Clarifies mortgage loans to mean loans made primarily for personal, family, or household purposes.

This bill clarifies that a "mortgage loan" under New Jersey law means only loans made primarily for personal, family, or household purposes, secured by residential property (including up to six dwelling units). It directly affects consumers seeking home mortgages by confirming these loans are protected from prepayment penalties under existing law. The key provision redefines the term "mortgage loan" in statute to exclude commercial loans, ensuring consumer residential mortgages fall under current protections. This change applies to all mortgage loans entered into on or after the effective date, without creating new requirements.