New Jersey Administrative Code
Title 3 - BANKING
Chapter 1 - GENERAL PROVISIONS
Subchapter 3 - MORTGAGE LOANS IN DISASTER AREAS
Section 3:1-3.4 - Preliminary requirements
Universal Citation: NJ Admin Code 3:1-3.4
Current through Register Vol. 56, No. 18, September 16, 2024
(a) Before any financial institution may exercise or use any of the emergency powers as enumerated in this subchapter, said financial institution must comply with the following requirements:
1. It must obtain and
file, a certification to be signed by an appraiser as required by N.J.A.C.
3:1-8.2, which shall set forth the amount and extent of the damage or
destruction sustained to the real property which is the security of any
existing or proposed mortgage loan, a finding that such damage or destruction
was caused by the disaster, and the amount required to pay for the cost of any
construction, rehabilitation, alteration, repair or improvement of such real
property.
2. It must obtain from
the borrower or mortgagor a sworn statement which shall set forth the proceeds
of any mortgage loan shall be used to pay the cost of construction,
rehabilitation, alteration, repair or improvement of the real
property.
3. Such certifications
and statements shall be kept on file with the financial institution.
(b) In addition to the requirements enumerated in (a)1 and 2 above, a financial institution, prior to the exercise or use of any emergency mortgage powers, shall undertake and complete any and all investigations, appraisals and other precautions which it would ordinarily require in making a mortgage loan not otherwise provided by 17:2A-1 et seq., and this Subchapter.
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