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  • NJ A4369
  • Revises "Fair Foreclosure Act."
Introduced
(12/5/2016)
In Committee
(6/12/2017)
Crossed Over
(6/8/2017)
PassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill revises the "Fair Foreclosure Act," P.L.1995, c.244 (C.2A:50-53 et seq.) in two ways. First the bill specifies that a notice of intention to foreclose, which currently must be sent at least 30 days in advance of a residential mortgage lender commencing foreclosure or other legal action to take possession of a residential property, shall not be sent more than 90 days in advance of taking that action. Specifically, the bill provides that, if more than 90 days have elapsed since the date the notice of intent to foreclose is sent, and any foreclosure or other legal action to take possession of the residential property has not yet been commenced, a new notice shall be sent at least 30 days, but not more than 90 days, in advance of that action. Under the bill, the second revision to the "Fair Foreclosure Act" creates a private right of action for any violation of the act's provisions. Specifically, the bill provides that a person may bring an action in Superior Court against a residential mortgage lender for any violation of the "Fair Foreclosure Act," for actual damages or $1,000, whichever is greater, attorney's fees, costs of suit and appropriate equitable relief.
Commerce, 2nd Reading in the Assembly, Financial Institutions and Insurance, Passed Assembly
Received in the Senate, Referred to Senate Commerce Committee  (on 6/12/2017)
 
 

Date Chamber Action Description
6/12/2017 S Received in the Senate, Referred to Senate Commerce Committee
6/8/2017 A Passed by the Assembly (76-0-0)
1/12/2017 A Reported out of Assembly Comm. with Amendments, 2nd Reading
1/12/2017 Assembly Financial Institutions and Insurance Hearing (10:00 1/12/2017 Committee Room 16, Fourth Floor)
12/5/2016 A Introduced, Referred to Assembly Financial Institutions and Insurance Committee
Date Motion Yea Nay Other
Detail 6/8/2017 Assembly Floor: Third Reading - Final Passage 76 0 4
Detail 1/12/2017 Assembly Financial Institutions and Insurance Committee: Reported Favorably 10 0 3