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Bill > A3169

NJ A3169

Criminalizes failure to return erroneous person-to-person electronic payments following proper notification.

summary

Introduced
03/07/2022
In Committee
03/07/2022
Crossed Over
Passed
Dead
01/08/2024

Introduced Session

2022-2023 Regular Session

Bill Summary

This bill provides that the failure to return an erroneous electronic payment between individuals to the sender is theft. Where an individual receives an electronic payment from another individual through a payment processor that was delivered under a mistake as to the nature or amount of the transfer or the identity of the recipient, the failure to return the payment to the sender constitutes theft where the recipient was notified that the payment was erroneous. Additionally, the bill adds a definition of "payment processor" to the chapter on theft offenses.

AI Summary

This bill criminalizes the failure to return an erroneous electronic payment between individuals to the sender, following proper notification. The bill defines a "payment processor" as a person who facilitates the purchase of goods or services or the payment of bills, and provides their services pursuant to an agreement with the seller or creditor. If an individual receives an electronic payment from another individual through a payment processor that was delivered due to a mistake, and the recipient is notified that the payment was erroneous, the failure to return the funds to the sender within 30 days constitutes theft.

Committee Categories

Business and Industry

Sponsors (1)

Last Action

Introduced, Referred to Assembly Financial Institutions and Insurance Committee (on 03/07/2022)
(1 Companion Bills)

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