Requires registration of private education lenders; establishes protections for private education borrowers.

This New Jersey bill requires private education lenders to register with the Commissioner of Banking and Insurance and establishes several protections for borrowers and cosigners. Lenders must provide clear disclosures to cosigners about how loans will impact their credit and must give annual notices about cosigner release options, including the criteria for eligibility. The bill prohibits lenders from accelerating loan payments except for payment default, requires lenders to release cosigners when borrowers are deemed totally and permanently disabled, and mandates detailed disclosure requirements for debt collection practices. These provisions directly affect private education lenders operating in New Jersey and protect borrowers and cosigners from unfair lending practices.