New Jersey is Propelling its Own Confession of Judgment Bill

| By:

New Jersey Capitol Building in TrentonThe New Jersey legislature has climbed aboard the Confession of Judgment restriction train. On Thursday, the state’s Senate Commerce Committee advanced S3581, a bill that would prohibit the use of COJs in a “business financing” contract with a New Jersey debtor. The bill was introduced in March but had not experienced movement until today.

New Jersey’s COJ bill is similar to the bill advancing through the House of Representatives at the federal level. Meanwhile, New York’s legislature had also proposed a near-identical bill but it did not pass. Instead, New York passed a law that prohibits entering a judgment by confession in New York’s courts against a non-New York debtor.

The New Jersey bill passed through the committee without any debate. The Committee chair said on the record, however, that the New Jersey Credit Union League, an advocacy group for credit unions, was in favor of the bill.

Last modified: December 12, 2019

Category: Business Lending, Regulation

Home Business Lending, Regulation › New Jersey is Propelling its Own Confession of Judgment Bill

    Global Funding Experts

    CAN Capital

    Amerifi Capital

    United Fund USA

    Merchant Financing Leads

    One Percent Ventures

    Smart Business Funding

    United Business Funding

    Hunter Caroline

    Banana Exchange

    Spartan Capital


    Vox Funding

    Balboa Capital

    Meridian Leads

    Key Capital Group

    Thor Capital Group

    Infusion Capital Group

    Avanza Capital


    AMA Recovery

    Fresh Funding

    ROK Financial

    Idea Financial

    Lending Valley

    Central Diligence Group

    SOS Capital