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Bill > S1648


NJ S1648

NJ S1648
Requires DMVA to provide mortgage loan counseling under certain circumstances.


summary

Introduced
01/13/2026
In Committee
01/13/2026
Crossed Over
Passed
Dead

Introduced Session

2026-2027 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 mandates that the Department of Military and Veterans' Affairs (DMVA) must refer veterans seeking a mortgage loan guaranteed by the federal "Servicemen's Readjustment Act of 1944," commonly known as the G.I. Bill, to the New Jersey Housing and Mortgage Finance Agency (NJHMFA) for counseling and assistance upon the veteran's request. This counseling will involve reviewing the loan's terms and restrictions, providing information relevant to veterans using the G.I. Bill for housing, and any other information required by federal law. Additionally, residential mortgage lenders in New Jersey must provide a separate disclosure form with each loan application, informing veterans that this loan counseling service has been offered to them.

Committee Categories

Military Affairs and Security

Sponsors (3)

Last Action

Introduced in the Senate, Referred to Senate Military and Veterans' Affairs Committee (on 01/13/2026)

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