reglab/housing_qa huggingface dataset:
NJ Rev Stat § 46:10B-37 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:10B-37 - Findings, declarations relative to certain residential mortgages.

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 family's home often represents the loss of the family's most valuable financial asset, and foreclosures undermine the health and economic vitality of neighborhoods; c. Foreclosures result in the loss of millions of dollars in assets, not only those of the homeowners who are the victims of foreclosure, but also in terms of the property values of homes located in the vicinity of foreclosed properties, as well as millions in additional costs to state and local government for the loss of property tax revenue; d. According to a report issued by the U.S. Government Accountability Office (GAO) in October 2007, New Jersey experienced an increase in residential mortgage foreclosure start rates in excess of 50% over the prior two years and the GAO found that defaults and foreclosures on mortgages have a significant economic impact on homeowners, lenders, and neighborhoods; e. According to a report issued in April 2008 by the State Foreclosure Prevention Working Group, which is composed of banking regulators and attorneys general of 11 states, the collective efforts of mortgage lenders and government officials to address rising foreclosures has not resulted in meaningful improvement in foreclosure prevention, and new approaches, such as targeted efforts to slow down the foreclosure process, are needed to prevent millions of unnecessary foreclosures nationwide; f. Foreclosures are largely the result of subprime lending practices, which have placed many homeowners in loans that they cannot realistically afford, by using mortgage loan features such as low introductory rates which reset to higher, variable rates, thereby increasing the risk of default for many homeowners in the State who, at an increasing rate, cannot sell their home or refinance their mortgage; g. Industry analysts estimate that, nationwide, about 1.5 million mortgages are due to reset in 2008, and that as many as three million subprime mortgages could end up in foreclosure over the next several years; and h. There is a compelling need for the State of New Jersey to address the ongoing economic crisis in the subprime mortgage market and to provide the means by which homeowners can obtain a period of extension to adjust their finances in order to increase their ability to retain their homes, encourage mortgage lenders to modify mortgage loan terms and resolve foreclosure disputes, and protect local governments and neighborhoods from the negative social, economic, and fiscal consequences of foreclosure and abandonment. L.2008, c.86, s.2.
NJ Rev Stat § 46:10B-38 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:10B-38 - Definitions relative to certain residential mortgages.

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 Mortgage Lending Act," sections 1 through 39 of P.L.2009, c.53 (C.17:11C-51 et seq.), and any entity acting on behalf of the creditor named in the debt obligation including, but not limited to, servicers. "Eligible borrower" means a borrower who is obligated to repay a loan secured by an introductory rate mortgage. "Eligible foreclosed borrower" means a borrower who is obligated to repay a loan secured by an introductory rate mortgage and who receives a notice of intention to foreclose that mortgage pursuant to the "Fair Foreclosure Act," P.L.1995, c.244 (C.2A:50-53 et al.), except that an "eligible foreclosed borrower" shall not include an eligible borrower who has previously exercised the right to obtain a three-year period of extension pursuant to section 5 of this act. "Full repayment" means the full repayment of the amounts due under the introductory rate mortgage, including, without limitation, upon the maturity date, a refinancing, or a sale of or other transfer of title to the property. "Fully indexed rate" means the sum of the current value of the index used for the adjustable rate mortgage and the margin disclosed in the loan agreement. "Introductory rate mortgage" means a consumer credit transaction in which the loan is secured by a mortgage on real estate in this State upon which there is located a one to four family dwelling which is occupied by the borrower as the borrower's principal residence, and which provides for: (1) an introductory payment rate option that is set at least 3 percent below the fully indexed rate at the time the loan was originated and payments may adjust by more than 3 percent at the reset date regardless of whether the variable rate index has increased; or (2) an interest rate that may adjust by more than 2 percent at the end of the initial fixed rate period of the loan and which, notwithstanding the payment rate in effect, had an interest rate at origination of more than 200 basis points over the Freddie Mac 30-year conventional interest rate and which provides for an introductory rate that is set below the fully indexed rate at the time the loan was originated and may adjust at the reset date regardless of whether the variable rate index has increased. "Introductory rate mortgage" shall not include: (1) a loan that provides for a fixed rate of interest for the first five years or longer; or (2) a loan that provides for an introductory rate that is set below the fully indexed rate at the time the loan was originated only as a result of the borrower's payment of bona fide discount points. L.2008, c.86, s.3; amended 2009, c.53, s.69
NJ Rev Stat § 46:10B-39 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:10B-39 - Written notices from creditor to eligible borrower.

