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Senate committee hears lenders’ concerns over Community Wealth Preservation bill (Senate Bill 44 70)
Summary
Senate Community and Urban Affairs Committee heard extensive testimony on Senate Bill 44 70, which would revise oversight of the Community Wealth Preservation Program; bankers warned it could harm HELOC lenders and borrowers, while the sponsor said amendments return administration to DCA and add nonprofit eligibility safeguards.
The Senate Community and Urban Affairs Committee on Monday took testimony on Senate Bill 44 70, a proposal to revise oversight of the Community Wealth Preservation Program and tighten requirements for nonprofit community development corporations.
Michael Lefuso, representing the New Jersey Bankers Association, said the bill as written could harm home equity lines of credit and reduce borrowers’ ability to borrow. “We are concerned that if this bill continues as it is without any type of concession on home equity lines of credit, that it will negatively affect the ability of folks to borrow,” Lefuso said, urging clearer notice and a lender role in foreclosure-related processes.
Britney Wheeler, a colleague of…
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