4:1C-53. Establishment, maintenance of Development Potential Transfer Registry
210 words·~1 min read·
/nj/title-4/chapter-1c/4-1c-53A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
5. a. The board shall establish and maintain a Development Potential Transfer Registry, which shall include:
(1)The name and address of every person to whom and from whom development potential is sold or otherwise conveyed, the date of the conveyance, and the consideration, if any, received therefor;
(2)The name and address of any person who has utilized development potential, the location of the land to which and from which the development potential was transferred, and the date this transfer was made; and
(3)An annual enumeration of the total number of development transfers, listing the municipality or municipalities involved in the transfer and the instrument of transfer.
b. No person shall purchase or otherwise acquire, encumber, or utilize any development potential without recording that fact, within 10 business days thereof, with the bank.
c. The board shall make available
(1)in the form of an annual report the information included in the registry to the county and each municipality that has adopted a development transfer ordinance, and
(2)upon request, pertinent information to any other person. The first annual report shall be submitted to the Governor and Legislature and shall be made available to the public on the first anniversary of the effective date of this act.
L.1993,c.339,s.5.