This bill mandates that every residential mortgage lender in New Jersey, when originating loans secured by residential properties guaranteed under the Servicemen's Readjustment Act of 1944 (G.I. Bill), must provide a separate disclosure form with each application. This form must inform veterans that they have been offered loan counseling services as outlined in the bill. Additionally, upon request from eligible applicants, the Department of Military and Veterans Affairs (DMVA) is required to refer these applicants to the New Jersey Housing and Mortgage Finance Agency (NJHMFA) for mortgage loan counseling and assistance.

The counseling and assistance provided by the DMVA must include a review of the loan's terms and restrictions, relevant information deemed appropriate by the NJHMFA for veterans seeking housing loans under the G.I. Bill, and any other information required by federal law. The bill aims to ensure that veterans have access to necessary resources and support when applying for mortgage loans, thereby enhancing their understanding of the loan process and their rights. The act is set to take effect on the first day of the seventh month following its enactment.