N.J. Admin. Code § 2:77-4.1

Current through Register Vol. 56, No. 24, December 18, 2024

Section 2:77-4.1 - Registry

(a) The Board shall establish and maintain a registry of development potential credits containing the following:

1. The issuance of development potential credits;

2. The sale, transfer, conveyance, or encumbrance of development credits;

3. The use of development potential credits as security on loans and other obligations;

4. The redemption and retirement of development potential credits;

5. 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 therefore;

6. 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

7. 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 Board.

N.J. Admin. Code § 2:77-4.1