Assembly Commerce, Economic Development and Agriculture Committee Statement to Assembly, No. 1233 (January 5, 2026)

Summary

A committee statement to the New Jersey Assembly, No. 1233, from the Assembly Commerce, Economic Development and Agriculture Committee, dated January 5, 2026. The committee reports Assembly Bill No. 1233 favorably and with committee amendments. As amended, the bill would require a limited liability company or foreign limited liability company that is the grantee of a deed for residential real property containing one to two dwelling units, or that is a multiple dwelling, to disclose each beneficial owner when it files a deed for recording. It would also permit a municipality to direct, by ordinance, that certain housing code, building code, or health code charges become a lien if unpaid after a stated period.

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ASSEMBLY COMMERCE, ECONOMIC DEVELOPMENT AND
           AGRICULTURE COMMITTEE

                           STATEMENT TO

                      ASSEMBLY, No. 1233
                          with committee amendments



       STATE OF NEW JERSEY
                           DATED: JANUARY 5, 2026

          The Assembly Commerce, Economic Development and
      Agriculture Committee reports favorably and with committee
      amendments Assembly Bill No. 1233.
          As amended, this bill would require a limited liability company or
      foreign limited liability company that is the grantee of a deed for
      residential real property containing one to two dwelling units, or that is
      a multiple dwelling, to disclose each beneficial owner of the company
      when it files a deed for recording. The bill defines "beneficial owner."
          The bill requires the company to submit for recording, together
      with the deed, an affidavit containing the name and business address of
      the registered agent for service of process, along with the following
      information of each beneficial owner for service of process of the
      limited liability company: (1) full legal name; (2) date of birth; (3)
      current business street address; and (4) a unique identifying number
      from an acceptable identification document.
          The bill would also permit a municipality to direct, by ordinance,
      that charges issued to certain limited liability companies or foreign
      limited liability companies pursuant to a housing code, building code,
      or health code will become a lien on the property if the charge remains
      unpaid on the first day of the 13th month next following the date when
      the charge becomes due and owing.
          This bill was pre-filed for introduction in the 2024-2025 session
      pending technical review. As reported, the bill includes the changes
      required by technical review, which has been performed.

      COMMITTEE AMENDMENTS:
           The committee amended the bill to:
          (1) Require the identification of each beneficial owner, instead of
      the registered agent of an LLC, when it files a deed for recording;
          (2) Require additional identifying information from beneficial
      owners;
          (3) Expand a temporary exemption from a notice requirement to
      an additional class of LLCs;
                                  2

    (4) Narrow the definition of the term “beneficial owner” to mean,
with respect to an entity:
    ▪ an individual who, directly or indirectly, owns not less than 25
        percent of the ownership interests of the entity; and who holds
        the greatest ownership interest in the entity; or
    ▪ for an entity in which no individual owns greater than 25
        percent of the ownership interests of the entity, an individual
        who, directly or indirectly, holds the greatest ownership
        interest in the entity;
    (5) Extend the disclosure requirements of the bill to the
registered agent of the company; and
    (6) Specify that, if the registered agent is not a member of the
company, the disclosure requirements of the bill would apply to at
least one member of the company;
    (7) Provide for municipal enforcement; and
    (8) Make certain technical changes.


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