New Jersey § 45:15-16

§ 45:15-16.

The commission shall, pursuant to the provisions of the “Administrative Procedure

Act,” P.L.1968, c. 410 ( C.52:14B-1 et seq. ), promulgate rules and regulations necessary to effectuate the provisions of this

act. The rules may include, but shall not be limited to: a. provisions for advertising

standards to insure full and fair disclosure; b. provisions for adequate bondings

or access to some escrow or trust fund not otherwise required by the municipal governing

body to be located within this State, or the state or country where the property is

located, so as to insure compliance with the provisions of this act, and to compensate

purchasers for failure of the registrant to perform in accordance with the terms of

any contract or public statement; c. provisions that require a registrant to deposit

purchaser down payments, security deposits or other funds in an escrow account, or

with an attorney licensed to practice law in this State, or the state or country where

the property is located, until such time as the commission by its rules and regulations

deems it appropriate to permit such funds to be released; d. provisions to insure

that all contracts between developer and purchaser are fair and reasonable; e. provisions

that the developer must give a fair and reasonable warranty on construction of any

improvements; f. provisions that the budget for the operation and maintenance of

the common or shared elements or interest shall provide for adequate reserves for

depreciation and replacement of the improvements; g. provisions for operating procedures;

and h. other rules and regulations necessary to effectuate the purposes of this act,

and taking into account and providing for, the broad range of development plans and

devises, management mechanisms, and methods of ownership, permitted under the provisions

of this act.