The bill establishes a framework for providing mortgage forbearance to homeowners in New Jersey who have been impacted by Hurricane Ida. It defines key terms such as "storm-impacted homeowner," "Certification of Eligibility for Forbearance," and outlines the application process for homeowners to request forbearance through the Department of Community Affairs. Homeowners must meet specific eligibility criteria, including having a current mortgage on their primary residence and submitting a complete application. The bill mandates that the department publish application instructions and make an online application system available within specified timeframes. It also stipulates that the forbearance period will last for one year, during which homeowners remain responsible for property taxes and insurance.

Additionally, the bill includes provisions to protect storm-impacted homeowners from foreclosure during the forbearance period. It allows homeowners to apply for a stay in foreclosure proceedings, which can be granted by the court upon showing good cause, such as receiving a Certification of Eligibility for Forbearance. The bill prohibits mortgage servicers from initiating foreclosure actions during the forbearance period and outlines the responsibilities of mortgage servicers in reporting forbearance data. It also emphasizes that discrimination in the application of these provisions is unlawful under New Jersey's anti-discrimination laws. The act is set to take effect immediately upon approval.