S 399 New Jersey Senate · 2026-2027 Regular Session

Requires limited liability company to disclose ownership information when submitting deed for recording and establishes penalty.*

This bill requires limited liability companies (LLCs) and foreign LLCs to disclose specific ownership details when recording deeds for residential rental properties (including single-family homes, duplexes, or multi-unit buildings). The disclosure must include the registered agent's name and address, plus the beneficial owner's full name, date of birth, current address, and a unique ID number - all submitted as an affidavit with the property deed. This applies only to transfers of rental properties with one to two dwelling units or multiple dwellings to LLCs. The requirement amends New Jersey law to increase transparency in real estate transactions involving LLC ownership.

Bill status in committee 1 of 4 stages cleared

Introduction

Jan 2026

Committee Review

Floor Vote

Governor

Introduced Jan 13, 2026 Last action Feb 5, 2026

Maddy AI version diff · 1 comparison

What changed between versions

Introduced → Reprint · 4 edits

MODERATE

The First Reprint of S399 adds a penalty provision requiring limited liability companies that fail to disclose beneficial ownership information when recording deeds to pay a fine of $5,000 per violation, with each month of continued non-compliance counting as a separate violation. Cross-references to this penalty were added to both the domestic and foreign LLC disclosure sections, and Section 4 was restructured to house the new penalty subsection. The legislative statement at the end of the bill was removed.

ENFORCEMENT

New Section 4(c) imposes a $5,000 fine per violation on any limited liability company that fails to comply with the ownership disclosure requirements in Sections 2 or 3. Each month the violation persists is treated as a separate violation, meaning fines can accumulate indefinitely until compliance is achieved.

New Section 2(c) and Section 3(c) cross-reference the penalty in Section 4(c), making it explicit that both domestic and foreign LLCs are subject to the fine for failing to file the required affidavit with their deed.

DEFINITION

The definition of 'charge' in Section 4 was expanded to explicitly include a penalty incurred under the new subsection c., ensuring that these fines can also be converted into municipal liens if unpaid, just like code violations.

TECHNICAL

The legislative statement (summary paragraph) at the end of the bill was removed in the reprint version.

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Feb 5, 2026

Committee

Referred to Senate Budget and Appropriations Committee

upper

Jan 13, 2026

Introduced

Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee

upper

2 primary · 4 co-sponsors