Bill Text: NJ A2628 | 2014-2015 | Regular Session | Amended
Bill Title: Allows certain National Guard and United States Reserve members on federal active duty to temporarily defer mortgage loan payments and suspend property tax payments.***
Spectrum: Moderate Partisan Bill (Democrat 9-1)
Status: (Introduced - Dead) 2015-12-17 - Assembly Floor Amendment Passed (Conaway) [A2628 Detail]
Download: New_Jersey-2014-A2628-Amended.html
ASSEMBLY, No. 2628
STATE OF NEW JERSEY
216th LEGISLATURE
INTRODUCED FEBRUARY 20, 2014
Sponsored by:
Assemblyman BOB ANDRZEJCZAK
District 1 (Atlantic, Cape May and Cumberland)
Assemblyman VINCENT MAZZEO
District 2 (Atlantic)
Assemblyman GILBERT "WHIP" L. WILSON
District 5 (Camden and Gloucester)
Co-Sponsored by:
Assemblyman Johnson
SYNOPSIS
Allows certain National Guard and United States Reserve members on federal active duty to temporarily suspend mortgage loan interest payments.
CURRENT VERSION OF TEXT
As reported by the Assembly Military and Veterans' Affairs Committee on March 19, 2015, with amendments.
An Act concerning the payment of interest on mortgage loans by certain persons in military service on federal active duty and supplementing P.L.1979, c.317 (C.38:23C-1 et seq.).
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. a. As used in this section:
"Mortgagee" means the holder of a mortgage loan 1that is a State chartered bank, savings bank, savings and loan association or credit union, any person required to be licensed under the provisions of the "New Jersey Residential Mortgage Lending Act," sections 1 through 39 of P.L.2009, c.53 (C.17:11C-51 et seq.), and any entity acting on behalf of the mortgagee named in the debt obligation including, but not limited to, servicers1.
"Mortgage loan" means a loan made to a natural person or persons to whom credit is offered or extended primarily for personal, family or household purposes which is secured by a mortgage constituting a lien upon real property located in this State on which there is erected or to be erected a structure, which is the primary residence of the natural person or persons, containing one to six dwelling units, a portion of which structure may be used for nonresidential purposes, in the making of which the mortgagee relies primarily upon the value of the mortgaged property.
b. A person domiciled in this State who is called to mobilization for federal active duty as a member of the National Guard or a Reserve Component of the Armed Forces of the United States may secure, if a request is made during this period of mobilization, a suspension of the payment of interest on a mortgage loan that was secured by the person, or the person and another person jointly, before the mobilization for federal active duty.
c. A person may make a
request pursuant to subsection b. of this section by mailing a written request
to the mortgagee which shall include: (1) a copy of the person's military
orders or an affidavit stating that the person is in service on federal active
duty, and (2) the name, address, and phone number of an individual who may be
contacted regarding the mortgage loan while the person is in service on federal
active duty. Upon receipt of the request with the required information, the
mortgagee shall grant a suspension of the payment of interest, effective as of
the date on which the person is mobilized for federal active duty. The
suspension shall remain in effect while that person remains in service on
federal active duty, and interest that was incurred during that time shall be
paid, after the expiration of the suspension, in equal installments over the
remaining term of the mortgage loan. The suspension shall expire one month
after the person is released from service on federal active duty.
d. Nothing contained in this section shall affect the payment of loan principal, escrow, or other fees, as required by the loan agreement.
2. This act shall take effect immediately.
