New Jersey makes it difficult for mortgage lenders to comply with its predatory lending law because the language is conflicting and hard to understand, according to Adam Bass, senior executive vice president of Ameriquest Mortgage Co., who addressed the Subprime Lending Symposium Tuesday in San Francisco.The keynote speaker said the New Jersey Senate Banking Committee has just passed amendments to the law eliminating the tangible net benefit and removing a "flipping" provision on repeat refinancings. Mr. Bass said the amendments are expected to be passed by the full Assembly by the end of the legislative session on June 24. Illinois is another state where it is virtually impossible for lenders to do business, he said. Lenders in Chicago must deal with the city ordinance, the Cook County law, state laws governing mortgage origination, and the newest state anti-predatory-lending law, along with federal law and the Illinois Interest Act. Mr. Bass also cited New Mexico's law as one of the toughest in the nation, causing many lenders to avoid doing refinancings. The law is subjective and offers no strict compliance standards for subprime lenders to follow, he said.

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