In an effort to clarify a confusing regulatory landscape for Common Interest Communities (CICs), legislation (A-3851) implementing recommendations from the New Jersey Law Commission’s report on the Uniform Common Interest Ownership Act (UCIOA) passed the full Assembly Monday, 67-3-7, after having previously passed the Senate. Upon the bill’s passage, sponsor Assemblyman Herb Conaway (D-Burlington) released the following statement:
“This bill codifies recommendations from our state’s Law Commission on the standardization of certain policies concerning CIC’s such as co-ops, condominiums and homeowner associations. Creating an official state law that addresses issues including lender rights, consolidation of communities and delineation of unit boundaries will help provide clarity and uniformity by putting these regulations all in one place.
“While some seniors have expressed concern that this bill would prevent them from forming 55+ Communities, I want to make it clear that this legislation does not in any way prohibit seniors from forming these communities. The bill simply implements similar laws passed in 23 other states that have clarified regulations governing CICs.”