This bill aims to ease the mortgage application process for disabled veterans and their surviving spouses by prohibiting certain 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. The bill defines a "qualified veteran" as one who has been declared by the United States Department of Veterans' Affairs to have a 100 percent service-connected disability, and it outlines the necessary certification process from municipal assessors to confirm eligibility for the disabled veterans property tax exemption.

Additionally, the bill amends existing law to streamline the application process for property tax exemptions, requiring veterans or their surviving spouses to submit a preliminary application for a property tax exemption alongside their mortgage application. This includes providing documentation to demonstrate eligibility and ensuring that the assessor certifies their status. The Commissioner of Banking and Insurance is tasked with publishing a list of financial institutions and creating necessary regulations to implement these provisions. Overall, the bill seeks to reduce barriers for disabled veterans and their families in securing mortgage loans by alleviating the financial burden of property tax obligations during the application process.

Statutes affected:
Introduced: 54:4-3.31