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.
a. There is hereby established in, but not of, the Department of Community Affairs
the “New Home Warranty Security Fund Board of Trustees.” The duties of the board shall include, but shall not be limited to, monitoring, reporting
and making recommendations to the commissioner on the financial soundness, premium
structure, reinsurance adequacy and administrative efficiency of the new home warranty
security fund and, when appropriate, the distribution of surplus reserves to the owners
of enrolled homes. The board shall not make any determination regarding the payment of specific claims
by the commissioner pursuant to section 7 of P.L.1977, c. 467 ( C.46:3B-7 ). b. The board shall consist of five trustees to be appointed by the commissioner. One trustee shall represent the home buying public; one shall represent the New
Jersey Builders Association; one shall be a certified public accountant licensed
to practice in New Jersey; one shall be an attorney-at-law who is a member in good
standing of the New Jersey bar; and one shall be a representative of the insurance
industry. c. Each trustee shall be appointed for a four-year term; however, among the trustees
first appointed, one shall be appointed for a term of one year, two shall be appointed
for a term of two years, one shall be appointed for a term of three years and one
shall be appointed for a term of four years. The trustees shall annually select a chairperson from among themselves. The commissioner may reappoint a trustee. The commissioner may remove a trustee for cause. d. Trustees shall serve without compensation, but may be reimbursed for expenses incurred
in the performance of their duties.
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.