state_legiscan_drain · NJ
Requires residential mortgage lenders to deposit hazard insurance proceeds in interest-bearing accounts.
February 24, 2026
Summary
If enacted, this bill would require residential mortgage lenders and servicers in New Jersey to deposit hazard insurance proceeds into interest-bearing accounts rather than non-interest-bearing accounts. The interest earned would be for the benefit of the borrower or as specified by law. Lenders and servicers must update their systems and procedures to comply with this new obligation.
AI-generated summary · Jun 8, 2026. Verify with your compliance counsel before acting.
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Source: https://www.njleg.state.nj.us/bill-search/2026/A4443
Common questions
- What does "Requires residential mortgage lenders to deposit hazard insurance proceeds in interest-bearing accounts." cover?
- If enacted, this bill would require residential mortgage lenders and servicers in New Jersey to deposit hazard insurance proceeds into interest-bearing…
- When was it published?
- It was published on February 24, 2026.
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