New Jersey A5117 requires postsecondary education debt creditors to register and establishes borrower protections.
New Jersey A5117 mandates the registration of postsecondary education debt creditors with the Commissioner of Banking and Insurance. It establishes protections for borrowers, including prohibiting creditors from accelerating debt unless for payment default. The bill requires creditors to provide borrowers with cosigner release options and to notify borrowers and cosigners if a cosigner is released. It also mandates creditors to offer flexible repayment options to all borrowers and to publish criteria for borrower interest rates.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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