New Jersey issues Bulletin No. 20-04 to address the disruption resulting from Covid-19

State Issues New Jersey State Regulators Consumer Finance Covid-19

On March 19, the Commissioner of the Department of Banking and Insurance (Department) signed Bulletin No. 20-04 encouraging regulated entities and individuals to take the following actions, consistent with safe and sound banking practices: (i) relaxing due dates for loan payments (of all types, including mortgage, commercial, student, and other consumer loans); (ii) extending grace periods; (iii) modifying terms on existing loans; (iv) easing credit card limits; (v) extending new credit; (vi) waiving late fees and other fees; (vii) allowing customers to defer or skip payments; and (viii) delaying the submission of delinquency notices to credit bureaus.