AB 359 would regulate foreclosure consultants. The bill would require such consultants to post a surety bond in the amount that the Director of the Division of Consumer Affairs prescribed by regulations. Such consultants would not include banks, savings banks, savings and loan associations, credit unions or other federally insured financial institutions or insurance companies. Also exempted would be those licensed under the “New Jersey Licensed Lenders Act,” and those licensed as a real estate broker, broker salesperson or salesperson. The bill now has passed the Assembly and has been sent to the Senate Commerce Committee.
