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New Jersey Enacts Licensing as well as other Needs for Education Loan Servicers

New Jersey Enacts Licensing as well as other Needs for Education Loan Servicers

Licensing requirement.

What the law states prohibits anyone from acting as being a learning pupil loan servicer, straight or indirectly, without getting a permit through the Commissioner of Banking and Insurance (Commissioner). What the law states exempts the next entities from licensing: federal- or state-chartered banking institutions and credit unions, their wholly-owned subsidiaries, and any working subsidiary where each owner regarding the subsidiary is wholly-owned because of the exact same bank or credit union. Continue reading “New Jersey Enacts Licensing as well as other Needs for Education Loan Servicers”