New Jersey § 46:10b-39

§ 46:10b-39.

the terms of N.J.S.A. § 46:10B-48 .> a. Prior to the date on which the interest rate in effect during the introductory

period of an introductory rate mortgage resets to a variable interest rate under the

terms of the mortgage, a creditor shall provide a series of written notices, separate

and distinct from all other correspondence, to an eligible borrower. The creditor shall provide these notices at 60-day and 30-day intervals prior to

the date that the introductory interest rate resets. b. Each notice required pursuant to subsection a. of this section shall include, in

plain language and in at least 14 point bold type: (1) the current interest rate under the terms of the introductory rate mortgage; (2) the date on which the interest rate resets from a fixed interest rate applicable

during the introductory period to a variable interest rate; (3) an explanation of how the reset interest rate and monthly payment would be determined; (4) the best estimate by the creditor of the amount of the monthly payment that will

apply after the date of the reset, and the assumptions upon which the estimate is

based; (5) a list of alternatives an eligible borrower may pursue before the date of the

reset, including any refinancing of the loan offered by the creditor or any renegotiation

of loan terms offered by the creditor; (6) an explanation of the borrower's right to obtain a period of extension prior to

the initial interest rate reset of an introductory rate mortgage pursuant to this

act and an explanation of the procedure that a borrower must follow to obtain a period

of extension; and (7) a certification of extension form that can be completed by a borrower in order

to obtain a period of extension authorized pursuant to section 5 of this act. 1 1

N.J.S.A. § 46:10B-40.