New Jersey S2180 requires postsecondary education debt creditors to register and establishes borrower protections.

New Jersey S2180 mandates that postsecondary education debt creditors register with the Commissioner of Banking and Insurance and the Nationwide Multistate Licensing System and Registry. The bill requires creditors to provide detailed information about their operations and borrowers. It establishes protections for borrowers, including prohibiting creditors from accelerating payments except in cases of default, imposing restrictions on cosigner release, and requiring creditors to notify borrowers and cosigners of changes in debt terms.

New Jersey S2180 requires postsecondary education debt creditors to register and establishes borrower protections.

New Jersey S2180 mandates that postsecondary education debt creditors register with the Commissioner of Banking and Insurance and the Nationwide Multistate Licensing System and Registry. The bill requires creditors to provide detailed information about their operations and borrowers. It establishes protections for borrowers, including prohibiting creditors from accelerating payments except in cases of default, imposing restrictions on cosigner release, and requiring creditors to notify borrowers and cosigners of changes in debt terms.