5. The chief administrator may adopt, pursuant to the “Administrative Procedure Act,” P.L.1968, c.410 (C. 52:14B-1 et seq.), rules and regulations to effectuate the purposes of this act, including, but not necessarily limited to, regulations providing for the oversight of any successful bidder by the chief administrator and regulations designating the class or classes of lienholders that are exempt from the provisions of the act requiring participation by all lienholders within one year.

L.2017, c.308, s.5.