New Jersey S1096 provides mortgage and loan forbearance, rent suspension, and consumer reporting protections during the COVID-19 pandemic.
New Jersey S1096 mandates mortgage and loan forbearance, rent suspension, and consumer reporting protections for individuals affected by the COVID-19 pandemic. The bill allows property owners to request a 90-day mortgage forbearance, extendable to 180 days, without needing to prove economic hardship. Borrowers can request a 180-day forbearance on commercial, student, or other consumer loans. Landlords must suspend rent for small business commercial tenants and residential tenants for up to 180 days. Rent suspension does not incur fees or penalties.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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