New Jersey's 30th Legislative District

Senator Robert Singer

Senator Bob Singer

Senate Approves Singer Bill Easing Restrictions for Debt Adjusters

Please Share:

Bookmark and Share

For-profit debt adjusters may soon be eligible to conduct business in New Jersey thanks to legislation sponsored by Senator Robert Singer and approved today by the New Jersey Senate.

For-profit debt adjusters may soon be eligible to conduct business in New Jersey thanks to legislation sponsored by Sen. Robert Singer and approved today by the New Jersey Senate. (Pixabay)

“For-profit debt adjustment companies are already permitted to operate in 34 states, but if New Jerseyans would like to employ the services of one, they are forced to use a Pennsylvania-based company,” said Singer (R-30). “This legislation will remove existing regulations to bring New Jersey into line with the rest of the country and, at the same time, provide a layer of protection for consumers by serving as a deterrent against adjusters who set out to deceive customers.”

Under New Jersey’s current “debt adjusters law,” which is administered and enforced by the Department of Banking and Insurance, only nonprofit social service agencies and nonprofit consumer credit counseling agencies may operate debt adjustment services.

Singer’s bill, S-2989, would create an exception to the current law to allow for-profit debt adjustment companies to conduct business in the state provided the company does not receive or hold consumer funds and is regulated by the Federal Trade Commission.

Similar Posts on SenateNJ.com

Leave a Comment:

Comment Rules: Please remain civil, stay on topic, and refrain from using foul or abusive language. Posts that violate those rules may be hidden or deleted, and repeated violators may be blocked. To prevent spam, comments with links are automatically filtered.

- Proudly Serving Parts of Monmouth and Ocean Counties -