reglab/housing_qa huggingface dataset:
NJ Rev Stat § 46:10B-8 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:10B-8 - Increase in interest rate; limitation

46:10B-8. Increase in interest rate; limitation  If any mortgage loan or written contract or commitment for such loan provides for an increase in the rate of interest during the term of such loan, or after the execution of a written contract or commitment for such a loan, the increased rate shall not exceed 6% per annum in the case of a loan or written contract or commitment made before the effective date of this act or such rate of interest as may be authorized by law at the time such loan or written contract or commitment for such loan is made in the case of a loan or written contract or commitment for such loan made on or after the effective date of this act. L.1968, c. 54, s. 8, eff. June 6, 1968.
NJ Rev Stat § 46:10B-9 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:10B-9 - Application of act

46:10B-9. Application of act  This act shall not apply to loans secured by a mortgage on real property the prepayment of which is governed by any other statute of this State or of the United States, nor shall it apply to any loans, secured by mortgage on real property, made pursuant to any statute of this State or of the United States expressly authorizing interest charges in excess of 6% per annum. L.1968, c. 54, s. 9, eff. June 6, 1968.
NJ Rev Stat § 46:10B-10 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:10B-10 - Interest rate; points

46:10B-10. Interest rate; points  Except as otherwise provided by law, no mortgage loan shall be made at an interest rate in excess of the rate authorized by section 31:1-1 of the Revised Statutes. The charging of points in connection with a mortgage loan is prohibited. For the purposes of this act, "points" means an amount of money or other consideration paid for the making of a mortgage loan, other than interest payable pursuant to the terms of the mortgage loan, but does not include any such sum paid pursuant to a statute of this State or of the United States, nor does it include reasonable expenses and charges. L.1968, c. 54, s. 10, eff. June 6, 1968.
NJ Rev Stat § 46:10B-11 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:10B-11 - Points; liability for receiving

46:10B-11. Points; liability for receiving  Any holder of a mortgage loan or agent acting on behalf of the holder of a mortgage loan who shall knowingly receive points as defined herein shall be liable to the mortgagor for the return of the points and all interest paid on the mortgage loan plus a penalty of $1,000.00 and costs to be recovered by the mortgagor in a civil action instituted within 6 years from the date of payment of the points. L.1968, c. 54, s. 11, eff. June 6, 1968.
NJ Rev Stat § 46:10B-11.1 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:10B-11.1 - Discount points deemed interest on loan

46:10B-11.1. Discount points deemed interest on loan  Discount points paid by the buyer or seller in connection with a mortgage loan on a one-to-six family dwelling, occupied or to be occupied by the owner shall be deemed to be interest charged on the loan. For the purposes of this section, "discount point" shall mean an amount of money equal to 1% of the principal amount of the loan and payable at closing. L.1981, c. 103, s. 19, eff. March 31, 1981.
NJ Rev Stat § 46:10B-12 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:10B-12 - Graduated payment mortgage defined

46:10B-12. Graduated payment mortgage defined  As used in this act, "graduated payment mortgage" means a mortgage loan with lower monthly payments of principal and interest during the early years of the mortgage and higher monthly payments during the later years of the mortgage. The graduation rate for the monthly payments, the term of graduation, and the interest rate are fixed throughout the term of the mortgage. Monthly payments of principal and interest are required in amounts sufficient to pay all interest and effect full repayment of principal within the term of the mortgage. L.1979, c. 139, s. 1, eff. July 6, 1979.
NJ Rev Stat § 46:10B-13 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:10B-13 - Authorization to make

46:10B-13. Authorization to make  Notwithstanding any law, rule, regulation, or opinion to the contrary, it shall be lawful for any institution authorized in this State to make mortgage loans secured by a mortgage on real property to make graduated payment mortgages. L.1979, c. 139, s. 2, eff. July 6, 1979.
NJ Rev Stat § 46:10B-14 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:10B-14 - Use for dwelling units; limits on interest

46:10B-14. Use for dwelling units; limits on interest  Graduated payment mortgages may be secured only by real estate on which there is erected or to be erected a structure containing one, two, three, four, five, or six dwelling units, a portion of which structure may be used for non-residential purposes, and interest thereon shall not exceed the usury rate established pursuant to R.S. 31:1-1 at any time during the term of the mortgage. L.1979, c. 139, s. 3, eff. July 6, 1979.
NJ Rev Stat § 46:10B-15 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:10B-15 - Option to convert to conventional level payment mortgage

46:10B-15. Option to convert to conventional level payment mortgage  At any time during the life of the graduated payment mortgage the mortgagor shall have the option without penalty to convert to a conventional level payment mortgage. L.1979, c. 139, s. 4, eff. July 6, 1979.
NJ Rev Stat § 46:10B-16 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:10B-16 - Short title

