Exempts creditor from paying municipal property registration fee if property is subject to automatic stay under federal Bankruptcy Code.

S 3999 exempts creditors from paying municipal property registration fees for properties under federal bankruptcy protection. Current law requires creditors to pay annual fees for registering properties in foreclosure, with higher fees if properties are vacant or abandoned. This bill specifically exempts creditors when a property is subject to the automatic stay under Chapter 7 or 13 of the federal Bankruptcy Code (11 U.S.C. § 362(a)), as long as the stay has not been lifted. The exemption applies to all fees authorized under Section 3 of P.L.2021, c.444 (C.40:48-2.12s3) for properties in bankruptcy proceedings. This change directly affects creditors in foreclosure cases who have filed for bankruptcy protection.