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 claims or entering contracts with insured individuals during specific hours following a loss, and requiring that any compensation for services rendered 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 restricts certain contract terms that could disadvantage the insured, such as those that allow the adjuster to collect full compensation from the first payment made by the insurer. The act is set to take effect 180 days after its enactment, which was approved on July 1, 2025.

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