New JerseyBankruptcy-protected creditors would not pay property registration fees
If enacted, foreclosing creditors protected by bankruptcy's automatic stay would avoid municipal property registration fees during that protection period.
What it does
A foreclosing creditor protected by bankruptcy's automatic stay would not pay a municipal property registration fee while the stay covers the property.
Argument forCreditors under a bankruptcy stay could avoid registration fees during the stay, which may reduce the cost of managing properties they cannot foreclose on.
Argument againstMunicipalities that charge these fees could lose revenue, but the amount is unknown because fees, properties, and stay periods vary.
More detail
A foreclosing creditor protected by the federal Bankruptcy Code's automatic stay would not pay the covered property registration fee. The provision applies to a creditor that sought protection under the federal Bankruptcy Code and whose property remains covered by the automatic stay. The exemption applies only to registration fees authorized by a municipal ordinance under the cited New Jersey law. Municipalities that do not impose the annual fee would see no related fiscal effect. The exemption would last for as long as the property remains subject to the automatic stay.
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Where it stands
- Introduced
- Passed 1st Chamber
- Passed 2nd Chamber
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Sep 28Received in the Senate, Referred to Senate Community and Urban Affairs CommitteeLatest
- Sep 24Passed by the Assembly (71-1-0)Passed 1st Chamber
- Vote recorded 3RDG FINAL PASSAGE. Result: pass.Lower
- Sep 17Reported out of Assembly Committee, 2nd ReadingMinor
- Vote recorded Reported favorably out of committee. Result: pass.Lower
- May 14Reported and Referred to Assembly Appropriations CommitteeMinor
- Vote recorded Reported favorably out of committee. Result: pass.Lower
- Jan 13Introduced, Referred to Assembly Housing CommitteeIntroduced
Government & EthicsTaxes & BudgetConsumer Protection