The Governor signed the following nine bills into law earlier today.

To: Alll Members
From: E. Robert Levy, Esq.

The Governor signed the following nine bills into law earlier today.

A664 - Codifies the Judiciary's Foreclosure Mediation Program; dedicates monies from foreclosure filing fees and fines.

A4997 - "Mortgage Servicers Licensing Act." Those licensed under the Residential Mortgage Lending Act (RMLA) are exempt from the licensing requirement. MBANJ will provide more information about this bill shortly.

A4999 - Requires filing of certain creditor contact information with residential mortgage foreclosure complaint and lis pendens.

A5001 - Revises statute of limitations for residential mortgage foreclosures.

A5002 - Permits certain planned real estate developments to file certain liens; concerns limited priority of certain liens.

S3411 - Requires receivership appointment application prior to certain foreclosure actions; requires notice of intention to foreclosure on residential mortgage to be filed within 180 days prior to commencing foreclosure; limits reinstatements of dismissed mortgage foreclosure actions.

S3413 - Makes certain changes to summary action foreclosure process under "Fair Foreclosure Act."

S3416 - Clarifies that New Jersey Residential Mortgage Lending Act (RMLA) applies to certain out-of-state persons involved in residential mortgage lending in the State. Such persons are already subject to RMLA and the new law would not change that. More information will follow.

S3464 - Revises certain procedures for real estate foreclosure sales; alters adjournment of sale process.

Contact: E. Robert Levy, 973-202-3880

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