Bill > S2639

This bill, known as the "New Jersey Online Foreclosure Sale Act," permits sheriffs and other authorized officials to conduct foreclosure sales of real property through online, electronic auctions. It mandates that these online sales must adhere to specific requirements, including the ability for counties to contract with vendors to manage these auctions, provided New Jersey law governs the contract and the vendor's track record in maximizing recovery is considered. The bill also outlines rules for bid visibility, fee structures, and requires vendors to offer a non-electronic option for bidders. Furthermore, it amends existing laws to allow for online publication of sale notices, permits electronic auctions as an alternative to traditional in-person sales, and clarifies that fees charged by vendors for online foreclosure services are considered reasonable and necessary taxable expenses. The act also introduces provisions for bidder identity verification and registration, and requires successful bidders to provide information for checks against federal sanctions lists.

Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2024/S2639