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New Jersey enacts licensing and other requirements for student loan servicers

CFPB Monitor

On July 30, 2019, Acting New Jersey Governor Sheila Oliver signed into law SB 1149 , which requires student loan servicers to be licensed, creates an Office of the Student Loan Ombudsman within the NJ Department of Banking and Insurance, imposes various requirements, and prohibits certain conduct. Licensing requirement.

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Credit reporting trade association seeks injunction to block NJ law requiring credit reports to be made available in multiple languages

CFPB Monitor

The federal Fair Credit Reporting Act requires CRAs, upon a consumer’s request, to disclose all information “in the consumer’s file” and provide a free copy of the consumer’s credit report without charge if the consumer’s file contains a fraud alert. Constitution.

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