New Jersey Statutes 55:14K-98. Entry into contracts, loans
Terms Used In New Jersey Statutes 55:14K-98
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
(2) Should the agency contract with a foreclosure intervention contractor for the purposes of section 5 of P.L.2021, c.34 (C. 55:14K-98), the contract shall specify the amounts, schedules, and types of funding to be provided by the agency to the foreclosure intervention contractor, the repayment schedule for the portion of that funding to be repaid, and targeted goals for homeowner interventions. The agency may condition funding and goals upon the availability of funds to the program. The contract shall specify reasonable administrative costs sufficient to enable the foreclosure intervention contractor to exercise its obligations pursuant to P.L.2021, c.34 (C. 55:14K-94 et al.). The contract shall set forth criteria for instances when the purchase, sale, lease, and conveyance of properties furthers the purposes of P.L.2021, c.34 (C. 55:14K-94 et al.).
b. All purchases, sales, leases, and conveyances of property by foreclosure intervention contractors exercised pursuant to this section shall be deemed to lessen the burdens of government in furthering the purposes of P.L.2021, c.34 (C. 55:14K-94 et al.).
L.2021, c.34, s.5; amended by 2023, c.76, s.3.