SENATE COMMERCE COMMITTEE

STATEMENT TO

SENATE, No. 743

STATE OF NEW JERSEY

DATED:  OCTOBER 15, 2018

     The Senate Commerce Committee reports favorably Senate Bill No. 743.

     This bill provides that, as to a home loan under the "New Jersey Home Ownership Security Act of 2002," P.L.2003, c.64 (C.46:10B-22 et seq.), a creditor shall provide an entitled person, or an entitled person’s agent, with the mortgage payoff balance for the loan within five business days after the creditor effectively receives a written notification to request a payoff balance.

     As defined in the bill, “entitled person” means a person liable for payment or performance of the obligation secured by the real property described in a mortgage, the landowner, or any person with a recorded interest  in  the  property.  The bill also establishes how

notification can be given to request a payoff balance, and when notification becomes effective so as to start the time frame of five business days in which the creditor must provide the payoff balance.

      This bill was pre-filed for introduction in the 2018-2019 session pending technical review.  As reported, the bill includes the changes required by technical review, which has been performed.