This bill amends current law to extend the grace period for rental late charges specifically for tenants who receive public assistance payments. Under the revised law, landlords must allow a grace period of five business days for qualified tenants to pay their rent, starting from the date the tenant receives their public assistance payment. If a qualified tenant receives multiple payments within a month, the grace period will not begin until the final payment is received. The bill also mandates that lease agreements must specify the dates on which the qualified tenant is scheduled to receive public assistance.

Additionally, the bill clarifies definitions related to the grace period, including what constitutes a "business day" and expands the definition of "qualified tenant" to include any recipient of public assistance. The current law, which only applies to certain tenants, is broadened to encompass all qualified tenants, regardless of when their rent is due. The bill will take effect 90 days after its enactment and will apply to any new or renewed lease agreements from that date forward.

Statutes affected:
Introduced: 2A:42-6.1, 2A:42-6.3