How A 4017 changes current law

AI-generated reading aid from the bill's amendatory text — verify against the official bill.

This bill amends 1 section(s) of the New Jersey statutes: N.J.S.A. 46:15-6.

• N.J.S.A. 46:15-6

  d. If the transfer is of residential real property intended for rental purposes containing one or two dwelling units or a multiple dwelling to a limited liability company or foreign limited liability company, an affidavit identifying the registered agent and the beneficial owner of the company, as required pursuant to section 2 or section 3 of P.L. , c. (C. or C. ) (pending before the Legislature as this bill), shall be appended to the deed. If the registered agent is not a member of the company, the affidavit required pursuant to this subsection shall identify, in addition to the beneficial owner, at least one member of the company. e. For the purposes of this section: "Beneficial owner" means, with respect to an entity: (1) 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 (2) 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.

  amended