Limits amount of residential rental property application fee.

This bill limits residential landlords in New Jersey to charging no more than 5% of the monthly rent or $75 (whichever is lower) as an application fee for rental properties. Landlords who exceed this cap face a $1,500 penalty plus legal costs, enforceable by the state. Tenants can also sue for an additional $250 plus attorney fees if a landlord violates the fee limit. The law directly affects renters applying for housing and landlords collecting application fees.