This bill mandates that every residential mortgage lender in New Jersey, when originating loans secured by residential properties guaranteed under the Servicemen's Readjustment Act of 1944 (G.I. Bill), must provide a separate disclosure form with each application. This form will inform veterans that they have been offered loan counseling services as stipulated by the bill. Additionally, upon request from an eligible veteran, the Department of Military and Veterans Affairs (DMVA) is required to refer the applicant to the New Jersey Housing and Mortgage Finance Agency (NJHMFA) for further mortgage loan counseling and assistance.

The counseling provided by the DMVA will include a review of the loan's terms and restrictions, relevant information deemed appropriate by the NJHMFA for veterans, and any other information required by federal law. The bill aims to ensure that veterans seeking housing loans are adequately informed and supported throughout the mortgage application process. The act will take effect on the first day of the seventh month following its enactment.