Title 46, Title 46: PROPERTY

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…

46:10B-51 Procedure for serving summons and complaint in action to foreclose on a mortgage. 17. a. (1) A creditor serving a summons and complaint in an action to foreclose on a mortgage on residential property in this State shall, within 10 days of serving the summons and complai…

46:10B-51.1 Certain owners of foreclosed property required to file contact information. 1. The owner of any non-owner occupied residential property who takes title to the property as the result of a sheriff's sale or deed in lieu of foreclosure shall provide notice, within 10 bus…

46:10B-53 Short title. 1. This act shall be known and may be cited as the "Foreclosure Rescue Fraud Prevention Act." L.2011, c.146, s.1.

46:10B-54 Definitions relative to certain mortgage foreclosure consultant practices. 2. As used in this act: "Business day" means any day other than a Saturday, Sunday, or a federal holiday. "Conventional mortgage rate" means the highest mortgage rate published for the relevant l…

46:10B-55 Requirements for licensure of foreclosure consultant. 3. a. A foreclosure consultant shall not conduct any business in this State until the foreclosure consultant: (1) (a) Obtains a license from the Commissioner of Banking and Insurance by filing an application form to …

46:10B-56 Foreclosure consultant contract. 4. a. A foreclosure consultant contract shall be written in plain language and shall fully disclose the exact nature of the foreclosure consultant's services to be performed, the foreclosure consultant's representations, the distressed p…

46:10B-57 Additional legal rights of owner. 5. a. In addition to any other legal right to rescind a foreclosure consultant contract, an owner has the right to cancel a foreclosure consultant contract at any time until after the foreclosure consultant has fully performed every ser…

46:10B-58 Violations relative to foreclosure consultants. 6. It is a violation of this act for a foreclosure consultant to: a. claim, demand, charge, collect, or receive any compensation until after the foreclosure consultant has fully performed every distressed property service …

46:10B-59 Waiver void, unenforceable. 7. a. Any waiver by an owner of the provisions of section 4, 5, or 6 of this act is void and unenforceable as contrary to public policy. b. Any attempt by a foreclosure consultant to induce an owner to waive the owner's rights is a violation …

46:10B-6. Failure to deliver cancellation or discharge; forfeiture of fee Any holder of a mortgage loan or agent acting on behalf of such holder who shall willfully fail or refuse to deliver a cancellation or discharge of a mortgage loan within a reasonable time after tender to h…

46:10B-60 Written contract required for conveyance of distressed property. 8. a. A distressed property purchaser who enters into a distressed property conditional conveyance or a distressed property conveyance shall do so in the form of a written contract. A distressed property c…

46:10B-61 Additional right of rescission, cancellation of contract. 9. a. In addition to any other right of rescission provided by applicable State or federal laws, the owner has the right to cancel a distressed property conditional conveyance contract or a distressed property co…

46:10B-62 Option of cancellation statement in contract. 10. a. A distressed property conditional conveyance contract and a distressed property conveyance contract with a distressed property purchaser shall contain in immediate proximity to the space reserved for the owner's signa…

46:10B-63 Prohibited actions of distressed property purchaser. 11. a. A distressed property purchaser, in the course of a distressed property conditional conveyance, shall not: (1) enter into, or attempt to enter into, a distressed property conditional conveyance unless the distr…

46:10B-64 Requirements for distressed property purchaser. 12. A distressed property purchaser, in the course of a distressed property conveyance, shall not fail to: a. make a payment to the owner at the time the title to the distressed property is conveyed from the owner to the d…

46:10B-65 Waiver void, unenforceable. 13. Any waiver of the provisions of section 8, 9, 10, 11, or 12 of this act is void and unenforceable as contrary to public policy. L.2011, c.146, s.13.

46:10B-66 Powers of commissioner relative to compliance. 14. a. The Commissioner of Banking and Insurance may investigate or examine any foreclosure consultant, or other person as the commissioner deems necessary to determine compliance with this act. For these purposes, the comm…

46:10B-67 Violations, penalties; degree of crime. 15. a. Any person who violates any provision of this act shall, in addition to any other penalty provided by law, 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 …

46:10B-68 Enforcement, regulations. 16. The Commissioner of Banking and Insurance shall enforce the provisions of this act, and may promulgate regulations pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.) necessary to effectuate the purposes of …

46:10B-7. Failure to accept additional payments; forfeiture of interest Any holder of a mortgage loan or agent acting on behalf of such holder who shall wilfully fail or refuse to accept additional payments tendered pursuant to section 3 of this act shall forfeit his right to rec…

46:10B-8. Increase in interest rate; limitation If any mortgage loan or written contract or commitment for such loan provides for an increase in the rate of interest during the term of such loan, or after the execution of a written contract or commitment for such a loan, the incr…