The Real Estate Installment Contract Act establishes regulations for real estate installment contracts in New Jersey, which allow purchasers to make periodic payments to sellers while the seller retains legal title to the property until the contract is fulfilled. The bill mandates that these contracts be in writing and include specific disclosures, such as the aggregate purchase price, additional charges, the principal balance owed, and details about any existing liens on the property. Additionally, it requires sellers to record the contract and imposes restrictions on their ability to encumber the property with mortgages.

In the event of a breach or default by either party, the bill outlines the legal remedies available, including the requirement for sellers to provide written notice to purchasers detailing the nature of the default and allowing 30 days for the purchaser to cure the issue before the seller can file suit. The bill also clarifies that New Jersey's civil and criminal usury laws apply to real estate installment contracts, ensuring consumer protections are in place. The Commissioner of Banking and Insurance is authorized to implement regulations to enforce these provisions, and the act will take effect 60 days after enactment, applying to contracts entered into thereafter.