New Jersey § 46:3b-7
Full text of New Jersey New Jersey Statutes § 46:3b-7, with citation guidance and answers to common questions.
§ 46:3b-7.
The Legislature finds and declares that: a. New Jersey provides unique protection through “The New Home Warranty and Builders'
Registration Act,” P.L.1977, c. 467 ( C.46:3B-1 ), which establishes a program requiring that newly constructed homes conform with
certain construction and quality standards and provides buyers of new homes with insurance-backed
warranty protection in the event such standards are not met; b. In addition to authorizing warranty coverage through private insurance programs,
the act requires that a new home warranty security fund be maintained by the State
Treasurer and administered by the commissioner on behalf of the buyers of new homes; c. Moneys payable to the fund are solely for the purpose of paying proven claims,
providing reasonable reserves, including appropriate forms of reinsurance, and covering
the costs of program administration. Accordingly, program premiums, fees and other charges must be adequate to these
purposes; d. Since the premiums, fees and other charges assessed by the fund are solely for
the protection of the buyers of new homes enrolled in the program and since such charges
bear directly on the affordability of those homes, the fees should be set in an actuarially
sound manner, including prudent reinsurance, with provision for the distribution of
any accumulated surplus to the buyers of new homes enrolled in the fund; and e. The purposes of the “The New Home Warranty and Builders' Registration Act” shall
be furthered through the creation of a Board of Trustees to provide independent oversight
over the fund on behalf of those whose homes are covered by it.
Frequently Asked Questions About New Jersey § 46:3b-7
What does New Jersey Statutes § 46:3b-7 cover?
Section 46:3b-7 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 46:3b-7?
A common citation format is "New Jersey Statutes § 46:3b-7" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 46:3b-7 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.