Bill
Bill > A443
NJ A443
Requires financial institutions to cash payroll checks under certain circumstances.
summary
Introduced
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill provides that, notwithstanding any other law to the contrary, a financial institution shall, upon the request of a person, including a minor, who presents a payroll check and who provides photographic identification indicating that he or she is the payee on that payroll check, cash the check without charging any fee for that service, as long as the person has an account with that financial institution or the check is drawn on that institution. A financial institution that violates a provision of this bill shall: (1) be subject to a fine of not more than $500 for each violation which shall be collected by the Commissioner of Banking and Insurance in a summary manner pursuant to the "Penalty Enforcement Law of 1999," P.L.1999, c.274 (C.2A:58-10 et seq.); and (2) reimburse the person for any attorney's fees incurred by the person with respect to any legal services necessary to enforce the person's rights under the bill or to bring a civil action to recover damages caused by the financial institution's failure to comply with the provisions of the bill.
AI Summary
This bill requires financial institutions, including banks, savings banks, savings and loan associations, and credit unions, to cash payroll checks without charging a fee if the person presenting the check, including a minor, provides photographic identification indicating they are the payee and has an account with that institution or the check is drawn on that institution. Financial institutions that violate this law can be fined up to $500 per violation and must reimburse the person for any attorney's fees incurred to enforce their rights or recover damages. The bill aims to ensure that employees can easily cash their payroll checks without facing additional fees.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Introduced, Referred to Assembly Financial Institutions and Insurance Committee (on 01/09/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/A443 |
| BillText | https://pub.njleg.gov/Bills/2024/A0500/443_I1.HTM |
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