Bill > S1310

This bill makes certain for-profit debt adjusters eligible for licensing to conduct business in the state. The key provisions include: 1. Defining "for-profit debt adjuster" as a person or entity that conducts debt adjustment activities but does not receive or hold consumer funds and is subject to federal regulations. 2. Allowing for-profit debt adjusters, in addition to nonprofit agencies, to be licensed by the Commissioner of the Department of Banking to act as debt adjusters. 3. Exempting for-profit debt adjusters from certain requirements applicable to nonprofit agencies, such as bonding and annual audits. 4. Authorizing the Commissioner to establish maximum fees that for-profit debt adjusters can charge for debt adjustment and credit counseling services. 5. Requiring for-profit debt adjusters to provide detailed disclosures to consumers at the time of executing a debt adjustment agreement. 6. Specifying that the provisions of this bill applicable to for-profit debt adjusters are only applicable to the extent they do not conflict with federal regulations.

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https://www.njleg.state.nj.us/bill-search/2024/S1310