SENATE BUDGET AND APPROPRIATIONS COMMITTEE

STATEMENT TO

SENATE, No. 4277

STATE OF NEW JERSEY

DATED:  JANUARY 6, 2022

      The Senate Budget and Appropriations Committee reports favorably Senate Bill No. 4277.

      This bill establishes in the General Fund a separate, nonlapsing, dedicated account administered by the Department of Community Affairs to be known as the “New Jersey Foreclosure Counseling Fund.”

      The bill provides that the funds within the New Jersey Foreclosure Counseling Fund are to be paid to the New Jersey Housing and Mortgage Finance Agency no later than the 15th day of each quarter to reimburse trained foreclosure prevention and default mitigation counselors for pre-foreclosure counseling services.

      The bill permits the New Jersey Housing and Mortgage Finance Agency to assess up to five percent of New Jersey Foreclosure Counseling Fund’s annual allocation amounts for administrative costs.

      The bill also provides that a portion of the fees that are paid by plaintiffs in foreclosure actions are to be deposited into the New Jersey Foreclosure Counseling Fund on the first day of each calendar quarter.

FISCAL IMPACT:

      This bill is not certified as requiring a fiscal note.