SECOND WAVE OF ECONOMIC RELIEF MEASURES CLEAR ASSEMBLY COMMITTEES

SECOND WAVE OF ECONOMIC RELIEF MEASURES
CLEAR ASSEMBLY COMMITTEES
Panels Release 15 Bills Aimed at Easing State's Economic Jitters;
Heating Assistance, Senior Property Tax Relief, Investment Fraud Protections Top List;
Action Brings Total Number of Measures Cleared Since September to 40

(TRENTON) - For the second time in less than three weeks, Assembly committees released a series of bills aimed at helping New Jerseyans caught up in the global economic maelstrom pay their heating bills, stay in their homes and protect their investments.

Seven committees today cleared a total of 15 pieces of legislation - including 14 newly considered bills - each crafted to combat some segment of the economic crisis.

"The Assembly is committed to enacting a comprehensive, coordinated and home-grown response to the current global financial crisis," said Assembly Speaker Joseph J. Roberts, Jr. (D-Camden). "All New Jerseyans need to know that they will have the help available to see them through these tough economic times. From help paying for necessities to foreclosure protections to higher standards for financial professionals, this is a top-down approach."

The Assembly Budget Committee released four measures aimed at providing direct assistance to utility ratepayers, senior-citizens and disabled homeowners on fixed incomes. The measures would:

• Provide $10 million to the NJ SHARES utility-bill assistance program, $3 million for food banks across the state, and $9.5 million to legal services - contingent upon cooperation with the State Auditor for an audit - to assist homeowners dealing with foreclosure (A-3374) - sponsored by Assemblywoman Connie Wagner (D-Bergen) and Assemblyman John Burzichelli (D-Gloucester);

"For many working families, utility bills are going up while their incomes remain stagnant or even drop," said DeAngelo. "Helping households through the winter months is common sense."

"Seniors and disabled residents on fixed incomes are bearing the brunt of higher costs on everything from utilities to groceries to gas," said Moriarty. "Providing more fixed-income households a property tax cut is the right thing to do to ensure they can stay in their homes."

The Appropriations Committee also gave final committee approval to a pro-business measure that would reshape how certain corporate sales made in other states are taxed, and eliminate a provision that increases a corporation's entire net income that is taxable by New Jersey, creating a more accurate tax payment to the state (A-2722). It is sponsored by Assemblymen Joseph Vas (D-Middlesex), Lou Greenwald (D-Camden) and Albert Coutinho (D-Essex).

The Law and Public Safety Committee released a five-bill package aimed at protecting consumers from untoward practices of some financial advisors. The measures all were recently endorsed by state Attorney General Anne Milgram as essential to allowing law enforcement to protect residents' nest-eggs. The bills would:

• Require more securities investment advisors to register their practices with the state (A-2265) - sponsored  by Assembly members Vincent Prieto, Cari Rodriquez (both D-Hudson), Gordon Johnson (D-Bergen) and Voss;

"Financial hucksters who play fast-and-loose with state law should be held responsible for their reckless disregard for their clients' savings," said Watson Coleman. "No one should see their retirement savings evaporate before their eyes because of gross mismanagement and disregard for sound investment practice."

"Residents need to know their hard-earned money is being handled by an honest financial expert," said  Greenstein.

"Residents entrust more than just money to their investment advisor - they literally put their financial future in someone else's hands," said Milam. "We must ensure investors are protected from unscrupulous money managers who flaunt state law."

"The global economy has been turned upside-down because of financial games and unsound economic practices," said Albano. "The types of practices that have come home to roost have no place in New Jersey."

The Financial Institutions and Insurance Committee cleared the "Foreclosure Rescue Fraud Prevention Act" (A-281) Assemblymen Schaer and Burzichelli are sponsoring to crack down on the fraudulent practices of some home foreclosure rescue advisors. On Oct. 20, Attorney General Milgram announced the filing of civil lawsuits against two companies, as well as 37 mortgage loan providers, mortgage industry employees, lawyers and others for violating the state's Consumer Fraud Act and the Racketeer Influenced and Corrupt Organizations Act.

"Homeowners facing foreclosure should not face a second indignity by seeing money they believe will help them stay in their houses end up down the drain," said Schaer.

Other measures aim to help fixed-income residents save more of their money, direct more long-term funding to food banks, help combat homelessness and get workers on-the-job as soon as possible.

The Human Services Committee released bills that would require state officials to include information on the Senior Gold prescription drug-assistance program on materials distributed each year (A-1177) and to create a mechanism on the tax form for filers to make a voluntary contribution to the Community Food Pantry Fund (A-2513). The bills are sponsored by Assemblywoman Sheila Oliver (D-Essex) and Assemblyman Johnson, respectively.

A bill sponsored by Assemblywoman Nilsa Cruz-Perez (D-Camden) would allow contractors to immediately get to work by enabling homeowners to waive in an emergency situation the current three-day waiting period before beginning any home improvement. The bill (A-1587) was released by the Consumer Affairs Committee.

Majority Leader Watson Coleman and Assemblywoman Cruz Perez also are sponsoring a bill (A-3101) that would permit counties to impose a maximum $3 document recording surcharge to fund homelessness prevention programs. Funds could be used to provide grants to projects that supply permanent affordable housing and rental assistance services for the homeless and families at-risk of losing their homes because of the current economic upheaval.

On Oct. 6, in unprecedented joint committee sessions, Assembly committees approved a wide-ranging package of 19 bills, including measures to promote new jobs and retain existing ones by revamping small business taxes and enhancing grants and incentives for small businesses.

In September, the Assembly passed a 7-bill package aimed at easing regulatory burdens to make the state more attractive to businesses and reverse the New Jersey's reputation as being business-unfriendly. Those measures are currently before the state Senate.

In addition, the Assembly backed cutting business taxes by $275 million last fiscal year, avoided a $350 million business tax increase this year by strengthening the unemployment trust fund and helped businesses by extending building permit approvals through July 1, 2010.

Speaker Roberts already has indicated that measures aimed at the economy will make up the overwhelming majority of the bills to be posted on Monday's Assembly voting session board list.

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