs detailing single-family homes bid on, acquired, or purchased during the prior tax year