46:10B-16. Short title  This act shall be known and may be cited as the "Senior Citizen Homeowner's Income Security Act." L.1979, c. 140, s. 1, eff. July 6, 1979.
NJ Rev Stat § 46:10B-17 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:10B-17 - Definitions

46:10B-17. Definitions  As used in this act: "Reverse annuity mortgage" means a mortgage loan secured by unencumbered residential property of the mortgagor which loan is used by the mortgagee to purchase annuities for the benefit of the mortgagor. "Reverse direct payment mortgage" means a mortgage loan secured by unencumbered residential property of the mortgagor, which loan is paid directly to the mortgagor in fixed amounts over the term of the mortgage not to exceed 10 years, or such other term as may be established by the Commissioner of Banking by regulation. L.1979, c. 140, s. 2, eff. July 6, 1979.
NJ Rev Stat § 46:10B-18 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:10B-18 - Reverse annuity and reverse direct payment mortgages; authorization to make; conditions

46:10B-18. Reverse annuity and reverse direct payment mortgages; authorization to make; conditions  Notwithstanding any law, rule, regulation, or opinion to the contrary, it shall be lawful for any institution authorized in the State to make first lien loans secured by a mortgage on real property to make reverse annuity mortgages and reverse direct payment mortgages subject to the following conditions: a. Said mortgages shall be made to a mortgagor who is at least 60 years old; provided, however, that the Commissioner of Banking may by regulation raise or lower the age limit for eligibility. Such mortgages shall not be made in an amount to exceed 70% of the value of the mortgaged property, or such amount as is established by the commissioner by regulation. b. Said mortgages shall be made voidable at the option of the mortgagor upon payment of the principal and interest to date, with no penalty. c. Interest on said mortgages shall not exceed the usury rate. L.1979, c. 140, s. 3, eff. July 6, 1979.
NJ Rev Stat § 46:10B-19 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:10B-19 - Option of mortgagor to enter into subsequent mortgage with same mortgagee

46:10B-19. Option of mortgagor to enter into subsequent mortgage with same mortgagee  With respect to a reverse annuity mortgage or a reverse direct payment mortgage, at the termination of the mortgage the mortgagor shall have the option to enter into a subsequent reverse annuity mortgage or a reverse direct payment mortgage with the same mortgagee, provided the mortgagee consents to the subsequent reverse annuity mortgage or the reverse direct payment mortgage and provided the mortgaged property has not depreciated significantly during the term of the initial mortgage and the subsequent mortgage does not exceed 90% of the value of the unencumbered portion of the mortgaged property, or such amount as is established by the commissioner by regulation. L.1979, c. 140, s. 4, eff. July 6, 1979.
NJ Rev Stat § 46:10B-20 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:10B-20 - Exemption of income from New Jersey Gross Income Tax Act

46:10B-20. Exemption of income from New Jersey Gross Income Tax Act  Income derived by mortgagors from mortgages authorized pursuant to this act shall not be considered income for purpose of the "New Jersey Gross Income Tax Act" . L.1979, c. 140, s. 5, eff. July 6, 1979.
NJ Rev Stat § 46:10B-21 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:10B-21 - Regulations

46:10B-21. Regulations  The Commissioner of Banking may make such regulations as he deems necessary to effectuate the purposes of this act. L.1979, c. 140, s. 6, eff. July 6, 1979.
NJ Rev Stat § 46:10B-22 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:10B-22 - Short title.

46:10B-22 Short title.  1. This act shall be known and may be cited as the "New Jersey Home Ownership Security Act of 2002."   L.2003,c.64,s.1.
NJ Rev Stat § 46:10B-23 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:10B-23 - Findings, declarations relative to abusive lending practices.

