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NJ S3371

Bill

Status

Introduced

2/5/2026

Primary Sponsor

James Holzapfel

Click for details

Origin

Senate

2026-2027 Regular Session

AI Summary

  • Prohibits New Jersey state-chartered banks, mortgage companies, and credit unions from requiring 100% service-connected disabled veterans or their surviving spouses to disclose annual property tax obligations when applying for mortgages on principal residences

  • Requires municipal assessors to certify that applicants meet all eligibility requirements for the disabled veterans' property tax exemption (except property ownership for new purchases) before banks can waive the property tax disclosure requirement

  • Veterans or surviving spouses who currently own another principal residence must provide evidence of sale, transfer, or contract for that property before the new mortgage can be approved

  • Directs the Commissioner of Banking and Insurance to publish a list of all state-chartered financial institutions on the department website to help qualified veterans find participating lenders

  • Takes effect on the first day of the seventh month following enactment, with the Commissioner required to promulgate necessary rules and forms during that implementation period

Legislative Description

Prohibits certain financial institutions from requiring certain disabled veterans to include anticipated property tax obligations as part of mortgage applications.

Commerce

Last Action

Introduced in the Senate, Referred to Senate Commerce Committee

2/5/2026

Committee Referrals

Commerce2/5/2026

Full Bill Text

No bill text available