New Jersey S 3406: Codifies current practice regarding completion of Perinatal Risk Assessment form by certain Medicaid health care providers.*

Bill Text

S3406 

SENATE, No. 3406 

STATE OF NEW JERSEY

222nd LEGISLATURE

� 

INTRODUCED FEBRUARY 9, 2026

Sponsored by:

Senator� ANTHONY M. BUCCO

District 25 (Morris and Passaic)

Co-Sponsored by:

Senator Space

SYNOPSIS

���� Permits association of planned real estate 
development to file application with Department of Community Affairs to lower 
reserve fund obligations based on risk-mitigating features of development. 

CURRENT VERSION OF TEXT 

���� As introduced.

�� 

An Act establishing procedure by which an association of a 
planned real estate development may lower reserve fund obligations and amending 
P.L.2023, c.214.

���� Be It 
Enacted by the Senate and General Assembly of 
the State of New Jersey:

���� 1.��� Section 7 of P.L.2023, 
c.214 (C.45:22A-44.3) is amended to read as follows:

���� 7. a. An association of a 
planned real estate development shall obtain a reserve study including a 
30-year funding plan in order to ensure that the association has adequate 
reserve funds available to repair or replace the capital assets located on the 
common elements and facilities that the association is obligated to maintain 
without need to create a special assessment or loan obligation, except as 
permitted pursuant to subsection e. of this section.� These reserve funds shall 
be used for the repair or replacement of components that have reached the end 
of their established useful life as set forth in the most recent reserve study 
undertaken pursuant to section 6 of P.L.2023, c.214 (C.45:22A-44.2).

���� b.��� (Deleted by amendment, 
P.L.2025, c.132) 

���� c.���� (Deleted by amendment, 
P.L.2025, c.132)

���� d.��� (Deleted by amendment, 
P.L.2025, c.132)

���� e.���� An association existing 
as of the effective date of P.L.2023, c.214 (C.52:27D-132.2 et al.) shall, to 
fund the association�s capital reserve fund, either:

���� (1) fund the capital reserve 
fund in accordance with one of the funding plans set forth in the most recent 
capital reserve study prepared on behalf of the association pursuant to 
paragraph (7) of subsection a. of section 6 of P.L.2023, c.214 (C.45:22A-44.2); 
or

���� (2) fund the capital reserve 
fund in an amount equal to 85 percent of one of the capital reserve funding 
plans pursuant to paragraph (7) of subsection a. of section 6 of P.L.2023, 
c.214 (C.45:22A-44.2), and set forth in the most recent capital reserve study 
prepared on behalf of the association, provided that:

���� (a) prior to the adoption of 
an annual budget to fund the capital reserve fund account pursuant to this 
paragraph, the association shall provide a notice to all unit owners of the 
association in 20-point bold font, which specifies that the executive board of 
the association has elected to fund the capital reserve fund at 85 percent of 
the funding plan recommended by the association�s 30-year capital reserve study 
and funding plan.� The notice shall provide the year in which a special 
assessment or loan is anticipated as a result of the reduced funding of the 
capital reserve fund and the anticipated amount of the special assessment or 
loan that shall be required as a result of the decision by the executive board 
of the association; and 

���� (b) prior to the execution of 
a contract for the purchase of a residential unit in the planned real estate 
development, the seller of the unit shall provide to the buyer a copy of the 
most recent notice provided to the unit owners of the association pursuant to 
subparagraph (a) of this paragraph.

���� (3) The funding method 
authorized pursuant to paragraph (2) of this subsection shall not be utilized 
by an association for more than five fiscal years of the association next 
following the effective date of P.L.2025, c.132.� 

���� f.���� An association created 
after the effective date of P.L.2023, c.214 (C.52:27D-132.2 et al.) shall fund 
its capital reserve fund account in accordance with one of the capital reserve 
funding plans set forth in the association�s most recent capital reserve study.����� 

���� g.��� An association of a 
planned real estate development may file an application with the Department of 
Community Affairs to lower the development�s reserve fund, as determined by the 
reserve study, based on risk-mitigating features of the development that limit 
the possibility that the association may face substantial expenses to repair or 
replace capital assets.

(cf:� P.L.2025, c.132, s.3).

���� 2.��� (New section) The 
Commissioner of Community Affairs shall promulgate rules and regulations, 
pursuant to the �Administrative Procedure Act,� P.L.1968, c.410 (C.52:14B-1 et 
seq.), in order to effectuate the provisions of P.L.��� 
, c.��� (C.������� ) (pending before the Legislature as this bill), 
including, but not limited to, what elements or characteristics may be 
considered a risk-mitigating feature of an association of a planned real estate 
development sufficient to lower the development�s reserve fund pursuant to 
subse