A 3489
Makes certain for-profit debt adjusters eligible for licensing to conduct business in State.
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Sign in to take action- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill amends New Jersey’s existing debt adjuster regulations to allow certain for-profit debt adjustment companies to obtain licenses and conduct business in the state. Currently, only nonprofit social service agencies and nonprofit consumer credit counseling agencies are permitted to offer these services. The bill creates an exception for for-profit debt adjusters, subject to specific conditions and federal regulations, while maintaining many of the existing licensing and reporting requirements. It also mandates specific disclosures to debtors entering into debt adjustment agreements.
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