Loading chat...
NJ A2777
Bill
Status
Introduced
1/13/2026
Primary Sponsor
Verlina Reynolds-Jackson
Click for details
AI Summary
- Authorizes sheriffs and other officers in New Jersey to conduct foreclosure sales of real property through electronic online auctions as an alternative to traditional in-person public sales
- Counties may contract with vendors to conduct online foreclosure sales, with contracts subject to New Jersey law and procured through competitive contracting processes that evaluate vendors' track records in maximizing recovery for debtors and lenders
- Caps total vendor fees at $1,000 per auction, prohibits fees for public viewing of properties, and requires all bids to be visible to the public in real-time while keeping maximum bid amounts confidential until placed
- Mandates identity verification and registration for prospective bidders, including checks against the federal Office of Foreign Assets Control Sanctions List for successful bidders
- Requires vendors to provide a non-electronic bidding option for participants and establishes that successful bidders must pay a 20 percent deposit immediately upon conclusion or within a sheriff-established timeframe for online sales
Legislative Description
The "New Jersey Online Foreclosure Sale Act;" permits online foreclosure sales for real property.
2nd Reading in the Assembly
Last Action
Reported out of Assembly Committee, 2nd Reading
3/9/2026
Committee Referrals
Housing1/13/2026
Full Bill Text
No bill text available