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

This bill requires lenders and collectors of private student loans in New Jersey to register with the state's Banking and Insurance Commissioner and pay an associated fee. It defines who counts as a debt collector and establishes specific rules for cosigners, excluding spouses from this definition in certain security contexts. The legislation also sets clear criteria for determining when a borrower is considered totally and permanently disabled, which can affect how their loans are handled. These measures aim to increase oversight of private student loan providers and offer clearer protections for borrowers within the state.