Assembly Financial Institutions and Insurance

The Assembly Financial Institutions and Insurance Committee is responsible for issues such as banking, finance, trusts and estates, auto insurance, liability insurance, life insurance, product liability, property insurance, and tort reform.
Democratic Research Aide:  Martin Sumners   
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Zwicker, Benson & Sumter Bill Establishing Disclosure Requirements for Independent Advocacy Groups Passes Assembly

"Dark Money" Organizations Would be Subject to Greater Transparency under the Measure
Under current law, 527 groups and 501(c)4 social welfare organizations are allowed to keep their donors secret. In an effort to provide greater transparency and accountability, a bill (A-1524), sponsored by Assembly Democrats Andrew Zwicker, Daniel Benson and Shavonda Sumter passed the full Assembly on Monday, 60-1-17.

"Information is power and we need to arm voters with the most information possible," said Zwicker (D-Hunterdon, Mercer, Middlesex and Somerset). "More disclosure will inform residents about groups working to influence political and legislative processes. Greater transparency will lead to an increase in voter confidence and that's a good thing for New Jersey and for democracy."

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Mortgage Measures Approved by Assembly

Bills Mandate License for Mortgage Servicers and Impose Fines of Up $25,000 for Violators; Sets Provisions for Out-of-State Mortgage Lenders

In an effort to strengthen consumer protections for residential mortgages and to develop a solutions-driven strategy in response to New Jersey's residential foreclosure crisis, two bills were approved Monday by the full Assembly.

One measure (A-4997) the "Mortgage Services Licensing Act" and sponsored by Assemblywoman Yvonne Lopez (D-Middlesex), Vincent Mazzeo (D-Atlantic) and Carol Murphy (D- Burlington), would require anyone working as a mortgage servicer to obtain a license from the Commissioner of Banking and Insurance for each main office and each branch office where business is conducted, unless the person is exempt under provisions outlined in the bill. It was released by the Assembly Appropriations Committee on March 18 and cleared the full Assembly by a vote of 77-2-1.

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Lopez Bill to Make Credit Reports Available in Spanish and Other Languages Clears Assembly Panel

To ensure non-English speaking residents in New Jersey are able to access and understand their credit reports, a bill sponsored by Assemblywoman Yvonne Lopez to require consumer reporting agencies to make credit reports available in Spanish and other languages was approved Monday by the Assembly Financial Institutions and Insurance Committee.

“Most credit reporting agencies provide reports in English only,” said Lopez (D-Middlesex). “This makes it more difficult for people who speak primarily Spanish or another language to assess their credit reports and see if they are accurate. With nearly one third of New Jersey residents speaking languages other than English at home, credit reporting agencies must make sure they can accommodate all consumers.”

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