NJ S3404

Regulates real estate installment contracts for residential properties with up to four dwelling units in New Jersey, requiring contracts to be in writing and recorded with the county clerk within 20 days of execution.

Mandates sellers disclose specific information including aggregate purchase price, down payment, principal balance, installment payment amounts and due dates, and any existing mortgages or liens on the property.

Requires sellers to follow Fair Foreclosure Act procedures when seeking forfeiture of a purchaser's interest, treating the transaction like a mortgage foreclosure with the seller as mortgagee and purchaser as mortgagor.

Gives purchasers 30 days to cure any breach or default after receiving written notice from the seller before any legal action can commence in Superior Court.

Applies state civil and criminal usury laws to these contracts, with the Commissioner of Banking and Insurance to establish compliance and enforcement mechanisms by regulation.