New Legislation on Medical Debt: Key Protections Explained
Monday, 22 July 2024, 19:23
Overview of New Medical Debt Protections
Governor Murphy has recently signed a new law that introduces significant protections for those impacted by medical debt. This legislation aims to ensure that individuals are not unfairly penalized due to medical expenses that can often be unmanageable.
Key Features of the Law
- Credit Reporting Ban: Medical debt cannot be reported to credit agencies.
- Interest Rate Cap: A cap on the interest rates charged on medical debt.
- Income-Driven Payment Plans: Creditors are required to offer payment plans based on the borrower's income.
This law represents a significant step forward in protecting consumers from the financial stress associated with medical expenses.
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.