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NJ S3694
Bill
Status
2/24/2026
Primary Sponsor
Joseph Lagana
Click for details
AI Summary
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Amends P.L.1968, c.54 (C.46:10B-1) to add "made primarily for personal, family, or household purposes" to the definition of "mortgage loan" in New Jersey law
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Applies to loans secured by real property containing one to six dwelling units where interest exceeds 6% annually
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Protects consumer mortgage loans from prepayment penalties while allowing prepayment penalty flexibility for commercial mortgage loans
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Takes effect immediately and applies only to mortgage loans entered into on or after the enactment date
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Sponsored by Senator Joseph A. Lagana of District 38 (Bergen County) and introduced February 24, 2026
Legislative Description
Clarifies mortgage loans to mean loans made primarily for personal, family, or household purposes.
Commerce
Last Action
Introduced in the Senate, Referred to Senate Commerce Committee
2/24/2026