The "New Jersey Online Foreclosure Sale Act" allows for the electronic sale of foreclosed real estate, aiming to enhance the auction process by making it accessible online. The bill authorizes sheriffs and other designated officials to conduct these online sales and enter into contracts with vendors for the necessary services. It outlines specific requirements for these contracts, including details on fees, marketing, and security measures. Additionally, the bill mandates that all bids during the auction be publicly visible online and establishes a cap on vendor fees at $1,000 per auction, which includes various administrative costs.

The bill also amends existing statutes to incorporate provisions for online sales, such as the requirement for public notice of the sale to be published on the internet and in local newspapers. It ensures that vendors provide a non-electronic bidding option, such as paper bid packets, to accommodate all potential bidders. The act is designed to attract more participants to foreclosure auctions, potentially increasing sale prices and benefiting both creditors and debtors. The legislation will take effect two months after its enactment.