Who benefits from the provisions of the New Jersey Anti-Predatory Lending Act?

The provisions of the New Jersey Anti-Predatory Lending Act are designed specifically to protect vulnerable borrowers who might be targeted by lenders offering predatory loan conditions. This legislation aims to address unfair lending practices that can lead to excessive fees, high-interest rates, and terms that can be detrimental to the borrower's financial well-being. The Act establishes guidelines and requirements for mortgage lenders to ensure that borrowers are fully informed and not subjected to exploitative conditions. Vulnerable borrowers benefit greatly from these protections, as the Act promotes fair lending practices and helps prevent situations that could lead to foreclosure or unsustainable debt.

In contrast, lenders seeking higher rates or real estate agents do not benefit from the Act's provisions; their interests may often conflict with the Act's goal of protecting consumers. Government agencies may play a role in enforcing the Act, but they do not directly benefit from its provisions in the same way that vulnerable borrowers do.