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

Summary

A Senate Commerce Committee statement to the Senate on Senate Bill No. 1420, State of New Jersey, dated May 18, 2026, reporting the bill favorably. The bill exempts reverse mortgage transactions from the requirement that secondary mortgage loan payments be made in equal amounts and payment periods. The statement says current law requires second mortgages to be paid in installments of substantially the same length of time and substantially equal payment amount. It adds that the bill was prefiled for introduction in the 2026-2027 session pending technical review.

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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.

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