Bill > A633

Introduced Session

This bill prohibits an issuer of credit cards or debit cards from charging an overlimit fee that is in excess of the amount that the credit card holder exceeded his credit limit or a debit card holder exceeded his available balance, as the case may be. The bill defines an "overlimit fee" as a fee charged to a credit card holder for exceeding the credit limit allowed on that consumer's credit card or a fee charged to a debit card holder for debiting an amount in excess of that consumer's available balance. A violation of this bill's provisions is an unlawful practice and a violation of the consumer fraud act, P.L.1960, c.39 (C.56:8-1 et seq.). Thus, any person who violates any of the provisions of the bill is liable to a penalty of not more than $10,000 for the first offense and not more than $20,000 for the second and each subsequent offense. In addition, a violation may result in cease and desist orders issued by the Attorney General, and the awarding of treble damages, attorneys' fees and costs of suit to the injured party.

AI Summary

Committee Categories

Michael Carroll (R)*,  Amy Handlin (R)*, 

Introduced, Referred to Assembly Consumer Affairs Committee (on 01/27/2016)