SENATE MILITARY AND VETERANS' AFFAIRS COMMITTEE

STATEMENT TO

SENATE, No. 1630

STATE OF NEW JERSEY

DATED:  DECEMBER 16, 2024

      The Senate Military and Veterans' Affairs Committee reports favorably Senate Bill No. 1630.

      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.

      This bill was prefiled for introduction in the 2024-2025 session pending technical review.  As reported, the bill includes the changes required by technical review, which has been performed.