N.J.S.A. 40A:10A-1 et seq. requires all business owners, owners
of rental units, and owners of a multifamily home of four or fewer
units, one of which is owner-occupied, to maintain certain levels
of liability insurance. That law further requires municipalities to
establish a registry of all such individuals and entities and to annually
collect proof of compliance with the provisions of the law. The purpose
of this chapter is to implement the requirements of the law within
the Borough of Montvale.
Owners of businesses or rental units subject to the minimum
liability insurance requirements set forth in this chapter must annually
register with the Borough of Montvale and provide a compliant certificate
of insurance issued by the owner's insurance company. To complete
the annual registration, the owner must file with the Municipal Clerk
a completed registration, along with a copy of the required insurance
certificate and an administrative fee of $50. The registration shall
be in such form and shall include such information as is required
by the Municipal Clerk. Annual registrations shall be due by January
31 of each calendar year, or within 30 days of registering the business
or obtaining ownership of the rental units.
Upon satisfaction of the registration requirements in §
5-3 hereof, the Municipal Clerk shall issue a certificate of registration to the owner in a form approved by the Municipal Clerk. This certificate of registration shall act as proof of compliance with this chapter. A certificate of registration shall be valid for the calendar year in which it is issued.
If an owner fails to maintain the required level of insurance,
or fails to file an annual registration, the owner shall be subject
to penalties of $500 for a first offense, $1,000 for a second offense,
and $2,000 for a third or subsequent offense. This penalty may be
collected through a summary proceeding pursuant to the Penalty Enforcement
Law of 1999, N.J.S.A. 2A:58-10 et seq. Each year that an owner fails
to register or fails to maintain adequate insurance shall be deemed
a separate offense.