Requires financial institutions to allow mortgagors to make biweekly and semi-monthly payments and payments to mortgage principal.*

This bill requires New Jersey financial institutions (like banks, credit unions, and mortgage servicers) to allow homeowners (mortgagors) to choose biweekly payments (every two weeks), bimonthly payments (twice monthly), or extra payments directly to their mortgage principal - without penalties. It mandates that any amount paid beyond the annual required total in biweekly plans must reduce the principal balance. The law applies to all new mortgage agreements signed six months after enactment and affects homeowners seeking more flexible repayment options to potentially pay off loans faster. It does not change existing mortgage terms but expands payment choices for future agreements.