Housing

This bill clarifies that a "mortgage loan" refers specifically to loans made primarily for personal, family, or household purposes, secured by residential properties (1-6 dwelling units). It directly affects homebuyers and renters with standard mortgages by exempting these loans from prepayment penalties, meaning borrowers can pay off their loans early without extra fees. The key mechanism updates the legal definition to ensure consumer loans (not commercial ones) cannot include prepayment penalties, while allowing such fees for commercial mortgage loans. This applies to all new mortgage loans entered into after the bill's effective date.

This bill requires New Jersey's Bureau of Housing Inspection to create a 24/7 toll-free hotline and a statewide database for public housing residents to report health, safety, or living condition issues. The hotline must offer English and Spanish support, protect caller anonymity, and provide referrals. The database will track verified complaints by facility, complaint types, corrective actions taken, and response times, then publish this data online for public access. It directly affects residents in public housing covered under the federal Housing Act of 1937, aiming to improve transparency and accountability in addressing housing conditions.

This bill (A2127) prohibits electric and gas public utilities in New Jersey from charging residential tenants in multi-unit dwellings (like apartments) a meter-reading fee that exceeds the actual cost of their electricity or gas usage for a billing cycle. It specifically targets fees charged to customers who have opted out of smart meter installation and require manual meter readings. The law sets a clear cap: utilities cannot charge more for manual readings than the customer’s regular utility usage cost. This applies directly to renters in shared housing who choose manual metering, ensuring fees align with actual consumption rather than arbitrary charges.