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A5281
ASSEMBLY, No. 5281
STATE OF NEW JERSEY
222nd LEGISLATURE
�
INTRODUCED JUNE 15, 2026
Sponsored by:
Assemblywoman� HEATHER SIMMONS
District 3 (Cumberland, Gloucester and Salem)
SYNOPSIS
���� Requires DMVA to provide mortgage loan counseling
under certain circumstances.
CURRENT VERSION OF TEXT
���� As introduced.
��
An Act
concerning mortgage loan counseling for veterans and
supplementing P.L.2009, c.53 (C.17:11C-51 et al.).
����
Be It
Enacted
by the Senate and General Assembly of
the State of New Jersey:
���� 1.��� a.� Every residential
mortgage lender that originates loans secured by real property used for
residential purposes located in this State which are to be guaranteed under the
�Servicemen's Readjustment Act of 1944,� Pub.L.78-346 (38 U.S.C. s.3701 et
seq.) shall provide a separate disclosure form with each application stating
that a veteran seeking a housing loan under Chapter 37 of Title 38 of the
United States Code has been offered loan counseling services pursuant to this
act.� Upon the request of an eligible applicant, the department shall refer the
applicant to the New Jersey Housing and Mortgage Finance Agency for mortgage
loan counseling and assistance pursuant to subsection b. of this section.� The
disclosure form required pursuant to this section shall be signed by each
applicant and shall include information detailing how to access the loan
counseling services.
���� b.��� Upon the request of any
veteran, the department shall provide counseling and assistance to applicants
for a mortgage loan pursuant to this section.� Loan counseling and assistance
shall include a review of the terms and restrictions of the loan, information
determined by the New Jersey Housing and Mortgage Finance Agency to be appropriate
for a veteran seeking a housing loan under Chapter 37 of Title 38 of the United
States Code, and any other information that may be required under federal law,
rule, or regulation.
���� c.���� As used in this
section:
���� �Department� means the
Department of Military and Veterans� Affairs.
���� �Veteran" means any
resident of the State now or hereafter who has been discharged honorably or
under general honorable conditions in any branch of the Armed Forces of the
United States, or a Reserve component thereof, or the National Guard of this State
or another state as defined in section 1 of P.L.1963, c.109 (C.38A:1-1), or any
honorably discharged member of the American Merchant Marine who served during
World War II and is declared by the United States Department of Defense to be
eligible for federal veterans' benefits.
���� 2.��� This act shall take
effect on the first day of the seventh month next following the date of
enactment.
STATEMENT
���� This bill requires the New
Jersey Housing and Mortgage Finance Agency (NJHMFA) to provide counseling and
assistance to applicants for a mortgage loan for a property in New Jersey that
is to be guaranteed by the federal �Servicemen's Readjustment Act of 1944,�
commonly known as the G.I. Bill.� Under the bill, loan counseling and
assistance is required to include a review of the terms and restrictions of the
loan, information determined by the NJHMFA to be appropriate for a veteran
seeking a housing loan under the G.I. Bill, and any other information that may
be required under federal law, rule, or regulation.
���� This bill requires residential
mortgage lenders in New Jersey to provide a separate disclosure form with each
application stating that a veteran seeking a housing loan under the G.I. Bill
has been offered loan counseling services pursuant to the provisions of the
bill.