The New Jersey Servicemembers' Civil Relief Act is designed to enhance the legal and financial protections for individuals serving in the Armed Forces and the New Jersey National Guard. This legislation repeals the New Jersey Soldiers and Sailors Civil Relief Act of 1979 and introduces new provisions that align state law with federal protections. Key features include mandatory stays of civil proceedings when a servicemember's ability to represent themselves is compromised, protections against default judgments, and relief from contracts that cannot be fulfilled due to military obligations. The bill also establishes a maximum interest rate on debts incurred prior to military service and provides safeguards against evictions, foreclosures, and certain tax collections.

Additionally, the Act outlines the process for servicemembers to waive their rights, requiring written acknowledgment and the opportunity to seek legal advice. It empowers the Attorney General to take civil action against violations of the act, ensuring equitable relief and monetary damages for affected servicemembers. The legislation also mandates the reinstatement of health and professional liability insurance upon return from active duty and requires employers to restore servicemembers to their previous or equivalent positions. Overall, the Act aims to ensure that servicemembers and their dependents are not disadvantaged in their legal and financial obligations due to their military service.