Understanding New Jersey's New Medical Debt Relief Law
Monday, 22 July 2024, 18:53
Introduction to New Jersey's Medical Debt Law
New Jersey has enacted a groundbreaking law to address the issue of medical debt faced by many residents. Below are the key features of the law:
Key Provisions of the Law
- Interest Cap: The law places a limit on the interest rates that can be charged on medical debts.
- Credit Reporting Restrictions: Many medical debts will no longer be reported to credit rating agencies, shielding borrowers from negative credit impacts.
- Wage Protection: The law prohibits the garnishment of wages due to unpaid medical bills.
Conclusion
This law represents a significant step towards the protection of individuals facing financial hardship due to medical expenses. With these measures, New Jersey is aiming to promote greater financial security among its residents.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.