This bill amends the definition of consumer contracts for services in New Jersey, specifying that such contracts must pertain solely to the service purchased by the consumer. It prohibits the inclusion of provisions that would allow the contract to govern the purchase of other products or services from the contracting company or its affiliates that are not directly related to the service specified in the contract. Additionally, the bill clarifies that a consumer contract is a written agreement for services intended for personal, family, or household use, and explicitly excludes agreements related to securities transactions with registered broker-dealers or commodities transactions with registered futures commission merchants.

The bill is set to take effect 180 days after its enactment, applying to all consumer contracts that are entered into or renewed on or after that date. This legislative change aims to protect consumers by ensuring that service contracts remain focused and do not extend to unrelated purchases, thereby enhancing transparency and fairness in consumer transactions.