Senate Commerce Committee Statement to Senate, No. 1420, State of New Jersey (May 18, 2026)

Summary

New Jersey's Senate Commerce Committee reported Senate Bill No. 1420 favorably in a statement dated May 18, 2026. The bill exempts reverse mortgage transactions from the current-law requirement that secondary mortgage loan payments be substantially equal in amount and payment period, and as reported it includes the changes required by technical review.

Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used

Cite this document

“Senate Commerce Committee Statement to Senate, No. 1420, State of New Jersey (May 18, 2026).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2026-05-18-scm-s1420-s1-ea0629d8b7/, SHA-256 cbca6a61392ce2cc393608a61683d7e469c9c97add52d62e6407d4195d7e57a0.

Full text

     SENATE COMMERCE COMMITTEE

                   STATEMENT TO

                 SENATE, No. 1420

 STATE OF NEW JERSEY
                     DATED: MAY 18, 2026

    The Senate Commerce Committee reports favorably Senate Bill
No. 1420.
    This bill exempts reverse mortgage transactions from the
requirement that secondary mortgage loan payments be made in
equal amounts and payment periods. Current law requires that
second mortgages to be paid in installments that are substantially
the same length of time and substantially equal in payment amount.
This bill exempts reverse mortgage transactions from this
requirement.
    This bill was prefiled for introduction in the 2026-2027 session
pending technical review. As reported, the bill includes the changes
required by technical review, which has been performed.

File and source

File: 2026-05-18_SCM_S1420_S1.pdf
Size: 104,235 bytes
SHA-256: cbca6a61392ce2cc393608a61683d7e469c9c97add52d62e6407d4195d7e57a0
Our copy: 2026-05-18_SCM_S1420_S1.pdf
Original: No public link identified.