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 a series of written notices, separate and distinct from all other correspondence, to an eligible borrower. The creditor shall provide these notices at 60-day and 30-day intervals prior to the date that the introductory interest rate resets. b. Each notice required pursuant to subsection a. of this section shall include, in plain language and in at least 14 point bold type: (1) the current interest rate under the terms of the introductory rate mortgage; (2) the date on which the interest rate resets from a fixed interest rate applicable during the introductory period to a variable interest rate; (3) an explanation of how the reset interest rate and monthly payment would be determined; (4) the best estimate by the creditor of the amount of the monthly payment that will apply after the date of the reset, and the assumptions upon which the estimate is based; (5) a list of alternatives an eligible borrower may pursue before the date of the reset, including any refinancing of the loan offered by the creditor or any renegotiation of loan terms offered by the creditor; (6) an explanation of the borrower's right to obtain a period of extension prior to the initial interest rate reset of an introductory rate mortgage pursuant to this act and an explanation of the procedure that a borrower must follow to obtain a period of extension; and (7) a certification of extension form that can be completed by a borrower in order to obtain a period of extension authorized pursuant to section 5 of this act. L.2008, c.86, s.4.
NJ Rev Stat § 46:10B-41 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:10B-41 - Notice sent to eligible foreclosed borrower.

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 eligible foreclosed borrower a series of written notices, by regular and registered mail, separate and distinct from all other correspondence. The notices shall include in plain language and in at least 14 point bold type: (1) A statement that the information in the notice is being provided as required by the "Save New Jersey Homes Act of 2008," P.L.2008, c.86 (C.46:10B-36 et seq.), which was enacted by the New Jersey Legislature and which provides certain rights to borrowers whose homes are the subject of a mortgage foreclosure action; (2) A list of alternatives to foreclosure that an eligible foreclosed borrower may pursue, including any refinancing of the loan offered by the creditor and any renegotiation of loan terms offered by the creditor; (3) An explanation of the eligible foreclosed borrower's right to obtain a period of extension for three years pursuant to the "Save New Jersey Homes Act of 2008," P.L.2008, c.86 (C.46:10B-36 et seq.), and an explanation of the procedure that an eligible foreclosed borrower must follow to obtain a period of extension; (4) A statement that the notice should be read carefully and that the eligible foreclosed borrower may wish to consult with an attorney to understand the rights that may be available under the "Save New Jersey Homes Act of 2008," P.L.2008, c.86 (C.46:10B-36 et seq.); and (5) A certification of extension form that can be completed by an eligible foreclosed borrower in order to obtain the period of extension authorized pursuant to section 7 of this act. b. The notices required pursuant to subsection a. of this section shall be sent at the following intervals: (1) within 10 days of issuing the notice of intention; and (2) at the time that the creditor applies for entry of final judgment of foreclosure pursuant to section 6 of P.L.1995, c.244 (C.2A:50-58). c. The notices shall be sent in envelopes that state the following information on the outside front portion of the envelope: "The New Jersey Legislature has enacted the Save New Jersey Homes Act of 2008, which may help you save your home from foreclosure. Details as to the rights you may have to obtain a period of extension of foreclosure under this new law are contained within. Please read the contents carefully. You may wish to consult with an attorney to understand your rights under this new law." L.2008, c.86, s.6.
NJ Rev Stat § 46:10B-43 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:10B-43 - Violations, penalties.

