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New Jersey regulator suspends real estate license application deadlines
On March 30, the New Jersey Department of Banking and Insurance issued a bulletin notifying individuals pursuing real estate licensure in New Jersey that it will suspend certain deadlines for applications. While licensure tests and applications ordinarily must be completed within one year of passing pre-licensing course work, the Department will consider candidates who do not meet the one year deadline due to Covid-19-related delays.
New Jersey regulator announces residential mortgage relief initiative
On March 28, the New Jersey Department of Banking and Insurance announced that it is working with more than 40 banks, credit unions and servicers to provide relief to New Jersey homeowners. Under the new initiative, residents of New Jersey impacted by the Covid-19 pandemic may be eligible for a 90-day forbearance from mortgage payments and relief from fees and charges upon contacting their financial institutions. Cooperating institutions have also agreed not to start any foreclosure sales or evictions for 60 days.
New Jersey issues Bulletin No. 20-05 to encourage institutions to meet the financial needs of consumers affected by Covid-19
On March 19, the Commissioner of the Department of Banking and Insurance (Department) signed Bulletin No. 20-05 to encourage institutions to meet the financial needs of consumers affected by Covid-19. The Department also reminded institutions to provide prompt notice to the Department regarding changes to operating hours of branch locations. The Department also requested all notices, inquiries, correspondence, and applications be submitted electronically by e-mail to the appropriate contacts.
New Jersey issues Bulletin No. 20-04 to address the disruption resulting from Covid-19
On March 19, the Commissioner of the Department of Banking and Insurance (Department) signed Bulletin No. 20-04 encouraging regulated entities and individuals to take the following actions, consistent with safe and sound banking practices: (i) relaxing due dates for loan payments (of all types, including mortgage, commercial, student, and other consumer loans); (ii) extending grace periods; (iii) modifying terms on existing loans; (iv) easing credit card limits; (v) extending new credit; (vi) waiving late fees and other fees; (vii) allowing customers to defer or skip payments; and (viii) delaying the submission of delinquency notices to credit bureaus.
New Jersey issues bulletin permitting licensees to work from home due to Covid-19
On March 19, the Commissioner of the Department of Banking and Insurance (Department) signed Bulletin No. 20-06 setting forth the Department’s no-action position regarding licensure for certain branch office locations due to individuals temporarily working from home as a result of Covid-19. Licensees must submit a list of all individuals working from home, a certification that the individuals are working from home due to Covid-19, and a certification that the locations will maintain certain data security and privacy protections. The no-action position is effective through April 30. In addition, the Department requested prompt notice for any changes to the operating hours of branch locations.
Two New Jersey counties suspend foreclosure sales and evictions
On March 16, the Sherriff’s Office of Passaic County in New Jersey issued an action suspending foreclosure sales and evictions enforcement during the Covid-19 state of emergency. On the same day, the Sherriff’s Office of Essex County Jersey issued a similar action suspending foreclosure sales and eviction enforcement actions indefinitely.
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