Clarifies mortgage loans to mean loans made primarily for personal, family, or household purposes.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill clarifies the definition of a ‘mortgage loan’ in New Jersey law. It specifies that a mortgage loan is primarily intended for use by individuals, families, or households, securing a property with a structure containing residential units. The bill aims to provide greater clarity in lending practices and protect consumer mortgage loans. It also updates existing regulations to accommodate commercial mortgage loans and support small real estate investors.
Bill text
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Document of record
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Sponsors
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1 on record
Primary sponsor
Joseph Lagana
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