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 summary proceeding pursuant to the "Penalty Enforcement Law of 1999," P.L.1999, c.274 (C.2A:58-10 et seq.), except that immaterial errors in a notice required to be provided by a creditor pursuant to this act, shall not constitute a violation of this act.  b. If a creditor violates any provision of this act, an eligible borrower, an eligible foreclosed borrower, or the Attorney General may bring an action to enforce compliance by a summary proceeding pursuant to the "Penalty Enforcement Law of 1999," P.L.1999, c.274 (C.2A:58-10 et seq.). L.2008, c.86, s.8.
NJ Rev Stat § 46:10B-44 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:10B-44 - Creditor's failure to fulfill obligation.

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.L.1963, c.144 (C.17:12B-48), or section 12 of P.L.1984, c.171 (C.17:13-90), and it shall not be a defense to a violation of this act that the failure to fulfill any provision of the act is an exercise of such a power, right, benefit, or privilege. L.2008, c.86, s.9.
NJ Rev Stat § 46:10B-45 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:10B-45 - Liberal construction.

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.
NJ Rev Stat § 46:10B-46 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:10B-46 - Severability.

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, subsection, paragraph, sentence or other part of this act directly involved in the controversy in which the judgment shall have been rendered. L.2008, c.86, s.11.
NJ Rev Stat § 46:10B-47 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:10B-47 - Regulations.

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.
NJ Rev Stat § 46:10B-48 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:10B-48 - Effective date; term.

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.
NJ Rev Stat § 46:10B-49 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:10B-49 - Report of mortgage foreclosure actions.

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 quarterly basis and on a form promulgated by the department, information about the number of mortgage foreclosure actions filed by the creditor in the State. (2) When a creditor or other person is required by any Rule of Court or otherwise by law to file electronically with the Superior Court of New Jersey pleadings in an action to foreclose on a mortgage, and the Administrative Office of the Courts is capable of collecting and transmitting the data set forth in paragraphs (1) through (8) of subsection b. of this section in electronic form, the creditor or other person shall transmit the data to the Superior Court, in a manner prescribed by the Superior Court, as part of the pleadings in an action to foreclose a mortgage. The Administrative Office of the Courts shall collect the electronically submitted data and transmit it to the Department of Banking and Insurance, which shall produce and make available on its website quarterly reports, as set forth in subsection b. of this section. b. The Department of Banking and Insurance shall produce a report, on a quarterly basis, detailing information about mortgage foreclosures filed by creditors in each county of the State, and shall make the report available to the public on its website. The report shall describe the type of mortgage being foreclosed on based on the following categories: (1) prime rate mortgages foreclosed upon; (2) subprime rate mortgages foreclosed upon; (3) fixed rate mortgages foreclosed upon; (4) adjustable rate mortgages foreclosed upon; (5) nonconforming mortgages, as defined by Fannie Mae, Freddie Mac, or their successors; (6) mortgages insured by the Federal Housing Administration foreclosed upon; (7) mortgages insured by the Veteran's Administration foreclosed upon; and  (8) any other category of classification the department deems appropriate to effectuate the purpose of this section. c. The Department of Banking and Insurance, pursuant to the "Administrative Procedure Act," P.L.1986, c.410 (C.52:14B-1 et seq.) shall adopt regulations necessary to effectuate the purpose of this section. Following the enactment of P.L.2009, c.296 (C.2A:50-69 et al.), the department, in consultation with the Administrative Office of the Courts, shall adopt regulations necessary to effectuate the purpose of this section. L.2008, c.127, s.15; amended 2009, c.296, s.4.
NJ Rev Stat § 46:10B-49.1 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:10B-49.1 - Database reflecting extent of residential properties under foreclosure.

