DEADLINES APPROACH: A NEW LAW IS COMING INTO EFFECT THAT REQUIRES NJ BUSINESSES AND RENTAL UNIT OWNERS TO MAINTAIN LIABILITY INSURANCE
You may recall that, on August 5, 2022, New Jersey’s Governor Murphy signed S. 1368/A. 2687 (2022) into law. This law (which has since been codified as N.J.S.A. § 40A:10A-1 et seq.) requires landlords and business owners to procure and maintain liability insurance for negligent acts and omissions. As we explained in our previous breakdown and summary, much of this law came into effect on November 3, 2022, while the remainder of its sections will become effective on February 1, 2023.
New Jersey Now Requiring Landlords to Maintain Liability Insurance
On August 5, 2022, New Jersey’s Governor Murphy signed S. 1368/A. 2687 (2022) into law, which has since been approved as P.L.2022, c.92 and codified as N.J.S.A. § 40A:10A-1 et seq. Much of this new law took effect on November 3, 2022, however, some of it has yet to come into effect. It requires business owners—specifically, rental unit owners and certain multi-family homeowners—to maintain liability insurance.
FANNIE MAE AND FREDDIE MAC NEW LENDER REQUIREMENTS FOR CONDOMINIUM AND COOPERATIVE PROJECTS
On June 24, 2021, tragically the Champlain Towers South condominium in Surfside, FL, collapsed. Investigation revealed that construction defects, long-term water infiltration, and years of deferred maintenance may have all led to the collapse and the death of 98 people.
NEW JERSEY LEGISLATURE ALLOWS COMMUNITY ASSOCIATIONS REMOTE MEETINGS TO CONTINUE
On December 20, 2021, New Jersey’s Legislature passed S. 4112/A. 5549 (2021); and, on January 10, 2022, Governor Murphy signed the bill into law. The law, while short, is immensely helpful to Community Associations throughout the state, many of which have adapted to the new remote meeting procedures previously permitted during the COVID-19 State of Emergency.
NEW JERSEY LEGISLATURE PASSES LAW PROHIBITING DISCRIMINATORY DEED LANGUAGE, AND REQUIRING THE REVIEW OF COMMUNITY ASSOCIATION GOVERNING DOCUMENTS
On June 30, 2021, New Jersey’s Legislature passed S. 2861/A. 5390 (2021), which was signed into law by Governor Murphy on November 8, 2021. It has since been approved as P.L.2021, c.274, and will be codified as N.J.S.A. § 46:15-15 to 18. which requires that any deed filed after January 1, 2022, must not contain any language that violates Sections 4 or 11 of New Jersey’s Law Against Discrimination (“LAD”). Community Associations will have to review their current Governing Documents to ensure compliance and will have to amend them if necessary.
NEW JERSEY STATUTE REQUIRES EMERGENCY CONTACT AND TENANT ASSISTANCE INFORMATION IN LEASES, IN COMMON AREAS, AND ONLINE
On November 8, 2021, Governor Murphy signed S. 1148/A. 1211 (2021). The bill is short, but consequential. All New Jersey landlords—both big and small—will be affected by this new statute, which requires the publication of certain information online, in leases, and in common areas of apartment buildings.
NEW REGULATIONS PUBLISHED FOR THE FAIR CHANCE IN HOUSING ACT
As you may recall on June 18, 2021, the New Jersey’s Governor Murphy signed the Fair Chance in Housing Act (the “FCHA”) into law. You can read a summary of the law here. The law, among other things, overhauls the apartment application process and restricts a landlord’s ability to consider certain aspects of an applicant’s criminal history.