All Roll Calls
Yes: 150 • No: 1
New JerseyS3525220th Legislature (2024-2025)SenateWALLET
Requires financial institutions to allow mortgagors to make biweekly and semi-monthly payments and payments to mortgage principal.*
Sponsored By: Joe Danielsen (Democratic), Tennille R. McCoy (Democratic), Angela V. McKnight (Democratic), Pou, Nellie, Shanique Speight (Democratic)
Signed by Governor
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Bill Overview
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
New Jersey homeowners get escrow payment protections
These rules cover New Jersey mortgage agreements entered into starting November 1, 2025; escrow holds money for taxes and insurance. When an escrow review finds a shortage or raises escrow payments, covered lenders and servicers must notify you under federal rules. They must update your recurring payment to match the new amount. Extra money you pay goes first to unpaid escrow, then to principal, without penalty. After notifying the institution, you can make separate payments to reduce or clear the projected shortage; these stay separate from principal payments.
New Jersey homeowners get mortgage payment options
The law covers mortgage agreements entered into starting November 1, 2025, for New Jersey properties with one to six homes. Covered lenders and mortgage servicers must let borrowers in good standing pay every two weeks or twice a month. Each twice-monthly payment equals half the full monthly payment, including principal, interest, and any escrow for taxes and insurance. Money from biweekly payments above the total scheduled yearly payments goes toward principal—the unpaid loan balance, excluding interest. You can also make extra principal payments without penalty, even when your loan is not in good standing.
Sponsors & Cosponsors
Sponsors
Joe Danielsen
Democratic • House
Tennille R. McCoy
Democratic • House
Angela V. McKnight
Democratic • Senate
Pou, Nellie
Affiliation unavailable
Shanique Speight
Democratic • House
Cosponsors
Atkins, Reginald W.
Affiliation unavailable
Linda S. Carter
Democratic • House
Wayne P. DeAngelo
Democratic • House
Mitchelle Drulis
Democratic • House
Kevin P. Egan
Democratic • House
Marenco, Julio
Affiliation unavailable
McCann Stamato, Barbara
Affiliation unavailable
Carmen Theresa Morales
Democratic • House
Ramirez, Jessica
Affiliation unavailable
Verlina Reynolds-Jackson
Democratic • House
Gabriel Rodriguez
Democratic • House
M. Teresa Ruiz
Democratic • Senate
Britnee N. Timberlake
Democratic • Senate
Michael Venezia
Democratic • House
Benjie E. Wimberly
Democratic • Senate
Roll Call Votes
Senate vote • 3/24/2025
CONCUR ASMB AMEND
Yes: 39 • No: 0
House vote • 12/19/2024
3RDG FINAL PASSAGE
Yes: 72 • No: 1
Senate vote • 10/28/2024
3RDG FINAL PASSAGE
Yes: 39 • No: 0
Actions Timeline
Approved by Governor — P.L.2025, c.56.
5/9/2025GovernorPassed Senate, PBH — (39-0)
3/24/2025SenateReceived in Senate, 2RSC
1/14/2025SenatePassed Assembly — (72-1-0)
12/19/2024HouseSubstituted for A4893 (1R)
12/19/2024HouseREP/ACA, 2nd Reading in Assembly
12/9/2024HouseReceived in Assembly, Referred to Assembly Financial Institutions and Insurance Committee
10/28/2024HousePassed Senate — (39-0)
10/28/2024SenateREP/SCA, 2nd Reading in Senate
9/30/2024SenateTRANS Senate Community and Urban Affairs Committee
9/12/2024SenateIntroduced, 1st Reading in Senate, Referred to Senate Commerce Committee
6/28/2024Senate
Bill Text
Version PL2025
7/2/2025
Version AL2025
6/6/2025
Assembly Financial Institutions and Insurance (12/9/24 2R)
3/25/2025
Assembly Financial Institutions and Insurance Substitute (12/9/24 1R)
12/10/2024
Senate Community and Urban Affairs (9/30/24 1R)
10/29/2024
Senate Community and Urban Affairs Substitute (9/30/24)
10/1/2024
As Introduced
7/1/2024
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