New Jersey A3489 allows for-profit debt adjusters to operate in the state under specific conditions.
New Jersey A3489 amends the state's debt adjusters law to allow certain for-profit debt adjusters to conduct business in the state. This bill makes for-profit debt adjusters eligible for licensing, provided they do not receive or hold consumer funds and are regulated by the Federal Trade Commission. For-profit debt adjusters must disclose specific information to debtors when entering into agreements. The bill also requires for-profit debt adjusters to file annual reports with the Department of Banking and Insurance, detailing their activities.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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