NJ A2343

Requires private education lenders to register with the New Jersey Commissioner of Banking and Insurance and the Nationwide Multistate Licensing System before extending loans to state residents, with civil penalties up to $25,000 per violation and potential third-degree criminal charges for knowing violations.

Mandates comprehensive cosigner protections, including pre-loan disclosures about credit impacts, annual notices about cosigner release eligibility, and limits cosigner release requirements to no more than 12 consecutive on-time payments for loans executed after the bill's effective date.

Prohibits lenders from accelerating loan payments or declaring default except for payment default, and bars collection against a cosigner's estate; also requires automatic discharge of borrower and cosigner liability upon determination of total and permanent disability.

Establishes strict debt collection requirements, mandating creditors possess and provide detailed loan documentation including original contracts, transaction histories, and chain-of-ownership records, with a six-year statute of limitations on collection actions.

Creates borrower remedies for creditor non-compliance, including the ability to recover actual damages (minimum $500), treble damages for false court filings, attorney's fees, credit report corrections, and injunctive relief.