Bill
Bill > A1728
NJ A1728
Requires depository institutions to provide paper account statements to elder adults.
summary
Introduced
01/14/2020
01/14/2020
In Committee
06/02/2021
06/02/2021
Crossed Over
Passed
Dead
01/11/2022
01/11/2022
Introduced Session
2020-2021 Regular Session
Bill Summary
This bill provides that a State bank, savings bank, savings and loan association or credit union shall mail periodic account statements in paper form to any account holder that is an elder adult without charge, unless the elder adult notifies the depository institution that the elder adult chooses to opt out of receiving the periodic statement in paper form. Under the bill a "periodic account statement" means a written statement provided on a regular basis at the end of each periodic cycle by a depository institution to an account holder that reflects all debits and credits to an account held by the account holder during a periodic cycle. A "periodic cycle" means a period of time which is equal to or shorter than a calendar quarter and, if shorter than a calendar quarter, divides a calendar quarter into approximately equal units of time.
AI Summary
This bill requires depository institutions, such as state banks, savings banks, savings and loan associations, and credit unions, to mail periodic account statements in paper form to any account holder who is an elder adult (someone 65 years of age or older), unless the elder adult chooses to opt out of receiving the paper statements. The bill defines "periodic account statement" as a written statement provided regularly at the end of each "periodic cycle" (a period of time equal to or shorter than a calendar quarter) that reflects all debits and credits to the account during that cycle. The bill also authorizes the Commissioner of Banking and Insurance to order depository institutions to cease any violations and impose fines of up to $500 per violation.
Committee Categories
Business and Industry
Sponsors (7)
Joe Danielsen (D)*,
Angela Mcknight (D)*,
Daniel Benson (D),
Annette Chaparro (D),
Craig Coughlin (D),
Jamel Holley (D),
Carol Murphy (D),
Last Action
Reported out of Assembly Comm. with Amendments, 2nd Reading (on 06/02/2021)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| BillText | https://www.njleg.state.nj.us/2020/Bills/A2000/1728_R1.HTM |
| Bill | https://www.njleg.state.nj.us/2020/Bills/A2000/1728_R1.PDF |
| BillText | https://www.njleg.state.nj.us/2020/Bills/A2000/1728_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2020/Bills/A2000/1728_I1.PDF |
Loading...