Loading chat...

NJ S4970

Bill

Official Source

Status

Introduced

12/8/2025

Primary Sponsor

Joseph Lagana

Click for details

Origin

Senate

2024-2025 Regular Session

AI Summary

  • Exempts reverse mortgage transactions (as defined by federal law 15 U.S.C. s.1602) from New Jersey's requirement that secondary mortgage loans be repaid in substantially equal payment periods and amounts

  • Current state law mandates secondary mortgages be paid in installments of substantially the same length and payment amount

  • Amends P.L.2009, c.53 (C.17:11C-78), which governs secondary mortgage loan instruments and requirements

  • Takes effect immediately upon enactment

Legislative Description

Exempts reverse mortgage transaction from requirement that secondary mortgage loan payments be made in equal amounts and payment periods.

Commerce

Last Action

Introduced in the Senate, Referred to Senate Commerce Committee

12/8/2025

Committee Referrals

Commerce12/8/2025

Full Bill Text

No bill text available