New Jersey § 46:10b-56

§ 46:10b-56.

a. A foreclosure consultant contract shall be written in plain language and shall

fully disclose the exact nature of the foreclosure consultant's services to be performed,

the foreclosure consultant's representations, the distressed property relief to be

secured, and the total amount and terms of compensation. b. The following notice, printed in at least 14-point boldface type, if the contract

is printed, or in capital letters, if the contract is typed, and completed with the

name of the foreclosure consultant, shall be printed immediately above the statement

required by subsection c. of this section: “NOTICE REQUIRED BY NEW JERSEY LAW ․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․(Name) or anyone working for him or her CANNOT: (1) Take any money from you or ask you for money until ․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․(Name) has completely finished doing everything he or she said would be done; or (2) Ask you to sign or have you sign any lien, mortgage, or deed unless all provisions

of the “Foreclosure Rescue Fraud Prevention Act,” P.L.2011, c. 146 ( C.46:10B-53 et al.), and any other applicable federal and State laws have been complied with. (3) Guarantee that they will be able to refinance a loan on your home or arrange for

you to keep your home.” c. A foreclosure consultant contract shall be written in the same language as principally

used by the foreclosure consultant to describe the consultant's services to be performed

and the distressed property relief to be secured for the owner, shall be dated and

signed by the owner, and shall contain in immediate proximity to the space reserved

for the owner's signature a conspicuous statement in 14-point boldface type, if the

contract is printed, or in capital letters, if the contract is typed, as follows: “You, the owner, may cancel this transaction at any time until after the foreclosure

consultant has fully performed every service the foreclosure consultant contracted

to perform and has secured the distressed property relief for the owner. See the attached notice of cancellation form for an explanation of this right.” d. A foreclosure consultant contract shall contain on the first page, in a type size

no smaller than that generally used in the body of the document, each of the following: (1) the name and address of the foreclosure consultant to which the notice of cancellation

is to be mailed; and (2) the date the owner signed the contract. e. A foreclosure consultant contract shall be accompanied by a completed form, captioned

“NOTICE OF CANCELLATION” which shall be attached to the contract and easily detachable,

and shall contain, in at least 14-point boldface type, if the contract is printed,

or in capital letters, if the contract is typed, the following statement written in

the same language as used in the contract: “NOTICE OF CANCELLATION ․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․ (Enter date of transaction) You may cancel this transaction, without any penalty or obligation, at any time until

after the foreclosure consultant has fully performed every service and has secured

the relief for the owner. To cancel this transaction, mail or deliver a signed and dated copy of this cancellation

notice, or any other written notice to: ․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․(Name of foreclosure consultant) at ․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․(Address of foreclosure consultant's place of business) I hereby cancel this transaction on ․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․(Date) ․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․(Owner's signature).” f. The foreclosure consultant shall provide the owner with a copy of a foreclosure

consultant contract and the attached notice of cancellation in duplicate immediately

upon execution of the contract. g. The foreclosure consultant shall record the contract with the county clerk in the

county in which the distressed property is located, within 10 business days of its

execution.