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Bill > S2787
NJ S2787
NJ S2787Requires depository institutions to provide paper account statements to elder adults.
summary
Introduced
01/13/2026
01/13/2026
In Committee
01/13/2026
01/13/2026
Crossed Over
Passed
Dead
Introduced Session
2026-2027 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.
AI Summary
This bill requires banks, savings banks, savings and loan associations, and credit unions, referred to as "depository institutions," to automatically mail paper account statements to account holders who are at least 65 years old, known as "elder adults," at no cost. These statements, called "periodic account statements," are written records provided regularly, no more than every three months, detailing all money going into and out of an account. An "elder adult" can choose to stop receiving these paper statements by notifying the institution. If a depository institution fails to comply with this requirement, the Commissioner of Banking and Insurance can order them to stop the violation and may impose a fine of up to $500 for each offense.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Commerce Committee (on 01/13/2026)
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/2026/S2787 |
| BillText | https://pub.njleg.gov/Bills/2026/S3000/2787_I1.HTM |
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