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Committee releases bill exempting certain creditors from municipal registration fees during bankruptcy
Summary
A3237 would excuse creditors subject to the federal bankruptcy automatic stay from municipal property-registration fees while protection applies; the committee released the bill after staff reading and no questions.
The Assembly Housing Committee released Assembly Bill A3237, which exempts a creditor who has sought protection under the federal bankruptcy code and is subject to the automatic stay from payment of municipal property-registration fees for as long as the property remains under that federal protection.
Staff explained that current law allows municipalities to require a foreclosing creditor to register property and pay an annual fee; the bill would create a narrow exception for creditors protected by bankruptcy provisions. Committee members asked no questions and the committee moved and recorded a unanimous vote to release the bill.
The bill proceeds from committee and would take effect as specified in the text if enacted.
