S.2145

Exempts creditors from paying property registration fees if the property is under federal bankruptcy protection.

New Jersey S2145 amends existing law to exempt certain creditors from paying municipal property registration fees if the property is subject to the automatic stay provision of the federal Bankruptcy Code. This means that if a property is protected under federal bankruptcy law, the creditor will not be required to pay the annual fee for registering the property. The bill also outlines procedures for property registration, including requirements for creditors to maintain properties in foreclosure and penalties for non-compliance. The changes take effect immediately upon enactment.