46:10B-23 Findings, declarations relative to abusive lending practices.  2. The Legislature finds and declares that: a. Abusive mortgage lending has become an increasing problem in this State, exacerbating the loss of equity in homes and causing an increase in the number of foreclosures in recent years. One of the most common forms of abusive lending is the making of loans that are equity-based, rather than income-based. The financing of points and fees in these loans provides immediate income to the originator and encourages the repeated refinancing of home loans. The lender's ability to sell loans reduces the incentive to ensure that the homeowner can afford the payments of the loan. As long as there is sufficient equity in the home, an abusive lender benefits even if the borrower is unable to make the payments and is forced to refinance. In addition, the financing of high points and fees causes the loss of precious equity in each refinancing and often leads to foreclosure. b. Abusive lending has threatened the viability of many communities and caused decreases in home ownership. While the marketplace appears to operate effectively for conventional mortgages, too many homeowners find themselves victims of overreaching lenders who provide loans with unnecessarily high costs and terms that are unnecessary to secure repayment of the loan. c. As competition and self-regulation have not eliminated the abusive terms from loans secured by a consumer's home, the consumer protection provisions of this act are necessary to encourage lending at reasonable rates with reasonable terms. d. Pursuant to this 2004 amendatory act, the "New Jersey Home Ownership Security Act of 2002," P.L.2003, c.64 (C.46:10B-22 et seq.) was amended to delete the covered home loan category and the provisions of subsection b. of section 4 of P.L.2003, c.64 (C.46:10B-25) which prohibited flipping a home loan. The deletions of the covered home loan category and of the prohibition on flipping shall create no presumption that any home loan that has been refinanced is not unconscionable, and the deletions of the covered home loan category and of the prohibition on flipping shall create no presumption that any home loan that is refinanced does not constitute an unlawful practice under P.L.1960, c.39 (C.56:8-1 et seq.). L.2003,c.64,s.2; amended 2004, c.84, s.1.
NJ Rev Stat § 46:10B-25 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:10B-25 - Creditors, prohibited practices relative to home loans.

46:10B-25 Creditors, prohibited practices relative to home loans.  4. a. No creditor making a home loan shall finance, directly or indirectly, any credit life, credit disability, credit unemployment or credit property insurance, or any other life or health insurance, or any payments directly or indirectly for any debt cancellation or suspension agreement or contract, except that insurance premiums or debt cancellation or suspension fees calculated and paid on a monthly basis shall not be considered financed by the creditor. b. (Deleted by amendment, P.L.2004, c.84). c. No creditor shall recommend or encourage default on an existing loan or other debt prior to and in connection with the closing or planned closing of a home loan that refinances all or any portion of that existing loan or debt. d. No creditor shall charge a late payment fee in relation to a home loan except according to the following rules: (1) The late payment fee may not be in excess of 5% of the amount of the payment past due. (2) The fee may only be assessed by a payment past due for 15 days or more. (3) The fee may not be charged more than once with respect to a single late payment. If a late payment fee is deducted from a payment made on the loan, and such deduction causes a subsequent default on a subsequent payment, no late payment fee may be imposed for such default. If a late payment fee has been once imposed with respect to a particular late payment, no such fee shall be imposed with respect to any future payment which would have been timely and sufficient, but for the previous default. (4) No fee shall be charged unless the creditor notifies the borrower within 45 days following the date the payment was due that a late payment fee has been imposed for a particular late payment. No late payment fee may be collected from any borrower if the borrower informs the creditor that nonpayment of an installment is in dispute and presents proof of payment within 45 days of receipt of the creditor's notice of the late fee. (5) The creditor shall treat each and every payment as posted on the same date as it was received by the creditor, servicer, creditor's agent, or at the address provided to the borrower by the creditor, servicer, or the creditor's agent for making payments. e. No home loan shall contain a provision that permits the creditor, in its sole discretion, to accelerate the indebtedness. This provision does not prohibit acceleration of the loan in good faith due to the borrower's failure to abide by the material terms of the loan. f. No creditor shall charge a fee for informing or transmitting to any person the balance due to pay off a home loan or to provide a release upon prepayment. Payoff balances shall be provided within seven business days after the request. L.2003,c.64,s.4; amended 2004, c.84, s.3.
NJ Rev Stat § 46:10B-29 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:10B-29 - Violations, remedies, liability.

46:10B-29 Violations, remedies, liability.  8. a. (1) Any violation of this act constitutes an unlawful practice under P.L.1960, c.39 (C.56:8-1 et seq.). Any borrower may seek damages under the provisions of section 7 of P.L.1971, c.247 (C.56:8-19) or subparagraph (a) of paragraph (1) of subsection b. of this section, but not both. (2) Notwithstanding any provision of P.L.2003, c.64 (C.46:10B-22 et seq.) or other law to the contrary, any borrower who asserts any defense, claim or counterclaim pursuant to subsection c. of section 6 of P.L.2003, c.64 (C.46:10B-27) may do so only in an individual capacity and may not assert that defense, claim or counterclaim in a class action. b. Except as provided in subsection a. of this section and, where applicable, subject to any limitation on the amounts recoverable against a holder or assignee pursuant to section 6 of this act, in addition to the remedies available to a borrower under P.L.1960, c.39 (C.56:8-1 et seq.) and without limiting those remedies: (1) Any person found by a preponderance of the evidence to have violated this act shall be liable to the borrower for the following: (a) For material violations, statutory damages equal to the finance charges agreed to in the home loan agreement, plus up to 10% of the amount financed; (b) Punitive damages, when the violation was malicious or reckless in appropriate circumstances as determined by the fact-finder; and (c) Costs and reasonable attorneys' fees. (2) A borrower may be granted injunctive, declaratory, and such other equitable relief as the court deems appropriate in an action to enforce compliance with this act. (3) The remedies provided in this section are not intended to be the exclusive remedies available to a borrower, nor must the borrower exhaust any administrative remedies provided under this act or any other applicable law before proceeding under this section. c. A creditor in a home loan who, when acting in good faith, fails to comply with the provisions of this act, will not be deemed to have violated this section if the creditor establishes that either: (1) Within 45 days of the loan closing, the creditor has made appropriate restitution to the borrower, and appropriate adjustments are made to the loan; or (2) Within 365 days of the loan closing and prior to receiving any notice from the borrower of the compliance failure, and the compliance failure was not intentional and resulted from a bona fide error notwithstanding the maintenance of procedures reasonably adopted to avoid such errors, the borrower is notified of the compliance failure, appropriate restitution is made to the borrower, and appropriate adjustments are made to the loan.  Examples of bona fide errors include clerical, calculation, computer malfunction and programming, and printing errors. An error of legal judgment with respect to a person's obligations under this section is not a bona fide error. d. The remedies provided in this section are cumulative. L.2003,c.64,s.8; amended 2004, c.84, s.5.
NJ Rev Stat § 46:10B-30 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:10B-30 - Rights, remedies, prohibitions declared additional, cumulative.

