NJ S3938

Authorizes sheriffs and other officers conducting foreclosure sales in New Jersey to conduct sales electronically via online auctions as an alternative to traditional in-person public sales

Requires counties contracting with online auction vendors to include provisions for services, fees, marketing, record-keeping, and security, with vendor procurement through competitive contracting that considers track record in maximizing recovery for debtors and lenders

Caps total vendor fees at $1,000 per auction regardless of how many times a property is scheduled for sale, and prohibits charging the public to view properties listed for sale

Mandates identity verification and registration for prospective bidders, including checks against the federal Office of Foreign Assets Control Sanctions List for successful bidders, with disclosure requirements for both individual and entity purchasers

Requires vendors to provide a non-electronic bidding option (such as paper bid packets) and ensures all bids are visible to the public online in real-time while keeping maximum bid amounts confidential until placed