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 public visibility of bids during the auction, a cap on vendor fees at $1,000 per auction, and stipulations that any fees charged by vendors will not affect the sheriff's fees. Additionally, the bill mandates that if an online auction format is used, a non-electronic bidding option must also be available.

The bill amends existing statutes to incorporate these online procedures, including the requirement for public notice of the sale to be published online, alongside traditional advertising methods. It also specifies that the notice must include the auction's website address and details about the electronic format. The act aims to enhance the foreclosure process by potentially attracting more bidders and increasing sale prices, benefiting both creditors and debtors, while maintaining the integrity of the foreclosure timeline and notice requirements. The act will take effect two months after its enactment.