This bill mandates that sellers of real property in New Jersey must disclose the presence of any dams located on the property, along with any relevant knowledge they possess regarding these dams, prior to the purchaser becoming obligated under a purchase contract. The property condition disclosure statement will be updated to include specific questions about the dam's location, hazard classification, and inspection results, as well as any obligations the purchaser may assume under state law. The disclosure statement will feature a section titled "Disclosure of Dam Ownership," where sellers must answer questions with options for "yes," "no," or "unknown," and provide explanations if they answer "yes."

Additionally, the bill requires the Division of Consumer Affairs, in collaboration with the Department of Environmental Protection, to inform potential buyers that they can access further information about dam ownership responsibilities, removal, and hazard classifications through the Bureau of Dam Safety and a dedicated website. This website will be maintained by the Department of Environmental Protection and will include scientifically supported information relevant to the disclosures required by this act. The bill will take effect immediately and will apply to real property sales and exchanges occurring 90 days after the necessary regulations are promulgated.