Prohibits certain financial institutions from requiring certain disabled veterans to include anticipated property tax obligations as part of mortgage applications.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill prohibits certain financial institutions in New Jersey, such as banks and mortgage companies, from requiring disabled veterans and their surviving spouses to include anticipated property tax obligations when applying for a mortgage. To qualify, these applicants must demonstrate they meet the requirements for the disabled veterans’ property tax exemption, certified by the municipality’s assessor. The bill also requires financial institutions to provide a list of participating lenders and establishes a process for assessors to certify eligibility. Finally, it clarifies that veterans refinancing a mortgage must also meet the exemption requirements.
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