LEGISLATIVE FISCAL ESTIMATE
ASSEMBLY COMMITTEE SUBSTITUTE FOR
ASSEMBLY, No. 1524
STATE OF NEW JERSEY
221st LEGISLATURE
DATED: JUNE 18, 2024
SUMMARY
Synopsis: Requires text messages soliciting home owners to provide notice when
individuals sending solicitations are not licensed by New Jersey Real
Estate Commission.
Type of Impact: One-Time State Expenditure Increase; Potential Annual State
Revenue Increase.
Agencies Affected: Department of Law and Public Safety.
Office of Legislative Services Estimate
Fiscal Impact
One-Time State Cost Increase Up to $500,000
Potential Annual State Revenue Increase Indeterminate
 The Office of Legislative Services (OLS) finds that the bill would result in a one-time State
expenditure increase of up to $500,000 to the Division of Consumer Affairs in the Department
of Law and Public Safety to complete the required public awareness and marketing campaign.
 The OLS further notes that the bill will potentially increase annual State revenue collections
from fines and penalties by indeterminate amounts.
BILL DESCRIPTION
This bill requires any individual who is not a licensee of the New Jersey Real Estate
Commission, a division of the Department of Banking and Insurance, who uses text messaging to
solicit a home owner regarding the sale of a home to send, prior to a solicitation, a separate text
message to the home owner that states the individual is not a licensee of the commission, the name
of the employer with whom the individual is employed, and the text is a solicitation. An individual
will incur a penalty of not more than $5,000 for a first violation of the bill, and of not more than
$10,000 for any subsequent violation of the bill.
Office of Legislative Services Legislative Budget and Finance Office
State House Annex Phone (609) 847-3105
P.O. Box 068 Fax (609) 777-2442
Trenton, New Jersey 08625 www.njleg.state.nj.us
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The Division of Consumer Affairs in the Department of Law and Public Safety is to develop
and undertake a public education program and marketing campaign designed to inform licensees
of the commission and home owners of the provisions of the bill. If the division deems it
necessary, the public education program and marketing campaign shall include information
concerning issues and fraudulent activity related to text message real estate solicitations by
individuals not licensed by the commission, and the assistance available to understand if a real
estate broker, broker-salesperson, or salesperson, or purported real estate broker, broker-
salesperson, or salesperson, is licensed by the commission. The public education program and
marketing campaign may include a notice of the provisions posted clearly and conspicuously on
the website of the division and commission and any other action taken by the division or
commission to raise public awareness.
FISCAL ANALYSIS
EXECUTIVE BRANCH
None received.
OFFICE OF LEGISLATIVE SERVICES
The OLS finds that the bill would result in a one-time State expenditure increase of up to
$500,000 to the Division of Consumer Affairs in the Department of Law and Public Safety to
undertake the required public information and marketing campaign. This estimate is within the
range of other such campaigns undertaken by State departments.
The OLS further notes that the bill will potentially increase annual State revenue collections
from fines and penalties by indeterminate amounts, but there is no information upon which to base
an estimate of how many violations of the bill’s provisions may occur in a given fiscal year.
Section: Law and Public Safety
Analyst: Kristin Brunner Santos
Lead Fiscal Analyst
Approved: Thomas Koenig
Legislative Budget and Finance Officer
This legislative fiscal estimate has been produced by the Office of Legislative Services due to the
failure of the Executive Branch to respond to our request for a fiscal note.
This fiscal estimate has been prepared pursuant to P.L.1980, c.67 (C.52:13B-6 et seq.).