NJ A4598

Expands New Jersey's debt adjuster licensing law to allow for-profit debt adjusters to obtain licenses and operate in the state, previously limited to nonprofit social service and consumer credit counseling agencies

Defines "for-profit debt adjuster" as an entity that negotiates debt settlements but does not receive or hold consumer funds and is subject to the federal Telemarketing Sales Rule (16 C.F.R. 310.4)

Exempts for-profit debt adjusters from bonding requirements and the certification that salaries and expenses are reasonable compared to similar organizations

Requires for-profit debt adjusters to provide detailed written disclosures to debtors, including fee methodology, estimated timeline for debt resolution, potential credit impacts, and tax consequences of settled debts

Authorizes the Commissioner of Banking and Insurance to establish maximum fees for for-profit debt adjusters and requires annual reporting on active consumers, enrolled consumers, fees collected, and debt settled in the state