New Jersey A2343 requires private education lenders to register and establishes protections for borrowers.
New Jersey A2343 mandates that private education lenders register with the Commissioner of Banking and Insurance. The bill outlines protections for borrowers, including prohibiting lenders from accelerating loan payments except in cases of default. It also requires lenders to provide borrowers with the option to designate an individual to act on their behalf in case of total and permanent disability. The bill mandates annual notices to borrowers and cosigners about cosigner release options and restricts lenders from imposing permanent bars on cosigner release eligibility.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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