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 permits sheriffs and other authorized individuals 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, while maximum bid amounts remain confidential until placed. The total fees charged by vendors for conducting these sales are capped at $1,000 per auction, which includes a $50 processing fee.

The bill also amends existing statutes to incorporate the online auction process, requiring that notices of the sale be published both in traditional media and on the internet. It specifies that if an online auction format is used, a non-electronic bidding option must also be available. The legislation is designed to attract more bidders and potentially increase sale prices, benefiting both creditors and debtors. The act will take effect on the first day of the second month following its enactment.