STATEMENT TO

 

[First Reprint]

SENATE, No. 3416

 

with Assembly Floor Amendments

(Proposed by Assemblyman MCKEON)

 

ADOPTED: MARCH 25, 2019


 

      These amendments revise the requirement for residential mortgage lenders, when providing a notice of intention to the debtor to commence a mortgage foreclosure under the “Fair Foreclosure Act,” to include information in the notice advising the debtor that the lender is either licensed in accordance with the “New Jersey Residential Mortgage Lending Act,” or exempt from licensure under that act in accordance with applicable law.  The amendments also make certain technical changes, including eliminating a reference to entities that are located out-of-state in section 1 of the bill.