Bill Text: NJ S3481 | 2024-2025 | Regular Session | Introduced
Bill Title: Requires construction project applicants to disclose project financing.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2024-06-20 - Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee [S3481 Detail]
Download: New_Jersey-2024-S3481-Introduced.html
Sponsored by:
Senator ANDREW ZWICKER
District 16 (Hunterdon, Mercer, Middlesex and Somerset)
SYNOPSIS
Requires construction project applicants to disclose project financing.
CURRENT VERSION OF TEXT
As introduced.
An Act requiring disclosure of construction project financing and supplementing the "State Uniform Construction Code Act," P.L.1975, c.217 (C.52:27D-119 et seq.).
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. An application for a construction permit, submitted pursuant to section 12 of P.L.1975, c.217 (C.52:27D-130), shall contain a general description of the proposed work, its location, the use and occupancy of all parts of the building or structure, and such additional information as may be required by the construction official.
An application for a construction permit shall disclose information sufficient to identify the anticipated amounts and sources of funding of the proposed construction project consistent with rules and regulations adopted pursuant to this section. Prior to issuance of a certificate of occupancy pursuant to section 15 of P.L.1975, c.217 (C.52:27D-133), the enforcing agency shall require an applicant to either: certify that funding information submitted with the application for a construction permit is accurate; or disclose updated, accurate information identifying the amounts and sources of funding of the construction project.
The Commissioner of Community Affairs, pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), and within 180 days following the date of enactment of this act, shall adopt rules and regulations concerning an applicant's identification and disclosure of the funders, investors or financiers of a proposed construction project, in order to effectuate the provisions of this act.
2. This act shall take effect on the first day of the ninth month next following enactment.
STATEMENT
This bill requires an application for a construction permit to disclose information sufficient to identify the anticipated amounts and sources of funding of the proposed construction project. Additionally, the bill directs construction code enforcing agencies, as a condition of issuance of a certificate of occupancy, to require a construction permit applicant to either: certify that previously submitted funding information is still accurate; or to disclose updated, accurate construction project funding information.
The bill requires the Commissioner of Community Affairs to adopt rules and regulations to effectuate the provisions of the bill.
