Requires registration of postsecondary education debt creditors; establishes protections for borrowers.

Summary

The bill forces any entity that originates, secures, or holds non‑federal post‑secondary education loans in New Jersey to register with the Commissioner of Banking and Insurance and to file annual reports on loan amounts, schools, default rates and interest rates. It also defines borrowers, cosigners, debt collectors and disability criteria, creating consumer‑focused safeguards for New Jersey residents who take out private college loans.

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