Bill Text: NJ A2535 | 2024-2025 | Regular Session | Introduced

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Bill Title: Creates private right of action for violation of "Fair Foreclosure Act."

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2024-01-09 - Introduced, Referred to Assembly Financial Institutions and Insurance Committee [A2535 Detail]

Download: New_Jersey-2024-A2535-Introduced.html

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ASSEMBLY, No. 2535

STATE OF NEW JERSEY

221st LEGISLATURE

 

PRE-FILED FOR INTRODUCTION IN THE 2024 SESSION

 

 

Sponsored by:

Assemblyman  ERIK PETERSON

District 23 (Hunterdon, Somerset and Warren)

 

 

 

 

SYNOPSIS

     Creates private right of action for violation of "Fair Foreclosure Act."

 

CURRENT VERSION OF TEXT

     Introduced Pending Technical Review by Legislative Counsel.

  

An Act concerning residential mortgage foreclosure and supplementing P.L.1995, c.244.

 

     Be It Enacted by the Senate and General Assembly of the State of New Jersey:

 

     1.    A person may bring an action in Superior Court against a residential mortgage lender for any violation of the "Fair Foreclosure Act," P.L.1995, c.244 (C.2A:50-53 et seq.), for actual damages or $1,000, whichever is greater, attorney's fees, costs of suit and appropriate equitable relief.

 

     2.    This act shall take effect on the first day of the fourth month next after enactment.

 

 

STATEMENT

 

     This bill revises the "Fair Foreclosure Act," P.L.1995, c.244 (C.2A:50-53 et seq.) to create a private right of action for any violation of the act's provisions.  Specifically, the bill provides that a person may bring an action in Superior Court against a residential mortgage lender for any violation of the "Fair Foreclosure Act," for actual damages or $1,000, whichever is greater, attorney's fees, costs of suit and appropriate equitable relief.