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Bill > S1376


NJ S1376

Prohibits financial institutions from penalizing individuals for exercise of free speech.


summary

Introduced
01/09/2024
In Committee
01/09/2024
Crossed Over
Passed
Dead

Introduced Session

2024-2025 Regular Session

Bill Summary

This bill prohibits financial institutions organized or doing business under the laws of this State from penalizing individuals for expression of constitutionally protected speech. Many people living in New Jersey depend upon financial institutions, including banks, savings banks, savings and loan associations, building and loan associations, credit unions, or money transmitters, for critical aspects of business and personal affairs. Private financial institutions could presently include restrictions on consumers' exercise of free speech through user policies penalizing certain expressions of constitutionally protected speech. This bill protects constituents of this State from these policies by prohibiting them and by providing the Commissioner of Banking and Insurance with a means of enforcement. A financial institution determined by the Commissioner of Banking and Insurance to have violated the provisions of this bill will be subject to a civil penalty of up to $10,000 for each violation or up to $50,000 for each willful violation.

AI Summary

This bill prohibits financial institutions in New Jersey, such as banks, savings banks, and credit unions, from penalizing individuals for exercising their constitutional right to free speech. The bill prohibits these institutions from including any clauses in their contracts or policies that would penalize, fine, or confiscate the funds of consumers for expressing constitutionally protected speech or using the institution's services to do so. The Commissioner of Banking and Insurance can impose civil penalties of up to $10,000 per violation or up to $50,000 for each willful violation on any financial institution found to have violated this law.

Committee Categories

Business and Industry

Sponsors (1)

Last Action

Introduced in the Senate, Referred to Senate Commerce Committee (on 01/09/2024)

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