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NJ S738
Bill
Status
1/13/2026
Primary Sponsor
John Burzichelli
Click for details
AI Summary
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Reduces interest rates on unpaid sewerage authority and municipal utility authority service charges from 1.5% per month to the "prevailing municipal bond yield" (based on the Bond Buyer 20-Bond Municipal Bond Index for 20-year general obligation bonds rated approximately "A")
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Establishes a 30-day grace period before interest begins accruing on delinquent water and sewer utility bills, with interest then calculated from the original due date and compounded annually
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Applies the same interest rate reduction and calculation method to delinquent municipal taxes, assessments, and other municipal liens and charges in New Jersey
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Requires sewerage authorities and municipal authorities to redetermine the prevailing municipal bond yield if the average estimated yield decreases by more than one percentage point during the calendar year
Legislative Description
Modifies interest rates and accrual of interest on certain unpaid water and sewer utility bills and delinquent municipal taxes, assessments, and other municipal liens and charges.
Economic Growth
Last Action
Introduced in the Senate, Referred to Senate Economic Growth Committee
1/13/2026