2009 New Jersey Code
TITLE 17 - CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE
Section 17:16F
17:16F-1 - Legislative findings and declarations

17:16F-1.  Legislative findings and declarations
    The Legislature hereby finds and declares that depository institutions have  sometimes failed to provide adequate home financing on a nondiscriminatory  basis for all neighborhoods within the communities from which these  institutions receive deposits.  The Legislature further finds that neighborhood  discrimination on the part of depository institutions results in the arbitrary  denial of loans to creditworthy persons; substantially reduces the  availability of funds from the private sector for urban housing investments;   accelerates the physical decline of the affected neighborhoods;  and undercuts  publicly supported programs for the preservation and revival of urban  neighborhoods.  The purposes of this act are to prohibit the arbitrary denial  of mortgage loans on the basis of the location of the property to be mortgaged;   to encourage an increase in the availability or mortgage capital to  neighborhoods to which such investment capital has generally been denied;  and  to provide the citizens and public officials of the State of New Jersey with  sufficient information to enable them to determine which depository  institutions are fulfilling their obligations to serve the housing needs of the  communities and neighborhoods in which they are located.

     L.1977, c. 1, s. 1.