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. It stipulates that the mortgage application process can proceed without the inclusion of property tax obligations if the municipal assessor certifies that the applicant meets all eligibility requirements for the disabled veterans property tax exemption, except for property ownership.

Additionally, the bill includes provisions for the submission of a preliminary application for a property tax exemption, which must be completed by the veteran or surviving spouse seeking a mortgage. The municipal assessor is tasked with certifying the eligibility of the applicant based on their current residence status and property ownership. The Commissioner of Banking and Insurance is also directed to publish a list of financial institutions available for veterans to apply for mortgages and to create necessary rules and forms to implement the bill's provisions. The act is set to take effect seven months after its enactment, allowing time for the necessary preparations.

Statutes affected:
Introduced: 54:4-3.31