New Jersey Senate Bill S4146

New Jersey 2022-2023 Regular Session

• Introduced: 11/30/23
• Refer: 11/30/23

Caption

Requires Department of Military and Veterans Affairs to certify financial counselors prior to advising members of New Jersey Army and Air National Guard.

Impact

The implementation of S4146 will directly influence the hiring and functioning of financial counselors serving military personnel in New Jersey. By requiring certification, the bill intends to enhance the quality of financial advice that members of the National Guard receive, safeguarding them from unqualified assistance. The renewal of certification on an annual basis ensures that counselors remain compliant with current federal policies, potentially improving the financial literacy and well-being of military families.

Summary

Senate Bill S4146, introduced in the New Jersey Legislature, mandates the Department of Military and Veterans Affairs (DMAVA) to certify financial counselors before they provide advisory services to members of the New Jersey Army National Guard and Air National Guard. The bill aims to ensure that financial counselors are qualified according to federal guidelines stipulated in 10 U.S.C. s.992 and the Department of Defense Instructions. This requirement is designed to protect service members by ensuring they receive appropriate financial guidance that adheres to federal standards.

Contention

While the bill is primarily aimed at bolstering the support system for military members, potential points of contention could arise regarding the administrative burden it places on the DMAVA. Implementing a certification process requires resources for oversight and training, which some may argue detracts from other essential services. Furthermore, the bill may face scrutiny from financial counselors who might see the certification as a barrier to entry into the profession, particularly if the requirements are perceived as rigorous or restrictive.