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Senate Commerce Committee Statement to Senate, No. 1047 (February 11, 2021)

Summary

Senate Commerce Committee Statement to Senate, No. 1047, State of New Jersey, dated February 11, 2021, reporting Senate Bill No. 1047 favorably. The statement says the bill amends the law exempting certain real estate licensees from certain damages under the consumer fraud law. It says the bill broadens the current exemption for real estate brokers, broker-salespersons, or salespersons by eliminating the limitation to punitive damages and attorney's fees, so that recovery of any damages is prohibited if the stated conditions are met. It also says the bill eliminates the requirement that the communication be made by or on behalf of the seller, and provides instead that the communication need only be regarding the real estate.

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“Senate Commerce Committee Statement to Senate, No. 1047 (February 11, 2021).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2021-02-11-scm-s1047-s1-404a5912eb/, SHA-256 64424d8cb3ea5af593f6bcb2e44c87a566c6e3a054afbd743ad5b219048f3be6.

Full text

     SENATE COMMERCE COMMITTEE

                    STATEMENT TO

                  SENATE, No. 1047

 STATE OF NEW JERSEY
                  DATED: FEBRUARY 11, 2021

    The Senate Commerce Committee reports favorably Senate Bill
No. 1047.
   This bill amends the law exempting certain real estate licensees
from certain damages under the consumer fraud law. Specifically,
this bill broadens the current exemption for real estate brokers,
broker-salespersons, or salespersons from a right of recovery by
persons who suffer any ascertainable loss of money or property, real
or personal, by eliminating the current limitation with respect to the
right of recovery to punitive damages and attorney’s fees.
   Current law prevents a person from recovering punitive damages
or attorney fees from a real estate broker, broker-salesperson, or
salesperson for the communication of any false, misleading, or
deceptive information provided to the real estate broker, broker-
salesperson, or salesperson by or on behalf of the seller of real
estate located in New Jersey, if the real estate broker, broker-
salesperson, or salesperson demonstrates that he had no actual
knowledge of the false, misleading, or deceptive character of the
information and made a reasonable and diligent inquiry to ascertain
whether the information is of a false, misleading, or deceptive
character.
   This bill broadens the exemption to prohibit recovery of any
damages if those conditions are met. This bill further eliminates the
provision in the current restriction that requires that the
communication to real estate brokers, broker-salespersons, or
salespersons is made by or on behalf of the seller, and instead, it
provides that the communication need only be regarding the real
estate.

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