Bill
Bill > A2977
summary
Introduced
01/13/2026
01/13/2026
In Committee
01/13/2026
01/13/2026
Crossed Over
Passed
Dead
Introduced Session
2026-2027 Regular Session
Bill Summary
This bill revises the "Fair Foreclosure Act," P.L.1995, c.244 (C.2A:50-53 et seq.) to create a private right of action for any violation of the act's provisions. Specifically, the bill provides that a person may bring an action in Superior Court against a residential mortgage lender for any violation of the "Fair Foreclosure Act," for actual damages or $1,000, whichever is greater, attorney's fees, costs of suit and appropriate equitable relief.
AI Summary
This bill amends the "Fair Foreclosure Act," a law designed to protect homeowners facing foreclosure, by creating a new legal pathway for individuals to sue lenders. Specifically, it allows any person to file a lawsuit in the Superior Court against a residential mortgage lender if that lender violates any part of the "Fair Foreclosure Act." If a violation is proven, the lender could be ordered to pay the homeowner either their actual financial losses or a minimum of $1,000, whichever amount is larger, plus cover the homeowner's legal expenses, court costs, and any other necessary court-ordered remedies. This change aims to provide a stronger enforcement mechanism for the protections already established by the Fair Foreclosure Act.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Introduced, Referred to Assembly Financial Institutions and Insurance Committee (on 01/13/2026)
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/2026/A2977 |
| BillText | https://pub.njleg.gov/Bills/2026/A3000/2977_I1.HTM |
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