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NJ A1576
NJ A1576Requires registration of private education lenders; establishes protections for private education borrowers.
summary
Introduced
01/11/2022
01/11/2022
In Committee
01/11/2022
01/11/2022
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 Regular Session
Bill Summary
Requires registration of private education lenders; establishes protections for private education borrowers.
AI Summary
This bill requires registration of private education lenders and establishes protections for private education borrowers. It defines key terms like "private education lender," "private education loan," and "cosigner." The bill mandates lender registration, provides disclosures for cosigners, restricts lender practices like acceleration and collection, and requires lenders to discharge loans for borrowers with total and permanent disabilities. It also imposes requirements on debt collectors seeking to recover private education loan debts. The bill aims to increase transparency and consumer protections for private student loan borrowers in New Jersey.
Committee Categories
Education
Sponsors (5)
Mila Jasey (D)*,
Bill Moen (D)*,
Britnee Timberlake (D)*,
Verlina Reynolds-Jackson (D),
Anthony Verrelli (D),
Last Action
Introduced, Referred to Assembly Higher Education Committee (on 01/11/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2022/A1576 |
| BillText | https://www.njleg.state.nj.us/Bills/2022/A2000/1576_I1.HTM |
| Bill | https://www.njleg.state.nj.us/Bills/2022/A2000/1576_I1.PDF |
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