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NJ S1420
Bill
Status
1/13/2026
Primary Sponsor
Joseph Lagana
Click for details
AI Summary
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Exempts reverse mortgage transactions from New Jersey's requirement that secondary mortgage loans be repaid in substantially equal installment amounts over substantially equal payment periods.
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Amends P.L.2009, c.53 (C.17:11C-78), which governs secondary mortgage loan documentation requirements in the state.
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Reverse mortgage transactions are defined by reference to federal law (15 U.S.C. s.1602), maintaining consistency with federal regulatory standards.
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Sponsored by Senator Joseph A. Lagana (District 38, Bergen County) and pre-filed for introduction in the 2026 legislative session.
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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
1/13/2026