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S 276

Enacts into law components of legislation that relate to live event ticket sales

2025 Regular Session Introduced by Liz Krueger and 3 co-sponsors

Requires certain LLCs buying residential rental property to disclose owners and agents in deed records, boosting transparency about real ownership and aiding enforcement.

REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
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Bill Summary · S 276

Summary — S 276

Title: Enacts into law components of legislation that relate to live event ticket sales (bill text actually addresses LLC transparency for residential rental property transfers)

Note: The bill text and legislative history supplied cover a New Jersey measure (originally pre-filed in the 2024–2025 session) that would require certain limited liability companies to disclose ownership information when recording deeds for residential rental property, and separately authorize municipalities to convert unpaid housing/building/health code charges into liens. The measure has been amended multiple times (committee and floor amendments) changing who must be identified and what information is required.

Purpose / Intent

To increase transparency about the true owners of LLCs (and foreign LLCs) that acquire residential rental properties, and to strengthen municipal enforcement tools by allowing conversion of certain unpaid housing/building/health code charges against such LLCs into enforceable municipal liens.

Key provisions

  • Coverage:
    • Applies when a limited liability company (LLC) or foreign LLC is the grantee of a deed for residential real property intended for rental purposes that contains one or two dwelling units, or is a multiple dwelling.
  • Ownership disclosure (recording requirement):
    • When filing the deed for recording the company must submit an affidavit disclosing identifying information about the company’s owners/agents.
    • Required information (as reflected in committee/amended text): for each identified beneficial owner — full legal name; date of birth; current business street address; and a unique identifying number from an acceptable identification document (as defined under federal law).
    • Definition of “beneficial owner”: originally referenced the Corporate Transparency Act (31 U.S.C. §5336(a)(3)). Floor amendments narrowed this to mean (1) an individual who directly or indirectly owns at least 25% of the ownership interests and who holds the greatest ownership interest; or (2) if no individual owns >25%, the individual with the greatest ownership interest.
    • The bill has also, in various versions, required disclosure of the LLC’s registered agent for service of process; if the registered agent is not a member, at least one company member must be identified. (Committee and floor amendments modified whether registered agent, members, or beneficial owners must be disclosed.)
  • Municipal lien authority:
    • A municipality may, by ordinance, provide that any housing/building/health code charge issued to such an LLC landlord becomes a lien on the property if unpaid on the first day of the 13th month after it became due.
    • Before filing the municipal lien, the municipality must serve written notice at least 90 days prior to filing to the property owner and other parties in interest, offering opportunity to pay or request a hearing. Exception: if the LLC is not properly registered, the additional notice to the landlord does not apply.
    • When the charge becomes a lien, the municipal officer files the lien with the tax collector, and it is added to taxes and collected in the same manner as property taxes (including interest at the tax rate).
  • Effective date: the act specifies immediate effect upon enactment (per the versions shown).

Who would be affected

  • LLCs and foreign LLCs that acquire residential rental property (1–2 units or multiple dwellings) in the state — new compliance burden to produce and record owner/agent identifying information.
  • Beneficial owners, registered agents, and identified members — their identifying information will be included in recorded affidavits (potentially public record).
  • Municipalities — gain optional authority to convert certain unpaid housing/building/health code charges into municipal liens for collection.
  • Tenants and members of the public — potentially easier to identify parties responsible for property and to hold landlords accountable for code violations.

Procedural status & timeline (selected items)

  • Pre-filed / reported out of Senate Community and Urban Affairs Committee with amendments (report dated Feb 15, 2024).
  • Introduced (Senate) — Jan 28, 2025; Read twice and referred to Committee on Finance.
  • Senate floor amendment adopted (voice) — June 2, 2025 (narrowed “beneficial owner” definition; extended disclosure to registered agent and at least one member if agent is not a member).
  • Referred to Investigations and Government Operations (status listing shows multiple referrals).
  • Hearing scheduled (per record) for 09/08/2025, 10:00 AM–1:00 PM in A-2.
  • Companions/related measures listed (A 1233, A 6262, HR 810, SD 2300, etc.).

Potential impacts and considerations

  • Increased transparency about real estate ownership by LLCs, which may aid code enforcement, tax collection, and investigations into absentee or anonymous landlords.
  • Privacy and safety concerns for individuals whose identifying information would be recorded in public deed records.
  • Administrative and compliance costs for LLCs and title recording offices to collect, verify, and record the additional affidavit data.
  • Interaction with federal Corporate Transparency Act reporting obligations and state registration statutes; variations in the bill text (registered agent vs. beneficial owner; narrow vs. broad definitions) affect scope and privacy implications.

If you want, I can:
- Produce a side-by-side comparison of the original, committee, and floor amendment texts showing exactly what changed; or
- Draft a short explainer for landlords and municipalities on compliance steps and timelines.

Compiled from official sources — confirm details with the bill’s official record.

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