This bill mandates enhanced record-keeping for municipal rent control compliance by requiring landlords of residential rental properties in municipalities with rent control ordinances to submit a rent control compliance form to the municipal clerk. The Department of Community Affairs (DCA) is tasked with publishing this form and establishing an Internet system for municipalities to maintain and digitize these records, ensuring they are publicly accessible. The bill also allows municipalities to impose a fee to cover the costs of administering these compliance measures and appropriates $2 million to the DCA for grants to assist municipalities in digitizing their records.

Additionally, the bill establishes a rebuttable presumption that a municipal rent control ordinance applies if compliance records are missing or incomplete. It imposes a civil penalty of $150 on landlords who knowingly provide false information on compliance forms. The DCA is required to audit the compliance system and publish an annual report on municipalities with inadequate record-keeping practices. The provisions of the bill are set to take effect immediately, with the presumption regarding missing records becoming effective 12 months after enactment, aligning with the deadline for municipalities to digitize their records.