Bill > A3791

This bill establishes the "New Jersey Online Foreclosure Sale Act," which creates a comprehensive framework for conducting online foreclosure sales of real property. The bill permits sheriffs and other authorized officials to enter into contracts with vendors to conduct electronic, online foreclosure sales, with several key provisions to ensure transparency and fairness. These include requiring all bids to be publicly visible during the auction, limiting vendor fees to a maximum of $1,000 per auction, and mandating strict identity verification for bidders. The legislation requires vendors to provide a non-electronic bidding option and includes detailed requirements for documentation and registration of potential buyers. For online sales, the bill specifies that notices must include the website address for the electronic auction and requires vendors to collect specific information from successful bidders, including verification against federal sanctions lists. The bill also amends existing laws to accommodate these online sales, ensuring that the process maintains the legal integrity of traditional in-person foreclosure sales while providing a more modern and accessible approach to property auctions. Additionally, the legislation includes provisions to protect potential buyers, such as allowing for identity verification and requiring comprehensive bidder registration to ensure transparency and reduce potential fraud in the foreclosure sale process.

Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2024/A3791