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

S 2612 requires private education lenders to register with New Jersey's Commissioner of Banking and Insurance and establishes multiple protections for borrowers and cosigners of private education loans. The bill mandates lenders to provide clear information to cosigners before extending loans requiring a cosigner, sets a maximum of 12 consecutive on-time payments for cosigner release eligibility, and prohibits lenders from accelerating loans except for payment default. It also requires lenders to disclose potential loss of benefits when refinancing existing loans, establish strict documentation requirements for debt collectors, and provide borrowers with disability discharge options. The legislation aims to increase transparency and protect consumers in the private education loan market through specific registration, disclosure, and procedural requirements.