Bill Text: NJ A4038 | 2020-2021 | Regular Session | Introduced
Bill Title: Concerns financial security.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2020-05-07 - Introduced, Referred to Assembly Financial Institutions and Insurance Committee [A4038 Detail]
Download: New_Jersey-2020-A4038-Introduced.html
Sponsored by:
Assemblywoman VALERIE VAINIERI HUTTLE
District 37 (Bergen)
SYNOPSIS
Concerns financial security.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning financial security and amending P.L. , c. (pending before the Legislature as Senate Bill No. 2330 of 2020).
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 1 of P.L. , c. (pending before the Legislature as Senate Bill No. 2330 of 2020) is amended to read as follows:
1. As used in sections 1, 2, and 3 of this act:
"Affected person" means a person who is a resident of this State and has suffered financial hardship as a result of the coronavirus disease 2019 pandemic.
"Covered coronavirus period" means the period beginning with the Public Health Emergency and State of Emergency declared by the Governor in Executive Order 103 of 2020 and extending 120 days following the end of that public health emergency and state of emergency.
"Creditor" means any person and any agent, servant, employee, or attorney of a person engaged in collecting a debt owed or alleged to be owed to the person by a debtor and shall also include a buyer of delinquent debt who hires a third party or an attorney to collect a debt. A person shall not be deemed to be engaged in collecting a debt, if the person's activities are solely for the purpose of serving legal process on another person in connection with the judicial enforcement of a debt. "Creditor" shall not include a planned real estate development as defined pursuant to subsection h. of section 3 of P.L.1977, c.419 (C.45:22A-23), or any agent, servant, employee, or attorney of a planned real estate development engaged in collecting a debt owed or alleged to be owed to the planned real estate development.
"Debt collector" means any person or business whose principal purpose is the collection of a debt, or who regularly collects or attempts to collect, directly or indirectly, a debt owed or due or asserted to be owed or due another. The term debt collector shall also include any person who buys or acquires debt that is in default at the time of purchase or acquisition and who seeks to collect that debt. The term debt collector shall include a creditor who, in the process of collecting the creditor's own debt, uses any name other than the creditor's own name which would indicate that a third person is collecting or attempting to collect the debt. The term debt collector shall also include a person in a business the principal purpose of which is the enforcement of security interests.
"User of a consumer report" means any person or entity that is furnished a consumer report for a purpose that is permissible pursuant to section 4 of P.L.1997, c.172 (C.56:11-31).
(cf: P.L. , c. , s.1)
2. This act shall take effect immediately.
STATEMENT
This bill revises the definition of "creditor" in section 1 of the "COVID-19 Financial Security for Consumers Act." The bill provides that for purposes of that act, the term "creditor" does not include a planned real estate development as defined in the "Planned Real Estate Full Disclosure Act," P.L.1977, c.419 (C.45:22A-21 et seq.), or any person, agent servant, employee, or attorney of a planned real estate development engaged in collecting a debt owed or alleged to be owed to the planned real estate development.