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," P.L.1995, c.244 (C.2A:50-53 et seq.). The department shall develop, maintain, and update the database based upon information submitted to the department by residential mortgage lenders pursuant to section 2 of P.L.2019, c.134 (C.46:10B-49.2), and information obtained from any other public sources. b. The database shall contain: (1) The address of each residential property under foreclosure and the county, municipality, lot and block number; (2) the current owner of record; and  (3) the date the notice of intention to foreclose was sent to the residential mortgage debtor by registered or certified mail, return receipt requested. c. The database shall be considered confidential and shall be used only by the department, the county clerks, the county registers of deeds and mortgages, the county sheriffs, the Administrative Office of the Courts and such other agencies as the Commissioner of Community Affairs designates, except that a municipality shall have access to the database only with respect to information pertaining to the geographical area within the municipality's jurisdiction. The database shall not be subject to public access, inspection or copying pursuant to P.L.1963, c.73 (C.47:1A-1 et seq.) or the common law concerning access to public records.  d. The Commissioner of Community Affairs may adopt rules and regulations, pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), to effectuate the provisions of P.L.2019, c.134 (C.46:10B-49.1 et al.). L.2019, c.134, s.1.
NJ Rev Stat § 46:10B-49.2 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:10B-49.2 - Notice of intention to foreclose, centralized portal for submission.

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 description of the subject property by street address, block, and lot as shown on the municipal tax map at the time the notice is given to the residential mortgage debtor. Upon receipt of the notice of intention to foreclose pursuant to this section, the Department of Community Affairs shall provide the residential mortgage lender with a written acknowledgement of the department's receipt of the notice of intention to foreclose. Compliance with this section shall be set forth in the pleadings of any legal action referred to in section 4 of P.L.1995, c.244 (C.2A:50-56). b. The Department of Community Affairs shall create a centralized portal allowing for electronic submittal of the notice of intention to foreclose as required pursuant to subsection a. of this section. L.2019, c.134, s.2.
NJ Rev Stat § 46:10B-49.3 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:10B-49.3 - Required notifications by lender.

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, within 10 days of serving the summons and complaint, notify the Department of Community Affairs, the municipal clerk, the municipal tax collector, and the chief of police in the municipality in which the property is located, and all public utilities as defined in R.S.48:2-13 which provide services in the municipality in which the property is located, and the county executive in the county in which the property is located, that a summons and complaint in an action to foreclose on a mortgage has been filed against the property. L.2019, c.134, s.3.
NJ Rev Stat § 46:10B-51.1 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:10B-51.1 - Certain owners of foreclosed property required to file contact information.

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 business days, to the municipal clerk, or any other designated municipal official, of the municipality wherein the property is located, and to any association or common interest community, of which the residential property is a part, governed by the "Horizontal Property Act," P.L.1963, c.168 (C.46:8A-1 et seq.), the "Condominium Act," P.L.1969, c.257 (C.46:8B-1 et seq.), or "The Planned Real Estate Development Full Disclosure Act," P.L.1977, c.419 (C.45:22A-21 et seq.), providing the name and address of the owner. If the owner is not located within New Jersey, then the owner shall designate an agent within New Jersey, including the agent's address, who is authorized to accept service of process on behalf of the property owner. L.2011, c.222, s.1; amended 2021, c.20.
NJ Rev Stat § 46:10B-53 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:10B-53 - Short title.

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.
NJ Rev Stat § 46:10B-57 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:10B-57 - Additional legal rights of owner.

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 service the foreclosure consultant contracted to perform and has secured the relief for the owner. b. Cancellation occurs when the owner delivers by any means, written notice of cancellation to the foreclosure consultant at the address specified in the foreclosure consultant contract. A notice of cancellation, if given by mail, is effective when deposited in the mail properly addressed with postage prepaid. A notice of cancellation sent by certified mail, return receipt requested, to the address specified in the foreclosure consultant contract, shall be conclusive proof of notice of cancellation. c. A notice of cancellation given by the owner need not take the particular form as provided with the foreclosure consultant contract and, however expressed, is effective if it indicates the intention of the owner not to be bound by the contract. L.2011, c.146, s.5.