Friday, November 13, 2015

Asm.Green & Asm. Holley Helping Families Facing Home-Foreclosures

November 13, 2015
Green & Holley Bill to Help Residents Participating in Homeowner Assistance and Recovery Programs Clears Assembly Panel

(TRENTON) – Legislation sponsored by Assembly Democrats Jerry Green and Jamel Holley to make it easier for not-for-profits to help families facing home foreclosure was recently approved by an Assembly Panel.

“The process can be streamlined for homeowners who have help from a church or another not-for-profit organization to save their homes from foreclosure,” said Green (D-Middlesex, Somerset, Union). “In these cases, the transfer of ownership is temporary. The home will return to the ownership of someone who lives in the home.”

The intention of the bill is to exempt certain sales of residential property to a purchaser operating as a housing assistance and recovery program (HARP) form the payment of realty transfer fees. Under a HARP, a not-for-profit entity, such as a church organization, partners with a back to rescue homeowners in danger of foreclosure eviction. The not-for-profit entity works with the mortgage holder to purchase the property and then leases the property back to the original homeowner at an affordable rent. 

“Too many New Jersey residents are seeking help to save their homes from foreclosure and more time to climb out of financial difficulty,” said Holley (D-Union). “If not-for-profit organizations are able to help homeowners facing foreclosure then they should be allowed to help. The state can help by easing a bit of the red tape involved in the process.”

The bill states the goal of HARP is to help financially strengthen the homeowner within a seven-year period, and then resell the property back to that homeowner, or member of the family living with the homeowner. The purpose of the sale or transfer to the HARP is to stop foreclosure or eviction proceedings; therefore, it does not make sense to charge a realty transfer fee because the property will be returned to the seller.

To discourage fraud, if the property is sold to someone other than the original seller, or a person residing with the seller, then an amount equal to twice the realty transfer fee would be collected at the time of that subsequent sale.

The bill was released by the Assembly Housing Committee, of which Assemblyman Green is chair. Identical legislation was approved by the Senate in June.


Tuesday, November 10, 2015

Bill to Prohibit Pyramid Schemes Advances in the State Assembly

News from
Speaker Pro Tempore Green
For Release:
Speaker Pro Tempore Jerry Green
Housing & Community Development Committee Chair
p: 908-561-5757
Nov. 9, 2015

Green Bill to Prohibit Pyramid Schemes Clears Assembly Panel
Legislation Would Establish Penalty of Up to Five Years’ Imprisonment

            (TRENTON) – Legislation sponsored by Assemblyman Jerry Green to prohibit pyramid schemes was advanced by an Assembly committee on Monday.
            “Pyramid schemes make victims out of vulnerable people who often are just looking for a way to make ends meet,” said Green (D-Middlesex/Somerset/Union). “Individuals who understand that an enterprise is a pyramid scheme and still choose to participate ought to face serious consequences.”
The bill (A-449) would make it a crime of the third degree, punishable by three to five years’ imprisonment, for a person to promote or sell a pyramid scheme. Knowingly participating in a pyramid scheme would be a crime of the fourth degree, which carries a penalty of up to 18 months in jail. A case in which an individual’s contribution to the pyramid scheme is $100 or less would be a disorderly persons offense. A disorderly persons offense carries a sentence of up to 6 months in a county jail.
New Jersey is the only state in the country without a statute that specifically outlaws pyramid schemes, Green said.
“Knowingly deceiving people and convincing them to recruit others to sell a nonexistent product isn’t a business model – it’s fraud,” said Green. “By specifically prohibiting pyramid schemes, this bill will make the severity of this matter clear in New Jersey.”

            The measure was advanced by the Assembly Consumer Affairs Committee.


News from
Speaker Pro Tempore Green
For Release:
Speaker Pro Tempore Jerry Green
Housing & Community Development Committee Chair
p: 908-561-5757
Nov. 5, 2015

Green Secures New Term as Assembly Speaker Pro Tempore

            (TRENTON) – Assemblyman Jerry Green will continue in his role as Assembly Speaker Pro Tempore, having received the approval of the incoming Assembly Democratic caucus on Thursday.
            Assembly Speaker Vincent Prieto noted Green’s commitment to serving New Jersey, demonstrated over more than two decades in the Assembly, in declaring that Green is most qualified for the position.
            “The skills and understanding of the issues that Jerry Green has garnered through his experience both as a public servant and as a businessman make him the undisputed best selection for this leadership role,” said Prieto (D-Bergen/Hudson). “I look forward to working with Jerry as we continue seeking new ways to improve New Jersey.”
The Speaker Pro Tempore presides over the General Assembly in the temporary absence of the Speaker. While presiding, the Speaker Pro Tempore exercises the powers and assumes the duties of the Assembly Speaker. Green will serve his fifth term in the position.
“I am honored that my colleagues selected me to continue serving the Assembly in this leadership capacity,” said Green (D-Middlesex/Somerset/Union). “My goal, as it has been since I first took office, is to keep listening to the people of New Jersey and working with my fellow legislators to bring positive change to the state.”
First elected to the Assembly in November 1991, Green serves as chair of the Assembly Housing and Community Development Committee and as a member of the Assembly Health and Senior Services Committee in addition to his leadership post.
Prior to his election to the Assembly, Green served as a Union County freeholder from 1982 to 1984 and from 1989 to 1991. He served as Union County freeholder chair in 1990.
Green also is a self-employed businessman and business consultant.