CAI-NJ Sept.2018(w)(1)

origination fees and did not make the decision to lend to a person who was unlikely to be able to pay back the loan. The consequences of these short-sighted decisions by banks have been unfairly visited on the association unit owners. The proposed bill also provides specific provisions allowing a common interest ownership associ- ation to apply to the court to appoint a special fiscal agent (a receiver, of sorts) with the power and authority to oversee the unit and charge a fee to a license holder to occupy the unit. This process would be a substantial benefit toward righting the wrong perpetrated on so many associations across the State of the New Jersey. This way a license fee is charged to an occupant. The special fiscal agent would be appointed by the court to make sure the property is properly maintained. The license fee gets paid over the association to keep current on the monthly maintenance fee and depending on the amount, the license fee can be used to defray or pay down the past due debt that built up over time. This process would be available and designed to help make associations whole. The Legislative Action Committee is very actively working on this bill despite opposition. There are legisla- tive committees in the Assembly and in the Senate that have to be addressed. Moreover, we have met with and will continue to meet with individual legislators and groups of legislators to make every effort to try to move the legislative process along. Notably, there are a number of decades-old laws that tangentially relate to the appointment of special fiscal CONT I NU E S ON PAGE 66

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