Title 46, Title 46: PROPERTY

46:10B-12. Graduated payment mortgage defined As used in this act, "graduated payment mortgage" means a mortgage loan with lower monthly payments of principal and interest during the early years of the mortgage and higher monthly payments during the later years of the mortgage. T…

46:10B-13. Authorization to make Notwithstanding any law, rule, regulation, or opinion to the contrary, it shall be lawful for any institution authorized in this State to make mortgage loans secured by a mortgage on real property to make graduated payment mortgages. L.1979, c. 13…

46:10B-14. Use for dwelling units; limits on interest Graduated payment mortgages may be secured only by real estate on which there is erected or to be erected a structure containing one, two, three, four, five, or six dwelling units, a portion of which structure may be used for …

46:10B-15. Option to convert to conventional level payment mortgage At any time during the life of the graduated payment mortgage the mortgagor shall have the option without penalty to convert to a conventional level payment mortgage. L.1979, c. 139, s. 4, eff. July 6, 1979.

46:10B-16. Short title This act shall be known and may be cited as the "Senior Citizen Homeowner's Income Security Act." L.1979, c. 140, s. 1, eff. July 6, 1979.

46:10B-17. Definitions As used in this act: "Reverse annuity mortgage" means a mortgage loan secured by unencumbered residential property of the mortgagor which loan is used by the mortgagee to purchase annuities for the benefit of the mortgagor. "Reverse direct payment mortgage"…

46:10B-18. Reverse annuity and reverse direct payment mortgages; authorization to make; conditions Notwithstanding any law, rule, regulation, or opinion to the contrary, it shall be lawful for any institution authorized in the State to make first lien loans secured by a mortgage …

46:10B-19. Option of mortgagor to enter into subsequent mortgage with same mortgagee With respect to a reverse annuity mortgage or a reverse direct payment mortgage, at the termination of the mortgage the mortgagor shall have the option to enter into a subsequent reverse annuity …

46:10B-2. Prepayment of mortgage loan without penalty Prepayment of a mortgage loan may be made by or on behalf of a mortgagor at any time without penalty. L.1968, c. 54, s. 2, eff. June 6, 1968. Amended by L.1973, c. 297, s. 1, eff. Dec. 6, 1973; L.1975, c. 87, s. 1, eff. May 8,…

46:10B-20. Exemption of income from New Jersey Gross Income Tax Act Income derived by mortgagors from mortgages authorized pursuant to this act shall not be considered income for purpose of the "New Jersey Gross Income Tax Act" . L.1979, c. 140, s. 5, eff. July 6, 1979.

46:10B-21. Regulations The Commissioner of Banking may make such regulations as he deems necessary to effectuate the purposes of this act. L.1979, c. 140, s. 6, eff. July 6, 1979.

46:10B-22 Short title. 1. This act shall be known and may be cited as the "New Jersey Home Ownership Security Act of 2002." L.2003,c.64,s.1.

46:10B-23 Findings, declarations relative to abusive lending practices. 2. The Legislature finds and declares that: a. Abusive mortgage lending has become an increasing problem in this State, exacerbating the loss of equity in homes and causing an increase in the number of forecl…

46:10B-24 Definitions relative to abusive lending practices. 3. As used in this act: "Affiliate" means any company that controls, is controlled by, or is under the common control with any company, as set forth in 12 U.S.C. s.1841 et seq. "Bona fide discount points" means loan dis…

46:10B-25 Creditors, prohibited practices relative to home loans. 4. a. No creditor making a home loan shall finance, directly or indirectly, any credit life, credit disability, credit unemployment or credit property insurance, or any other life or health insurance, or any paymen…

46:10B-26 High-cost home loans, limitations, prohibited practices. 5. A high-cost home loan shall be subject to the following additional limitations and prohibited practices: a. No high-cost home loan shall contain a scheduled payment that is more than twice as large as the avera…

46:10B-27 Affirmative claims, defenses by borrower. 6. a. Notwithstanding any other law to the contrary, if a home loan was made, arranged, or assigned by a person selling either a manufactured home, or home improvements to the dwelling of a borrower, or was made by or through a …

46:10B-28 Enforcement by department. 7. a. The department shall conduct examinations and investigations and issue subpoenas and orders to enforce the provisions of this act with respect to a person licensed or subject to the provisions of the "New Jersey Residential Mortgage Lend…

46:10B-29 Violations, remedies, liability. 8. a. (1) Any violation of this act constitutes an unlawful practice under P.L.1960, c.39 (C.56:8-1 et seq.). Any borrower may seek damages under the provisions of section 7 of P.L.1971, c.247 (C.56:8-19) or subparagraph (a) of paragraph…

46:10B-3. Additional payments A mortgagor shall have the right, during any 6 month period beginning with the date of the mortgage loan, to pay, without charge or penalty, an additional sum of $50.00, or multiples thereof, on account of the principal amount owing on a mortgage loa…

46:10B-30 Rights, remedies, prohibitions declared additional, cumulative. 9. The rights, remedies, and prohibitions accorded by the provisions of this act are hereby declared to be in addition to and cumulative of any other right, remedy, or prohibition accorded by the common law…

46:10B-31 Law of state of location of property applicable. 10. The law of the state in which the property is located shall be applied to all transactions governed by this act regardless of where those transactions originated. This act shall apply to all loans made or entered into…

46:10B-32 Program of consumer counseling, awareness. 11. The Director of the Division of Banking in the Department of Banking and Insurance, in consultation with the Director of the Division of Consumer Affairs and the Division of Civil Rights in the Department of Law and Public …

