S 2180 New Jersey Senate · 2026-2027 Regular Session

Requires registration of postsecondary education debt creditors; establishes protections for borrowers.

New Jersey's S 2180 requires private lenders offering non-federal postsecondary education loans (like private student loans) to register annually with the state Banking Commissioner and report detailed data about their borrowers. It mandates that these lenders disclose information such as outstanding debt amounts, default rates, interest rates, and borrower demographics for loans issued to New Jersey residents. The law excludes banks, credit unions, and federal student loans from these requirements. This bill creates transparency for borrowers and regulators by making lender practices more visible, though it does not directly change loan terms or provide new borrower protections.

Issues: ✓ Education

Bill status in committee 1 of 4 stages cleared

Introduction

Jan 2026

Committee Review

Floor Vote

Governor

Introduced Jan 13, 2026 Last action Mar 16, 2026

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What changed between versions

Introduced → Reprint · 5 edits

MODERATE

The Senate Higher Education Committee made targeted amendments to streamline the registration process for postsecondary education debt creditors that are also schools. The committee removed the commissioner's authority to create separate alternative registration procedures and fees for school-affiliated creditors, and instead added a new provision deeming such creditors registered if they submit the required data documents. The specific first-year website posting deadline of July 1, 2026 was replaced with a general 'July 1 of each year' requirement.

Scope change

The bill's scope for school-affiliated postsecondary education debt creditors was narrowed: instead of the commissioner having discretion to create separate alternative registration and reporting pathways, these creditors now automatically satisfy registration by submitting required data documents, without needing to use the Nationwide Multistate Licensing System. This simplifies compliance for schools that also extend student loans.

REQUIREMENT

Removed the commissioner's authority to establish alternative registration and re-registration procedures and fees specifically for postsecondary education debt creditors that are also providers of postsecondary education (Section 4a).

Removed the commissioner's authority to establish an alternative process for reporting information under subsections b. and c. for postsecondary education debt creditors that are providers of postsecondary education (Section 4d).

ELIGIBILITY

Added new Section 4e: A postsecondary education debt creditor that is a provider of postsecondary education and submits the required documents under subsections b. and c. shall be deemed to have satisfied registration requirements under subsection a. The commissioner's requirements for these creditors may be specific to them and shall not include use of the Nationwide Multistate Licensing System and Registry.

TIMELINE

Changed the website posting deadline from 'On or before July 1, 2026, and each July 1 thereafter' to simply 'July 1 of each year,' removing the specific first-year start date and making it a recurring annual obligation without a fixed initial deadline.

TECHNICAL

Renumbered former subsections f. (civil penalties) and g. (bar orders) to g. and h. respectively to accommodate the new subsection e. Also removed the bill statement section at the end of the document.

Floor votes

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Full legislative history

Actions timeline

Total actions

Key actions

Committee

Mar 16, 2026

Committee

Referred to Senate Budget and Appropriations Committee

upper

Jan 13, 2026

Introduced

Introduced in the Senate, Referred to Senate Higher Education Committee

upper

2 primary · 1 co-sponsor