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Bill > A1415
NJ A1415
Requires depository institutions to provide paper account statements to elder adults.
summary
Introduced
01/09/2018
01/09/2018
In Committee
12/03/2018
12/03/2018
Crossed Over
Passed
Dead
01/08/2020
01/08/2020
Introduced Session
2018-2019 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. 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. It has come to the sponsor's attention that many seniors are being forced into using "online banking," or accepting electronic account statements, by certain depository institutions charging fees for paper statements. Many seniors do not have access to computers or the computer experience necessary to manage accounts online. Therefore, this bill is intended to help senior citizens continue banking through paper statements by prohibiting depository institutions from charging fees to senior citizens for those paper account statements.
AI Summary
This bill requires depository institutions (state-chartered banks, savings banks, savings and loan associations, or credit unions) in New Jersey to mail periodic account statements in paper form to any account holder who is an elder adult (at least 65 years of age) without charge, unless the elder adult chooses to opt-out of receiving the paper statement. The bill defines a "periodic account statement" as a written statement provided regularly (at least quarterly) that reflects all debits and credits to the account. The bill also gives the Commissioner of Banking and Insurance the authority to enforce the law and impose fines for violations.
Committee Categories
Business and Industry
Sponsors (7)
Joe Danielsen (D)*,
Angela Mcknight (D)*,
Daniel Benson (D),
Annette Chaparro (D),
Craig Coughlin (D),
Jamel Holley (D),
Carol Murphy (D),
Last Action
Reported out of Assembly Comm. with Amendments, 2nd Reading (on 12/03/2018)
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
---|---|
BillText | https://www.njleg.state.nj.us/2018/Bills/A1500/1415_R1.HTM |
Bill | https://www.njleg.state.nj.us/2018/Bills/A1500/1415_R1.PDF |
BillText | https://www.njleg.state.nj.us/2018/Bills/A1500/1415_I1.HTM |
Bill | https://www.njleg.state.nj.us/2018/Bills/A1500/1415_I1.PDF |
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