Concerns mortgage and loan forbearance, rent suspension, and consumer reporting during coronavirus disease 2019 pandemic.

This New Jersey bill (S 2671) pauses mortgage and rent payments for affected residents and small businesses during the pandemic emergency. It requires property owners to grant 90-day mortgage forbearance (extendable to 180 days total) without proof of hardship, and landlords to suspend rent for residential tenants and small business commercial tenants for up to 180 days total, with no fees or penalties. The bill also prohibits foreclosures and evictions for 90 days after the emergency declaration and mandates landlords to provide written notices about payment suspensions. It directly affects homeowners, residential renters, and small business tenants in New Jersey during the covered emergency period.