The bill amends Section 13 of P.L.1993, c.66 (C.17:22B-13) to enhance regulations surrounding public adjusters in New Jersey. Key provisions include prohibiting public adjusters from soliciting or entering into contracts with insured individuals during specific hours following a loss, and requiring that any compensation for services rendered must be based on a written contract that includes detailed information such as the adjuster's license number, a description of services, and the insured's right to cancel the contract within three business days. Additionally, the bill establishes that any funds received by public adjusters for claim settlements must be held in an escrow account, ensuring that these funds remain the property of the insured until properly disbursed.

Furthermore, the bill introduces new requirements for public adjuster contracts, mandating that they include specific information about the adjuster and the insured, as well as a clear notice of the right to cancel or terminate the contract. It also stipulates that if a public adjuster is compensated based on a percentage of the insurer's payment, the contract cannot include terms that would allow the adjuster to collect their entire fee from the first payment or restrict the insured's rights to pursue civil remedies. The act is set to take effect 180 days after its enactment.

Statutes affected:
Introduced: 17:22B-13
Advance Law: 17:22B-13
Pamphlet Law: 17:22B-13