46:10B-33 Liability of mortgage broker. 12. Notwithstanding any provision of this act to the contrary, a mortgage broker shall be liable under the provisions of this act only for acts performed by the mortgage broker in the course of providing mortgage brokering services. However…

46:10B-34 Preemption of local rules, regulations. 13. No municipality, county or political subdivision thereof, shall enact an ordinance or resolution or promulgate any rules or regulations relating to this act. The provisions of any ordinance or resolution or rules or regulation…

46:10B-35 Regulations. 14. The Commissioner of Banking and Insurance, in consultation and collaboration with the Director of the Division of Consumer Affairs in the Department of Law and Public Safety, shall promulgate regulations pursuant to the "Administrative Procedure Act," P…

46:10B-36 Short title. 1. This act shall be known and may be cited as the "Save New Jersey Homes Act of 2008". L.2008, c.86, s.1.

46:10B-37 Findings, declarations relative to certain residential mortgages. 2. The Legislature finds and declares that: a. Many thousands of New Jersey homeowners are at risk of losing their homes as a result of mortgage foreclosures in the immediate future; b. Foreclosure of a f…

46:10B-38 Definitions relative to certain residential mortgages. 3. As used in this act: "Creditor" means a State chartered bank, savings bank, savings and loan association or credit union, any person required to be licensed under the provisions of the "New Jersey Residential Mor…

46:10B-39 Written notices from creditor to eligible borrower. 4. a. Prior to the date on which the interest rate in effect during the introductory period of an introductory rate mortgage resets to a variable interest rate under the terms of the mortgage, a creditor shall provide …

46:10B-4. Invalidity of mortgage provisions No provision in a mortgage or instrument of indebtedness which denies the rights conferred by sections 2 and 3 of this act, or which provides for prepayment fees in excess of those permitted by this act, or in which the rights conferred…

46:10B-40 Period of extension; certification. 5. a. Notwithstanding any law or contract right to the contrary, prior to the initial interest rate reset of an introductory rate mortgage, a creditor shall provide an eligible borrower a period of extension for three years as provide…

46:10B-41 Notice sent to eligible foreclosed borrower. 6. a. A creditor that issues to an eligible foreclosed borrower a notice of intention to foreclose an introductory rate mortgage pursuant to the "Fair Foreclosure Act," P.L.1995, c.244 (C.2A:50-53 et al.), shall send to the e…

46:10B-42 Period of extension for eligible foreclosed borrower. 7. a. Notwithstanding any law or contract right to the contrary, a creditor shall provide an eligible foreclosed borrower a period of extension for three years as provided in this section, during which foreclosure pr…

46:10B-43 Violations, penalties. 8. a. Any person who willfully violates any provision of this act shall be liable to a penalty of not more than $10,000 for the first offense, and not more than $20,000 for the second and subsequent offense, which penalty may be collected in a sum…

46:10B-44 Creditor's failure to fulfill obligation. 9. Failure of a creditor to fulfill any obligation under this act shall not be considered to be the exercise of a power, right, benefit, or privilege under the parity provisions of P.L.1981, c.163 (C.17:9A-24b1), section 48 of P…

46:10B-45 Liberal construction. 10. This act shall be liberally construed to effectuate the purposes of the act. L.2008, c.86, s.10.

46:10B-46 Severability. 11. If any section, subsection, paragraph, sentence or other part of this act is adjudged unconstitutional or invalid, the judgment shall not affect, impair or invalidate the remainder of this act, but shall be confined in its effect to the section, subsec…

46:10B-47 Regulations. 12. The Attorney General, in consultation with the Department of Banking and Insurance shall adopt regulations, pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.) to effectuate the purposes of this act. L.2008, c.86, s.12.

46:10B-48 Effective date; term. 13. This act shall take effect immediately, and remain in effect until January 1, 2011. L.2008, c.86, s.13.

46:10B-49 Report of mortgage foreclosure actions. 15. a. (1) Except as provided in paragraph (2) of this subsection, a creditor that institutes a mortgage foreclosure action in the Superior Court of New Jersey shall report to the Department of Banking and Insurance, on a quarterl…

46:10B-49.1 Database reflecting extent of residential properties under foreclosure. 1. a. The Department of Community Affairs shall produce a database that details the extent to which residential properties in this State are under foreclosure pursuant to the "Fair Foreclosure Act…

46:10B-49.2 Notice of intention to foreclose, centralized portal for submission. 2. a. A residential mortgage lender shall provide to the Department of Community Affairs the notice of intention to foreclose required pursuant to section 4 of P.L.1995, c.244 (C.2A:50-56) and a desc…

46:10B-49.3 Required notifications by lender. 3. A residential mortgage lender that serves a summons and complaint in an action to foreclose on a mortgage on a residential property in this State pursuant to the "Fair Foreclosure Act," P.L.1995, c.244 (C.2A:50-53 et seq.), shall, …

46:10B-5. Violation; return of fees plus interest Any holder of a mortgage loan or agent acting on behalf of the holder of a mortgage loan who shall knowingly demand and receive prepayment fees, except as provided in this act, shall be liable to the mortgagor for the return of th…

46:10B-50 Six-month forbearance period before foreclosure; definitions. 16. a. (1) A creditor that files and serves, pursuant to the "Fair Foreclosure Act," P.L.1995, c.244 (C.2A:50-53 et al.), a summons and complaint of foreclosure on a high risk mortgage loan, shall grant the b…