This bill amends current law to extend the grace period for rental late charges specifically for tenants who receive public assistance payments, referred to as "qualified tenants." Under the revised law, landlords must allow a grace period of five business days for rent payments due each month, during which no late charges can be imposed. Importantly, the grace period will not begin until the qualified tenant receives their public assistance payment. If multiple payments are received in a month, the grace period will commence after the final payment. The lease agreement must outline the scheduled dates for public assistance payments.

Additionally, the bill clarifies definitions related to the grace period, including what constitutes a "business day" and specifies the types of public assistance covered, such as Social Security benefits and Work First New Jersey. The bill repeals a previous section of law and will take effect 90 days after enactment, applying to any new or renewed lease agreements thereafter.

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