New Jersey A5117 requires postsecondary education debt creditors to register and establishes borrower protections.
New Jersey A5117 mandates that postsecondary education debt creditors register with the Commissioner of Banking and Insurance. It establishes protections for borrowers, including prohibiting creditors from accelerating payments unless for payment default. The bill requires creditors to notify borrowers and cosigners if a cosigner or borrower is released from debt obligations within 30 days. It also mandates creditors to provide borrowers the option to designate an individual to act on their behalf in case of total and permanent disability.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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