Allows for-profit debt adjusters to operate in New Jersey under certain conditions.

The bill modifies New Jersey's debt adjusters law to allow for-profit debt adjusters to conduct business in the state. For-profit debt adjusters must not receive or hold consumer funds and must be regulated by the Federal Trade Commission under the "Telemarketing Sales Rule." These for-profit entities are subject to the same rules and restrictions as nonprofit entities, with exceptions. For-profit debt adjusters are exempt from providing a certification about salaries and expenses as part of their annual audit. The commissioner can establish maximum fees for for-profit debt adjusters.

Allows for-profit debt adjusters to operate in New Jersey under certain conditions.

The bill modifies New Jersey's debt adjusters law to allow for-profit debt adjusters to conduct business in the state. For-profit debt adjusters must not receive or hold consumer funds and must be regulated by the Federal Trade Commission under the "Telemarketing Sales Rule." These for-profit entities are subject to the same rules and restrictions as nonprofit entities, with exceptions. For-profit debt adjusters are exempt from providing a certification about salaries and expenses as part of their annual audit. The commissioner can establish maximum fees for for-profit debt adjusters.