A 4443
Requires residential mortgage lenders to deposit hazard insurance proceeds in interest-bearing accounts.
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Sign in to take action- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill requires New Jersey’s residential mortgage lenders to hold hazard insurance proceeds in interest-bearing accounts. If the proceeds aren't held in such an account, the lender must pay interest on them at a minimum rate of 2% per year. The bill also prevents lenders from charging fees that would lower the interest rate on these funds and allows deposits in federally insured institutions. Finally, it includes an exception for accounts mandated by regulators that don't require interest.
Sponsors
Official sponsors from legislative records.
Primary sponsors
Sterley Stanley
Vincent Kearney
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