Bill
Bill > S1630
NJ S1630
Requires DMVA to provide mortgage loan counseling under certain circumstances.
summary
Introduced
01/09/2024
01/09/2024
In Committee
12/16/2024
12/16/2024
Crossed Over
Passed
Dead
Introduced Session
2024-2025 Regular Session
Bill Summary
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.
AI Summary
This bill requires the New Jersey Housing and Mortgage Finance Agency (NJHMFA) to provide counseling and assistance to applicants for a mortgage loan that is to be guaranteed by the federal "Servicemen's Readjustment Act of 1944," commonly known as the G.I. Bill. The counseling must include a review of the loan terms and restrictions, information appropriate for a veteran seeking a housing loan under the G.I. Bill, and any other information required under federal law. The bill also requires residential mortgage lenders in New Jersey to provide a separate disclosure form with each application stating that a veteran seeking a G.I. Bill housing loan has been offered these loan counseling services.
Committee Categories
Budget and Finance, Military Affairs and Security
Sponsors (3)
Last Action
Referred to Senate Budget and Appropriations Committee (on 12/16/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/S1630 |
| Fiscal Note - Fiscal Estimate 1/14/25; as introduced | https://pub.njleg.gov/Bills/2024/S2000/1630_E1.PDF |
| Analysis - Statement SMV 12/16/24 | https://pub.njleg.gov/Bills/2024/S2000/1630_S1.PDF |
| Analysis - Technical Review Of Prefiled Bill | https://pub.njleg.gov/Bills/2024/S2000/1630_T1.PDF |
| BillText | https://pub.njleg.gov/Bills/2024/S2000/1630_I1.HTM |
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