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Committee releases bill to permit for-profit debt-adjustment companies with regulatory conditions
Summary
After extensive testimony for and against, the committee released A4598/S1310 to allow certain for-profit debt-adjustment (debt-settlement) companies to operate in New Jersey if they meet federal and state regulatory conditions; consumer advocates urged stronger safeguards or rejection.
The Assembly Committee released Assembly Bill A4598 and its Senate counterpart S1310 (second reprint), which would allow certain for-profit debt-adjustment companies to do business in New Jersey under specified conditions, after a lengthy hearing featuring proponents and opponents.
Under current New Jersey law, only nonprofit social-service agencies and nonprofit consumer-credit counseling agencies may operate debt-adjustment services. The bills would create an exception to allow for-profit debt-settlement companies to operate provided they do not receive or hold consumer funds and are subject to the Federal Trade Commission's telemarketing-sales rule and other licensing and reporting requirements. A proposed amendment expands…
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