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 and mandates that the Commissioner of Banking and Insurance publish a list of financial institutions that assist qualified veterans in obtaining mortgages. It also requires the Commissioner to create necessary rules and forms to implement the bill's 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