Bill

Bill > S4298


NJ S4298

Requires depository institutions to provide paper account statements to elder adults.


summary

Introduced
01/04/2022
In Committee
01/04/2022
Crossed Over
Passed
Dead
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. The bill provides that the Commissioner of Banking and Insurance may order a depository institution that violates the provisions of the bill to cease any violation and subject the institution to a fine of not more than $500 for each violation. This bill was pre-filed for introduction in the 2020-2021 session pending technical review. As reported, the bill includes the changes required by technical review, which has been performed.

AI Summary

This bill requires depository institutions (state-chartered 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 (65 years of age or older) without charge, 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 by the depository institution reflecting all debits and credits to the account during a periodic cycle, which is a period of time equal to or shorter than a calendar quarter. The bill also authorizes the Commissioner of Banking and Insurance to order a depository institution that violates the bill's provisions to cease the violation and subject the institution to a fine of up to $500 for each violation.

Committee Categories

Business and Industry

Sponsors (1)

Last Action

Introduced in the Senate, Referred to Senate Commerce Committee (on 01/04/2022)

bill text


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