New Jersey Debt Settlement Laws

Debt Settlement License Registration Required:

Statute: N.J. Rev. Stat. §2C:21-19

Definitions: Criminal usury. A person is guilty of criminal usury when not being authorized or permitted by law to do so, he:

(1) Loans or agrees to loan, directly or indirectly, any money or other property at a rate exceeding the maximum rate permitted by law; or

(2) Takes, agrees to take, or receives any money or other property as interest on the loan or on the forbearance of any money or other interest in excess of the maximum rate permitted by law.

  1. Debt adjusters. Any person who shall act or offer to act as a debt adjuster without a license as required by P.L.1979, c. 16 ( C.17:16G-1 et seq.), unless exempt from licensure pursuant to that act, shall be guilty of a crime of the fourth degree.


Statute: N.J. Rev. Stat. §17:16G-1 et seq.

Definition: “Debt adjuster” means a person who either (a) acts or offers to act for a consideration as an intermediary between a debtor and his creditors for the purpose of settling, compounding, or otherwise altering the terms of payment of any debts of the debtor, or (b) who, to that end, receives money or other property from the debtor, or on behalf of the debtor, for payment to, or distribution among, the creditors of the debtor.