Bill Text: NJ A5000 | 2018-2019 | Regular Session | Introduced
Bill Title: Requires DCA to produce and maintain database concerning residential properties under foreclosure.**
Spectrum: Moderate Partisan Bill (Democrat 9-1)
Status: (Passed) 2019-06-24 - Approved P.L.2019, c.134. [A5000 Detail]
Download: New_Jersey-2018-A5000-Introduced.html
Sponsored by:
Assemblywoman GABRIELA M. MOSQUERA
District 4 (Camden and Gloucester)
Assemblywoman VERLINA REYNOLDS-JACKSON
District 15 (Hunterdon and Mercer)
SYNOPSIS
Requires DOBI to produce and maintain database and interactive map concerning residential properties under foreclosure; increases certain recording fees as funding mechanism.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning residential properties under foreclosure, supplementing P.L.2008, c.127 (C.55:14K-82 et al.).
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. a. The Department of Banking and Insurance shall produce a database with an interactive mapping component which details, and provides a graphic representation to allow the department to visualize, the extent to which residential properties in this State are under foreclosure pursuant to the "Fair Foreclosure Act," P.L.1995, c.244 (C.2A:50-53 et seq.). The department shall develop, maintain, and update the database in real time based upon information submitted to the department by, and in cooperation with, the Administrative Office of the Courts pursuant to section 2 of this act, and information obtained from any other public sources.
b. The database shall contain, and the map shall represent:
(1) The location of each residential property under foreclosure by county, municipality, lot and block number;
(2) the current owner of record;
(3) the date that the notice of intention to foreclose is filed;
(4) the date the foreclosure complaint is filed;
(5) the date of judgment of foreclosure; and
(6) the date of any deed transfer pursuant to a sheriff's sale and the name of the purchaser.
2. The Administrative Office of the Courts shall provide the Department of Banking and Insurance with as much of the information listed in subsection b. of section 1 of this act with respect to the property as is reasonably available from records maintained by, or accessible to, the office. The information shall be provided in real time in a format, electronic or otherwise, as is useful to the department to develop, maintain and update the database and map required by section 1 of this act.
3. As of the effective date of this act, the revenue from additional fees for recording deeds and lis pendens fees collected by county clerks and registers of deeds and mortgages and received by the Department of Banking and Insurance, pursuant to section 4 of this act, shall be deposited into a separate fund within the department and shall only be used by the department for the purpose of developing, maintaining, and updating the database created pursuant to section 1 of this act.
4. In addition to each fee for the recording of a deed or a lis pendens collected by county clerks and registers of deeds and mortgages pursuant to section 2 of P.L.1965, c.123 (C.22A:4-4.1) and any other rule, regulation, or law, an amount of $30 shall be collected by the county clerks and registers of deeds and mortgages on the recording of each deed or lis pendens. The revenues obtained from these increased amounts, after deduction of any actual administrative costs incurred by county clerks and registers of deeds and mortgages in carrying out the provisions of this subsection, shall be transmitted quarterly by the office of the county clerk or register of deeds and mortgages, as appropriate, to the Department of Banking and Insurance for the purposes set forth in sections 1 through 3 of this act.
5. This act shall take effect on the first day of the seventh month next following the date of enactment.
STATEMENT
This bill requires the Department of Banking and Insurance to produce a database with an interactive mapping component which details, and provides a graphic representation to allow the department to visualize, the extent of foreclosed properties in the State. The database shall be developed, maintained and updated in real time based upon information submitted to the department by the Administrative Office of the Courts, and information obtained from any other public sources.
The database shall contain, and the map shall represent:
(1) the location of each residential property under foreclosure by county, municipality, lot and block number;
(2) the current owner of record;
(3) the date that the notice of intention to foreclose is filed;
(4) the date the foreclosure complaint is filed;
(5) the date of judgment of foreclosure; and
(6) the date of any deed transfer pursuant to a sheriff's sale and the name of the purchaser.
The Administrative Office of the Courts shall provide the Department of Banking and Insurance with as much of the information required by this bill with respect to the property as is reasonably available from records maintained by, or accessible to, the office. The information shall be provided in real time in a format, electronic or otherwise, as is useful to the department to develop, maintain and update the database and map required by this bill.
To pay for the database, the bill establishes a $30 fee to be collected for the recording of deeds and lis pendens by county clerks and registers of deeds and mortgages on the recording of each deed and lis pendens. The increased fee will be in addition to fees already collected pursuant to current law. This bill provides that the county clerk or registrar shall deduct any actual administrative costs incurred in collecting and transmitting these increased amounts, and then transmit the remainder of the revenue, each quarter, to the Department of Banking and Insurance for the purposes of developing, maintaining, and updating the database of foreclosed properties established by the bill. The deduction of incurred expenses would avoid claims that the collection and disbursement of the additional fees constitute an unfunded State mandate.
