NJ S4011

Requires postsecondary education debt creditors (private student loan lenders) to register annually with the Commissioner of Banking and Insurance and report detailed data on outstanding loans, default rates, interest rates, and lending activity by school

Mandates comprehensive cosigner protections including annual notices about cosigner release options, a maximum requirement of 12 consecutive on-time payments to apply for release, and prohibition on permanent bars to cosigner release eligibility

Requires discharge of borrower and cosigner liability upon determination of total and permanent disability, and prohibits creditors from accelerating debt or collecting against a cosigner's estate except for payment default

Establishes debt collection documentation requirements including proof of ownership chain, original contracts, and account history; debt collectors must provide this documentation within 30 days of request or face violations

Creates a 6-year statute of limitations to commence legal action against borrowers, with civil penalties up to $25,000 per violation for creditors and minimum $500 damages (or $1,500 treble damages for false filings) available to harmed borrowers