Requires DMVA to provide mortgage loan counseling under certain circumstances.
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Progress
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- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill requires the New Jersey Department of Military and Veterans’ Affairs (DMVA) to offer mortgage loan counseling services to veterans seeking housing loans guaranteed under the Servicemembers’ Readjustment Act of 1944 (commonly known as the G.I. Bill). Residential mortgage lenders in New Jersey must inform applicants about this counseling option, and the DMVA will refer applicants to the New Jersey Housing and Mortgage Finance Agency for assistance. The counseling will cover loan terms, restrictions, and other relevant federal requirements.
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