New Jersey 2024-2025 Regular Session

New Jersey Senate Bill S1310

Introduced
1/9/24  
Refer
1/9/24  
Report Pass
6/10/24  
Engrossed
12/19/24  
Refer
12/19/24  

Caption

Makes certain for-profit debt adjusters eligible for licensing to conduct business in State.

Impact

The bill has substantial implications for state laws as it modifies the existing regulatory landscape for debt adjustment services. By allowing for-profit entities to obtain licenses, it potentially expands access to these services for consumers who may benefit from professional assistance in managing and settling debts. However, it also raises questions about the oversight and regulation of for-profit entities, which may operate with different motivations compared to non-profit organizations typically seen in this sector.

Summary

Senate Bill S1310 seeks to amend existing laws regarding the licensing of for-profit debt adjusters in New Jersey. Specifically, the bill would make certain for-profit debt adjusters eligible for licensing to conduct business in the state, thus allowing them to perform debt adjustment services. This change aims to provide a regulated framework for for-profit entities offering these services, ensuring they meet certain standards of practice and accountability.

Sentiment

The sentiment surrounding S1310 appears mixed. Supporters argue that the bill will create more options for consumers seeking help with debt management by legitimizing and regulating for-profit services. This could lead to improved accountability and standards within the industry. Conversely, opponents express concerns that the bill may prioritize profit over consumer protection and lead to predatory practices, as for-profit entities might exploit vulnerable populations facing financial challenges.

Contention

Notable points of contention include the need for strict regulatory measures to prevent potential abuse by for-profit debt adjusters. Critics are particularly concerned about the lack of provisions to ensure consumer protection and transparency regarding fees and services. Advocates for consumer rights emphasize the importance of maintaining robust oversight to ensure that for-profit debt adjusting practices do not negatively impact individuals already struggling with financial difficulties.

Companion Bills

NJ A4598

Same As Makes certain for-profit debt adjusters eligible for licensing to conduct business in State.

NJ A1739

Carry Over Makes certain for-profit debt adjusters eligible for licensing to conduct business in State.

NJ S2989

Carry Over Makes certain for-profit debt adjusters eligible for licensing to conduct business in State.

Previously Filed As

NJ A1739

Makes certain for-profit debt adjusters eligible for licensing to conduct business in State.

NJ A4598

Makes certain for-profit debt adjusters eligible for licensing to conduct business in State.

NJ S2989

Makes certain for-profit debt adjusters eligible for licensing to conduct business in State.

NJ HF4100

Debt collection, garnishment, medical debt, and consumer finance various governing provisions modified; debtor protections provided; statutory forms modified; and statutory form review required.

NJ S264

Requires licensing of pet groomers and registration of certain other businesses; establishes certain licensing and operating requirements.

NJ A1456

Requires licensing of pet groomers and registration of certain other businesses; establishes certain licensing and operating requirements.

NJ S182

Requires licensing of pet groomers and registration of certain other businesses; establishes certain licensing and operating requirements.

NJ A570

Requires licensing of pet groomers and registration of certain other businesses; establishes certain licensing and operating requirements.

NJ S1746

Establishes homestead and bank account exemptions for persons in debt; increases existing exemption amounts for household goods.

NJ SB908

Debt collectors: licensing and regulation: Debt Collection Licensing Act.

Similar Bills

NJ A4598

Makes certain for-profit debt adjusters eligible for licensing to conduct business in State.

CA SB985

Check Sellers, Bill Payers and Proraters Law: exemption: nonprofit community service organizations.

NJ A1739

Makes certain for-profit debt adjusters eligible for licensing to conduct business in State.

NJ S2989

Makes certain for-profit debt adjusters eligible for licensing to conduct business in State.

CA AB2524

Check Sellers, Bill Payers and Proraters Law: out-of-state activities.

MA H956

Relative to the licensing and supervision of debt management services in the Commonwealth

VA HB2362

Sale of real estate for delinquent taxes; procedure, enforcement of liens, orders of publication.

CA AB626

Conflicts of interest.