This bill mandates that the New Jersey Housing and Mortgage Finance Agency (NJHMFA) provide mortgage loan counseling and assistance to veterans applying for loans guaranteed under the Servicemen's Readjustment Act of 1944, commonly known as the G.I. Bill. The counseling must include a review of the loan's terms and restrictions, relevant information for veterans, and any additional details required by federal law. Furthermore, the bill stipulates that residential mortgage lenders in New Jersey must include a separate disclosure form with each loan application, informing veterans that they have been offered loan counseling services as outlined in the bill.

The legislation defines "Department" as the Department of Military and Veterans Affairs and clarifies the definition of "Veteran" to include any resident honorably discharged from the Armed Forces or the National Guard, as well as certain members of the American Merchant Marine. The act is set to take effect on the first day of the seventh month following its enactment.