SENATE COMMUNITY AND URBAN AFFAIRS COMMITTEE
STATEMENT TO
SENATE, No. 3999
STATE OF NEW JERSEY
DATED: MAY 12, 2025
The Senate Community and Urban Affairs Committee reports
favorably Senate Bill No. 3999.
This bill exempts certain creditors from payment of a property
registration fee for as long as the property remains subject to the
automatic stay provision of the federal Bankruptcy Code. Current law,
section 3 of P.L.2021, c.444 (C.40:48-2.12s3), authorizes a
municipality, by ordinance, to require a foreclosing creditor to register
property, and to impose an annual fee on the creditor for registering
the property. Under the bill, a creditor, whose debtor has sought the
protection of the federal Bankruptcy Code and is protected by the
automatic stay provision of the federal Bankruptcy Code, would be
excused from the payment of the property registration fees authorized
by section 3 of P.L.2021, c.444 (C.40:48-2.12s3).
As reported by the committee, Senate Bill No. 3999 is identical to
Assembly Bill No. 4262, which was also reported by the committee on
this date.