New Jersey · bills are not statutes · not legal advice
New Jersey: introduced facilitator bills, no enacted chapter we cite
New Jersey is not on theverified bonding tablebecause we did not open an enacted N.J.S.A. title that licenses or bonds 1031 exchange facilitators. Secondary pages sometimes cite Assembly No. 3438 as if it were current law. A3438 is a 2010 bill print. This page cites the bill as a bill. It does not copy the bill’s $1 million figure onto a live New Jersey file.
What the bill prints said
A3438 (2010) —pub.njleg.gov/bills/2010/A3500/3438_I1.HTM— would have defined an exchange facilitator by reference to Treas. Reg. §1.1031(k)-1(g)(4), required registration with the Department of Banking and Insurance, and offered a $1 million fidelity bond, a $1 million deposit, or a qualified escrow/trust with dual written authorization. Later prints (including S57, 2014) repeated that shape. Those are legislative drafts. Enactment is a different fact. We did not open a current N.J.S.A. chapter that matches the draft.
Closing-table tax forms are not a QI license
New Jersey estimated-tax / seller-residency certifications used at deed recordation (GIT/REP series) can mention a like-kind exchange as a reason estimated tax is not collected at the table. That is a Division of Taxation form. It is not proof the QI is registered, bonded, or examined by Banking and Insurance. Ask the closer which form is on the file; do not treat the form as a facilitator statute.
What to ask on a New Jersey file
- Federal QI documents and account controls.
- Current certificates — not the dollar figures in A3438 unless a current statute is produced.
- If a website says “New Jersey has enacted” facilitator legislation, ask for the N.J.S.A. citation, not a 2010 bill number.
FAQ
Did New Jersey enact an exchange-facilitator law?
Bills that would have registered exchange facilitators with the Department of Banking and Insurance and required a $1 million fidelity path were introduced — including A3438 (2010) and later prints such as S57 (2014). Those URLs are bill texts. This page does not treat them as current N.J.S.A. chapters. No enacted facilitator title was opened for this file.
Is GIT/REP-3 a QI license?
No. New Jersey’s GIT/REP seller-residency / estimated-tax forms are tax-administration documents at a real-estate closing. They are not a Department of Banking and Insurance QI charter. Do not treat a like-kind-exchange exemption box as proof the QI is state-licensed.
Other state deep-dives
Related
Sources
- N.J. Assembly No. 3438 (2010), introduced — pub.njleg.gov … 3438_I1.HTM. Bill text. Accessed 2026-09-11.
- N.J. Senate No. 57 (2014), introduced — pub.njleg.gov … 57_I1.HTM. Later bill print. Accessed 2026-09-11.
- Treas. Reg. §1.1031(k)-1(g)(4) — federal QI definition. Accessed 2026-09-11.
This is a QI custody explainer, not a securities offering and not legal advice. Bills are not statutes. If an enacted chapter exists, send the N.J.S.A. URL.