New Jersey S 1760: Specifies additional services for victims of sex trafficking and domestic violence; makes $1,000,000 appropriation.

Bill Text

S1760 

SENATE, No. 1760 

STATE OF NEW JERSEY

222nd LEGISLATURE

� 

PRE-FILED FOR INTRODUCTION IN THE 2026 SESSION

Sponsored by:

Senator TROY SINGLETON

District 7 (Burlington)

SYNOPSIS

���� Requires certain disclosures by providers of 
commercial financing.

CURRENT VERSION OF TEXT 

���� Introduced Pending Technical Review by Legislative 
Counsel.

�� 

An Act 
concerning commercial financing and supplementing P.L.1964, c.162 
(C.17:9A-59.25 et seq.).

���� Be It Enacted by the Senate and General Assembly of the State of New Jersey:

���� 1.��� As used in this act:

���� �Broker� means a person who, 
for or in expectation of consideration:

���� (1)�� arranges or offers to 
arrange commercial financing for a recipient; or

���� (2)�� assists or advises or 
offers to assist or advise a recipient in obtaining or attempting to obtain a 
commercial financing.

���� Notwithstanding the above definition, 
�broker� does not include a provider when referring a recipient to another 
provider, or a provider that enters into a written agreement with a financial 
institution to arrange for the extension of commercial financing by the 
financial institution to a recipient via an online lending platform 
administered by the provider.

���� "Closed-end 
financing" means a closed-end extension of credit, secured or unsecured 
and including equipment financing, that does not meet the definition of a lease 
as that term is defined in N.J.S.12A:2A-103 and the proceeds of which the 
recipient does not intend to use primarily for personal, family, or household 
purposes. "Closed-end financing" includes financing with an 
established principal amount and duration.

���� "Commercial 
financing" means an open-end financing, closed-end financing, sales-based 
financing, factoring transaction, finance lease, as that term is defined in 
N.J.S.12A:2A-103, or any other form of financing, the proceeds of which the 
recipient does not intend to use primarily for personal, family, or household 
purposes. 

���� �Commissioner� means the 
Commissioner of Banking and Insurance.

���� "Factoring 
transaction" means an accounts receivable purchase transaction that 
includes an agreement to purchase, transfer, or sell a legally enforceable 
claim for payment held by a recipient for goods that the recipient has supplied 
or services that the recipient has rendered that have been ordered but for 
which payment has not yet been made.

���� "Finance charge" 
means the cost of financing as a dollar amount. �Finance charge� includes any 
charge payable directly or indirectly by the recipient and imposed directly or 
indirectly by the provider as an incident to or a condition of the extension of 
financing. It includes all charges that would be included under 12 C.F.R. 
s.1026.4 as if the transaction were subject to 12 C.F.R. s.1026.4. �Finance 
charge� also includes any charges as determined by the commissioner. As it 
relates to an open-end financing, the finance charge shall assume the maximum 
amount of credit available to the recipient, in each case, is drawn and held 
for the duration of the term or draw period. For the purposes of a factoring 
transaction, the finance charge includes the discount taken on the face value 
of the accounts receivable.

���� "Financial 
institution" means any of the following: 

���� (1)�� a bank, trust company, 
or industrial loan company that is doing business under the authority of, or in 
accordance with, a license, certificate or charter issued by the United States, 
this State, or any other state, district, territory, or commonwealth of the 
United States; 

���� (2)�� a federally chartered 
savings and loan association, federal savings bank, federal credit union that 
is authorized to transact business in this State, or any credit union service 
organization, as defined in 12 C.F.R. s.704.11; or 

���� (3)�� a savings and loan 
association, savings bank, or credit union that is authorized to transact 
business in this State and that is organized under the laws of this or any 
other state.

���� "Open-end financing" 
means an agreement for one or more extensions of open-end credit, secured or 
unsecured, the proceeds of which the recipient does not intend to use primarily 
for personal, family, or household purposes. "Open-end financing" 
includes credit extended by a provider under a plan in which: 

���� (1)�� the provider reasonably 
contemplates repeated transactions; 

���� (2)�� the provider may impose 
a finance charge from time to time on an outstanding unpaid balance; and 

���� (3)�� the amount of credit 
that may be extended to the recipient during the term of the plan, up to any 
limit set by the provider, is generally made available to the extent that any 
outstanding balance is repaid.

���� "Person" means an 
individual, sole proprietor or other unincorporated organization, association, 
joint venture, partnership, limited partnership association, limited liability 
company, corporatio