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NJ S3371
Bill
Status
2/5/2026
Primary Sponsor
James Holzapfel
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AI Summary
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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
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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
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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
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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
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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