The "New Jersey Online Foreclosure Sale Act" establishes a framework for conducting online foreclosure sales of real property in New Jersey. The bill allows sheriffs and other authorized officers to enter into contracts with vendors to facilitate these electronic sales, ensuring that New Jersey law governs the contractual relationship. Key provisions include requirements for transparency in bidding, with all bids visible online, and a cap on vendor fees not to exceed $1,000 per auction, which includes administrative fees and seller commissions. Additionally, the bill mandates that any fees charged by vendors must be deducted from the purchaser's deposit and should not affect the sheriff's fees.

The bill also amends existing statutes to incorporate online auction procedures, requiring that notices of sales 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 intent of the legislation is to modernize the foreclosure process, potentially attracting more bidders and increasing sale prices, thereby benefiting both creditors and debtors. The act will take effect two months after its enactment.