New Jersey S2612 mandates registration for private education lenders and establishes borrower protections.

New Jersey S2612 requires private education lenders to register with the Commissioner of Banking and Insurance and the Nationwide Multistate Licensing System and Registry. It mandates lenders to provide borrowers with information on interest rates, loan terms, and cosigner release options. The bill prohibits lenders from accelerating loan payments except in cases of default and from attempting to collect against a cosigner's estate unless there is a payment default.

New Jersey S2612 mandates registration for private education lenders and establishes borrower protections.

New Jersey S2612 requires private education lenders to register with the Commissioner of Banking and Insurance and the Nationwide Multistate Licensing System and Registry. It mandates lenders to provide borrowers with information on interest rates, loan terms, and cosigner release options. The bill prohibits lenders from accelerating loan payments except in cases of default and from attempting to collect against a cosigner's estate unless there is a payment default.