Clarifies mortgage loans to mean loans made primarily for personal, family, or household purposes.

Summary

The bill revises New Jersey law to specify that a “mortgage loan” is a loan made primarily for personal, family, or household purposes. It protects borrowers of such consumer mortgages from pre‑payment penalties, while allowing more flexibility for commercial mortgage loans. The change aims to clarify lending rules and support both homeowners and small real‑estate investors.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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