The "New Jersey Online Foreclosure Sale Act" allows for the electronic sale of real property at foreclosure, aiming to enhance the auction process by making it accessible online. The bill authorizes sheriffs and other designated officials to conduct online foreclosure sales and enter into contracts with vendors for these services. It outlines specific requirements for these contracts, including details on fees, services, 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. A key provision is that the total fees charged by a vendor for conducting the sale cannot exceed $1,000, which includes a $50 processing fee.

The bill also amends existing statutes to incorporate the new online procedures, requiring that notices of the sale be published both in traditional media and online. It specifies that if an online auction format is used, a non-electronic bidding option must 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.