Bill Text: NJ S1630 | 2024-2025 | Regular Session | Introduced
Bill Title: Requires DMVA to provide mortgage loan counseling under certain circumstances.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Introduced) 2024-01-09 - Introduced in the Senate, Referred to Senate Military and Veterans' Affairs Committee [S1630 Detail]
Download: New_Jersey-2024-S1630-Introduced.html
STATE OF NEW JERSEY
221st LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 2024 SESSION
Sponsored by:
Senator ANDREW ZWICKER
District 16 (Hunterdon, Mercer, Middlesex and Somerset)
Senator NILSA I. CRUZ-PEREZ
District 5 (Camden and Gloucester)
Co-Sponsored by:
Senator Gopal
SYNOPSIS
Requires DMVA to provide mortgage loan counseling under certain circumstances.
CURRENT VERSION OF TEXT
Introduced Pending Technical Review by Legislative Counsel.
An Act concerning mortgage loan counseling for veterans and supplementing P.L.2009, c.53 (C.17:11C-51 et al.).
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. a. Every residential mortgage lender that originates loans secured by real property used for residential purposes located in this State which are to be guaranteed under the "Servicemen's Readjustment Act of 1944," Pub.L.78-346 (38 U.S.C. s.3701 et seq.) shall provide a separate disclosure form with each application stating that a veteran seeking a housing loan under Chapter 37 of Title 38 of the United States Code has been offered loan counseling services pursuant to this act. Upon the request of an eligible applicant, the department shall refer the applicant to the New Jersey Housing and Mortgage Finance Agency for mortgage loan counseling and assistance pursuant to subsection b. of this section. The disclosure form required pursuant to this section shall be signed by each applicant and shall include information detailing how to access the loan counseling services.
b. Upon the request of any veteran, the department shall provide counseling and assistance to applicants for a mortgage loan pursuant to this section. Loan counseling and assistance shall include a review of the terms and restrictions of the loan, information determined by the New Jersey Housing and Mortgage Finance Agency to be appropriate for a veteran seeking a housing loan under Chapter 37 of Title 38 of the United States Code, and any other information that may be required under federal law, rule, or regulation.
c. As used in this section:
"Department" means the Department of Military and Veterans' Affairs.
"Veteran" means any resident of the State now or hereafter who has been discharged honorably or under general honorable conditions in any branch of the Armed Forces of the United States, or a Reserve component thereof, or the National Guard of this State or another state as defined in section 1 of P.L.1963, c.109 (C.38A:1-1), or any honorably discharged member of the American Merchant Marine who served during World War II and is declared by the United States Department of Defense to be eligible for federal veterans' benefits.
2. This act shall take
effect on the first day of the seventh month next following the date of
enactment.
STATEMENT
This bill requires the New Jersey Housing and Mortgage Finance Agency (NJHMFA) to provide counseling and assistance to applicants for a mortgage loan for a property in New Jersey that is to be guaranteed by the federal "Servicemen's Readjustment Act of 1944," commonly known as the G.I. Bill. Under the bill, loan counseling and assistance is required to include a review of the terms and restrictions of the loan, information determined by the NJHMFA to be appropriate for a veteran seeking a housing loan under the G.I. Bill, and any other information that may be required under federal law, rule, or regulation.
This bill requires residential mortgage lenders in New Jersey to provide a separate disclosure form with each application stating that a veteran seeking a housing loan under the G.I. Bill has been offered loan counseling services pursuant to the provisions of the bill.
