This bill aims to ease the mortgage application process for certain disabled veterans and their surviving spouses by prohibiting financial institutions, such as State-chartered banks, mortgage companies, and credit unions, from requiring these individuals to disclose anticipated property tax obligations when applying for a mortgage on their principal residence. Specifically, a qualified veteran, defined as one with a 100 percent service-connected disability, or their surviving spouse, will not need to include property tax obligations in their mortgage application if the municipal assessor certifies that they meet all eligibility requirements for the disabled veterans property tax exemption, except for property ownership. For refinancing existing mortgages, the veteran or spouse must meet all eligibility criteria, including ownership.

Additionally, the bill amends existing law to streamline the process for applying for property tax exemptions and requires the Commissioner of Banking and Insurance to publish a list of financial institutions that assist qualified veterans in obtaining mortgages. The bill also mandates the Commissioner to create necessary rules and forms to implement these provisions. Overall, the legislation seeks to reduce barriers for disabled veterans and their spouses in securing mortgage loans, thereby facilitating home ownership.

Statutes affected:
Introduced: 54:4-3.31