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

Summary

If enacted, this bill would clarify that 'mortgage loan' in New Jersey statutes means loans made primarily for personal, family, or household purposes. This narrows the definition to consumer-purpose loans, potentially excluding business-purpose loans from certain mortgage regulations. Affected entities include lenders, banks, credit unions, and fintechs originating or servicing mortgage loans in New Jersey.