Bill Text: NJ A3831 | 2014-2015 | Regular Session | Introduced
Bill Title: Requires credit check for certain DEP loans to private dam owners and lake associations.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Introduced - Dead) 2014-10-23 - Introduced, Referred to Assembly Environment and Solid Waste Committee [A3831 Detail]
Download: New_Jersey-2014-A3831-Introduced.html
Sponsored by:
Assemblyman PARKER SPACE
District 24 (Morris, Sussex and Warren)
Assemblywoman ALISON LITTELL MCHOSE
District 24 (Morris, Sussex and Warren)
SYNOPSIS
Requires credit check for certain DEP loans to private dam owners and lake associations.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning applications, awards, and repayments of certain loans issued by the Department of Environmental Protection, and supplementing Title 58 of the Revised Statutes.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Notwithstanding the provisions of section 2 of P.L.2001, c.360 (C.58:4-12), any bond act, or any other law, rule, or regulation to the contrary, the Department of Environmental Protection shall not issue a loan to the owner of a private dam, lake, or stream, or to a private lake association or similar organization, for a dam restoration and repair project, lake dredging and restoration project, or stream cleaning and desnagging project using funds from the "Dam, Lake and Stream Project Fund," established pursuant to section 2 of P.L.2001, c.360, or any bond act unless the applicant satisfies certain credit criteria, which shall be in addition to any applicable conditions established pursuant to any other law, bond act, rule, or regulation.
Upon receipt of an application for such a loan, the Department of Environmental Protection shall cause to be conducted an investigation of the applicant's credit. An applicant must provide at least seven years of income tax returns, and demonstrate an ability to pay back the principal and interest. No moneys shall be awarded to an applicant or a municipality acting as co-applicant if the applicant does not meet the credit criteria established by the Department of Environmental Protection, or is not current on property tax obligations. The Commissioner of Environmental Protection, pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), shall adopt rules and regulations which establish the credit review process required under this section, and may include additional credit requirements necessary to ensure an applicant's ability to repay the loan.
For the purposes of this section, "bond act" means P.L.1992, c.88, P.L.1996, c.70, P.L.2003, c.162, and any other bond acts enacted after the effective date of this act that provide funding for loans to provide loans to owners of private dams, lakes, or streams, or private lake associations or similar organizations, for dam restoration and repair projects, lake dredging and restoration projects, or stream cleaning and desnagging projects.
2. This act shall take effect immediately.
STATEMENT
This bill establishes credit history requirements for applicants seeking loans from the Department of Environmental Protection (DEP), pursuant to any law or bond act, for dam restoration and repair projects, lake dredging and restoration projects, or stream cleaning and desnagging projects. These loans are provided by the DEP to owners of private dams, lakes, or streams, or to private lake associations or similar organizations.
This bill provides clarity to the application process by directing the DEP to establish a credit check process which must be completed prior to loan moneys being awarded from the "Dam, Lake and Stream Project Fund" or from several other similar funds established in certain bond acts.
