Bill
Bill > A314
NJ A314
Requires financial institutions to cash payroll checks under certain circumstances.
summary
Introduced
01/14/2020
01/14/2020
In Committee
03/05/2020
03/05/2020
Crossed Over
Passed
Dead
01/11/2022
01/11/2022
Introduced Session
2020-2021 Regular Session
Bill Summary
This bill provides that, notwithstanding any other law to the contrary, a financial institution shall, upon the request of a person, including a minor, who presents a payroll check and who provides photographic identification indicating that he or she is the payee on that payroll check, cash the check without charging any fee for that service, as long as the person has an account with that financial institution or the check is drawn on that institution. A financial institution that violates a provision of this bill shall: (1) be subject to a fine of not more than $500 for each violation. The fine shall be collected by the Commissioner of Banking and Insurance in a summary manner pursuant to the "Penalty Enforcement Law of 1999," P.L.1999, c.274 (C.2A:58-10 et seq.); and (2) reimburse the person for any attorney's fees incurred by the person with respect to any legal services necessary to enforce the person's rights under the bill or to bring a civil action to recover damages caused by the financial institution's failure to comply with the provisions of the bill.
AI Summary
This bill requires financial institutions to cash payroll checks without charging any fees if the person presenting the check, including a minor, has an account with that institution or the check is drawn on that institution, and provides photographic identification indicating they are the payee. Violations of this law can result in a fine of up to $500 per violation, which will be collected by the Commissioner of Banking and Insurance, as well as reimbursement of any attorney's fees incurred by the person to enforce their rights or recover damages. The bill defines key terms such as "financial institution" and "payroll check" and takes effect 90 days after enactment.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
Reported out of Assembly Committee, 2nd Reading (on 03/05/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2020/A314 |
| BillText | https://www.njleg.state.nj.us/Bills/2020/A0500/314_I1.HTM |
| Bill | https://www.njleg.state.nj.us/Bills/2020/A0500/314_I1.PDF |
| BillText | https://www.njleg.state.nj.us/2020/Bills/A0500/314_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2020/Bills/A0500/314_I1.PDF |
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