For-profit debt adjusters voted out of Senate committee in face of opposition. The state Senate Commerce Committee heard extensive testimony on A1739 (McKeon)/S2989 (Pou), which makes certain for-profit debt adjusters eligible for licensing to conduct business in New Jersey. The measure was voted out of committee last week. The New Jersey State Bar Association opposes this legislation “because it would open up the abuses that are widespread in the states that permit for-profit debt adjustment.”

Testifying alongside David McMillin, an attorney with Legal Services of New Jersey, NJSBA member Ronald LeVine, past chair of the Consumer Protection Committee, warned the committee that the field of for-profit debt adjusters is riddled with concerning issues including failures to warn consumers about the implications of charge offs, the adverse effects of long-term debt resolutions that often fail, and failures to inform consumers of other, more viable options, such as bankruptcy.

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