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  • NJ A3344
  • Requires creditor to provide mortgage payoff balance on home loan within five business days after notification of request.
Introduced
(2/22/2016)
In Committee
(6/30/2016)
Crossed Over
(6/27/2016)
PassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill provides that, as to a home loan under the "New Jersey Home Ownership Security Act of 2002," P.L.2003, c.64 (C.46:10B-22 et seq.), a creditor shall provide an entitled person, or an entitled person's agent, with the mortgage payoff balance for the loan within five business days after the creditor effectively receives a written notification to request a payoff balance. As defined in the bill, "entitled person" means a person liable for payment or performance of the obligation secured by the real property described in a mortgage, the landowner, or any person with a recorded interest in the property. The bill also establishes how notification can be given to request a payoff balance, and when notification becomes effective so as to start the time frame of five business days in which the creditor must provide the payoff balance.
Commerce, 2nd Reading in the Assembly, Financial Institutions and Insurance, Passed Assembly
Senate Commerce Hearing (19:00 12/4/2017 )  (on 12/4/2017)
 
 
Date Chamber Action Description
12/4/2017 Senate Commerce Hearing (19:00 12/4/2017 )
6/30/2016 S Received in the Senate, Referred to Senate Commerce Committee
6/27/2016 A Passed by the Assembly (78-0-0)
5/12/2016 A Reported out of Assembly Committee, 2nd Reading
5/12/2016 Assembly Financial Institutions and Insurance Hearing (10:00 5/12/2016 Committee Room 16, 4th Floor)
2/22/2016 A Introduced, Referred to Assembly Financial Institutions and Insurance Committee
Date Motion Yea Nay Other
Detail 6/27/2016 Assembly Floor: Third Reading - Final Passage 78 0 2
Detail 5/12/2016 Assembly Financial Institutions and Insurance Committee: Reported Favorably 12 0 1