This bill establishes new responsibilities for the Department of Community Affairs (DCA) and property management entities regarding the distribution of inspection information for residential rental properties and planned real estate development associations. It defines key terms such as "property management entity," which refers to individuals or entities that manage services for these properties, and "residential rental property," which includes multiple dwellings. The bill mandates that property management entities must provide the DCA with the contact information of each residential rental property owner and the executive board of each association they serve within 15 business days of the bill's effective date. Additionally, if any contact information changes, the property management entity is required to update the DCA within the same timeframe.

Furthermore, the bill outlines penalties for property management entities that fail to comply with these requirements, stating that they will be responsible for any fines resulting from a lack of communication regarding inspection information. If non-compliance is repeated or negligent, the DCA will report this to the New Jersey Real Estate Commission, which may revoke the property management entity's license. The DCA is also tasked with creating and maintaining a database of contact information to facilitate the distribution of inspection information, ensuring that it is accessible to relevant enforcing agencies and inspectors. The bill is set to take effect six months after enactment, with regulations to be adopted by the commissioner within five months.