Bill > A5628

Introduced Session

This bill, known as the "New Jersey Online Foreclosure Sale Act," would permit the sale of foreclosed-upon property in an electronic, online forum that is open to the public. The conducting of real estate sales online could attract more bidders and result in higher purchase prices, which would benefit both creditors and debtors in New Jersey. The bill does not change the timeline of foreclosure sales and, except as to requiring the sheriff or other officer or person conducting the real estate sale to publish notice of the time and place of the sale online on the Internet website at which the sale will be conducted, does not change the notice requirements pertaining to the foreclosure process. The bill authorizes a sheriff, or other officer or person who is authorized or required to sell real estate, to conduct an online foreclosure sale of real estate, and to contract with a vendor for online foreclosure sale services. As the needs and requirements of counties may vary, this bill provides authority to contract for the services and requirements suited to a particular county, which may include, but are not limited to: types of services; fee amounts; method of charging a fee in the auction, including a seller's or buyer's fee, commission or premium charged to a seller or buyer; recovery maximization; record-keeping requirements; and security requirements. Further, the bill would enable a county or municipality to procure electronic, online real property foreclosure services through competitive contracting without the need for a resolution by the governing body. This bill would take effect on the first day of the second month following enactment.

AI Summary

Committee Categories

Angela Mcknight (D)*, 

Introduced, Referred to Assembly Housing Committee (on 06/20/2023)

Official Document