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NJ A3489

Bill

Official Source

Status

Introduced

1/13/2026

Primary Sponsor

Yvonne Lopez

Click for details

Origin

General Assembly

2026-2027 Regular Session

AI Summary

  • Creates a new category of "for-profit debt adjuster" eligible for state licensing, expanding beyond the current restriction limiting debt adjustment services to nonprofit agencies only
  • For-profit debt adjusters must not receive or hold consumer funds and must comply with the FTC's Telemarketing Sales Rule (16 C.F.R. 310.4)
  • Exempts for-profit debt adjusters from bonding requirements and salary/expense certifications that apply to nonprofit debt adjustment agencies
  • Requires all licensed debt adjusters to include in annual reports: total active consumers, enrolled consumers, fees collected, and debt settled in New Jersey
  • Mandates for-profit debt adjusters provide written disclosures to debtors including fees, estimated timeline, potential credit impacts, and tax consequences of debt settlement

Legislative Description

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

Regulated Professions

Last Action

Introduced, Referred to Assembly Regulated Professions Committee

1/13/2026

Committee Referrals

Regulated Professions1/13/2026

Full Bill Text

No bill text available