Bill > S1125

This bill amends New Jersey's theft laws to specifically address situations involving erroneous person-to-person electronic payments made through payment processors. The bill introduces new definitions for terms like "payment processor" and modifies existing theft statutes to create legal guidelines for handling mistakenly transferred funds. Under the new provisions, if an individual receives an electronic payment that they know or should have known was sent by mistake, they are required to return the funds within 30 days of being properly notified. Failure to do so can now give rise to a permissive inference of theft, meaning it can be used as evidence of criminal intent. The bill also provides an affirmative defense for individuals who return the erroneously transferred funds within 30 days of receipt or notification. Additionally, the bill establishes that if an individual is not notified about an erroneous payment within 180 days, there is a presumption that they did not know the payment was mistaken. These changes aim to provide clearer legal recourse for individuals who have accidentally transferred money electronically and want to recover their funds.

Business and Industry

https://www.njleg.state.nj.us/bill-search/2024/S1125