This bill allows mortgage loan originators and qualified individual licensees in New Jersey to conduct licensable activities from remote locations, including their residences, under specific conditions. These conditions require the establishment of written supervisory policies and procedures, adherence to a comprehensive information security plan for accessing company platforms and customer information, and restrictions on in-person customer interactions at residential locations unless they are licensed. Additionally, it mandates that no physical records be kept at these remote locations.

The bill empowers the Commissioner of Banking and Insurance to create necessary rules and regulations to implement its provisions. It aims to modernize the operational framework for mortgage loan originators, reflecting the growing trend of remote work while ensuring compliance with regulatory standards. The act is set to take effect immediately upon passage.