46:10B-30 Rights, remedies, prohibitions declared additional, cumulative.  9. The rights, remedies, and prohibitions accorded by the provisions of this act are hereby declared to be in addition to and cumulative of any other right, remedy, or prohibition accorded by the common law or statutes of the United States or of this State, and nothing herein shall be construed to deny, abrogate, or impair any such common law or statutory right, remedy, or prohibition. Without limiting the foregoing, the rights, remedies and prohibitions accorded by the provisions of this act are hereby further declared to create no presumption that any home loan or any term in a home loan is not unconscionable, whether or not the home loan or loan term, alone or in conjunction with other terms of the loan, violates the provisions of this act.   L.2003,c.64,s.9.
NJ Rev Stat § 46:10B-31 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:10B-31 - Law of state of location of property applicable.

46:10B-31 Law of state of location of property applicable.  10. The law of the state in which the property is located shall be applied to all transactions governed by this act regardless of where those transactions originated. This act shall apply to all loans made or entered into after the effective date of this act.   L.2003,c.64,s.10.
NJ Rev Stat § 46:10B-32 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:10B-32 - Program of consumer counseling, awareness.

46:10B-32 Program of consumer counseling, awareness.  11. The Director of the Division of Banking in the Department of Banking and Insurance, in consultation with the Director of the Division of Consumer Affairs and the Division of Civil Rights in the Department of Law and Public Safety, shall develop and implement a program of consumer counseling and awareness designed to inform the public about the methods by which predatory creditors impose unconscionable and noncompetitive fees and charges as part of complex home mortgage transactions, to protect the public from incurring those fees and charges, and otherwise to encourage the informed and responsible use of credit.   L.2003,c.64,s.11.
NJ Rev Stat § 46:10B-33 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:10B-33 - Liability of mortgage broker.

46:10B-33 Liability of mortgage broker.  12. Notwithstanding any provision of this act to the contrary, a mortgage broker shall be liable under the provisions of this act only for acts performed by the mortgage broker in the course of providing mortgage brokering services. However, a mortgage broker may be held liable for acts performed by the mortgage broker outside the scope of mortgage brokering services if the acts are related to the purchasing or the making of a home loan and are otherwise prohibited under this act.   L.2003,c.64,s.12.
NJ Rev Stat § 46:10B-34 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:10B-34 - Preemption of local rules, regulations.

46:10B-34 Preemption of local rules, regulations.  13. No municipality, county or political subdivision thereof, shall enact an ordinance or resolution or promulgate any rules or regulations relating to this act. The provisions of any ordinance or resolution or rules or regulations of any municipality or county relative to abusive home loan lending practices are superseded by the provisions of this act.   L.2003,c.64,s.13.
NJ Rev Stat § 46:10B-35 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:10B-35 - Regulations.

46:10B-35 Regulations.  14. The Commissioner of Banking and Insurance, in consultation and collaboration with the Director of the Division of Consumer Affairs in the Department of Law and Public Safety, shall promulgate regulations pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.) necessary to effectuate the provisions of P.L.2003, c.64 (C.46:10B-22 et seq.). L.2003,c.64,s.14; amended 2004, c.84, s.6.
NJ Rev Stat § 46:10B-36 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:10B-36 - Short title.

46:10B-36 Short title.  1. This act shall be known and may be cited as the "Save New Jersey Homes Act of 2008". L.2008, c.86, s.1.