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Bill > A1415


NJ A1415

Requires depository institutions to provide paper account statements to elder adults.


summary

Introduced
01/09/2018
In Committee
12/03/2018
Crossed Over
Passed
Dead
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)

Last Action

Reported out of Assembly Comm. with Amendments, 2nd Reading (on 12/03/2018)

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