Bill Text: NJ A2197 | 2010-2011 | Regular Session | Introduced
Bill Title: Requires individual to be at least 21 years of age to enter into contract for the use of a credit card under certain circumstances.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2010-02-11 - Introduced, Referred to Assembly Financial Institutions and Insurance Committee [A2197 Detail]
Download: New_Jersey-2010-A2197-Introduced.html
Sponsored by:
Assemblyman GORDON M. JOHNSON
District 37 (Bergen)
SYNOPSIS
Requires individual to be at least 21 years of age to enter into contract for the use of a credit card under certain circumstances.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning certain credit card accounts and supplementing P.L.1972, c.81 (C.9:17B-1 et seq.) and P.L.1960, c.39 (C.56:8-1 et seq.).
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Notwithstanding the provisions of P.L.1972, c.81 (C.9:17B-1 et seq.) to the contrary, a person who is under 21 years of age, a dependent for tax purposes, a full-time student and not employed full- time, shall not be deemed to be an adult with respect to entering into a contract for the use of a credit card.
2. It shall be an unlawful practice for any person to issue a credit card to an individual who is under 21 years of age, a dependent for tax purposes, a full-time student and not employed full-time, notwithstanding the provisions of P.L.1972, c.81 (C.9:17B-1 et seq) to the contrary.
3. This act shall take effect on the first day of the third month after enactment.
STATEMENT
This bill provides that, notwithstanding the provisions of P.L.1972, c.81 (C.9:17B-1 et seq.) to the contrary, a person who is under 21 years of age, a dependent for tax purposes, a full-time student and not employed full-time, shall not be deemed to be an adult with respect to entering into contracts for the use of a credit card. The bill also supplements the consumer fraud act, P.L.1960, c.39 (C.56:8-1 et seq.), to make it an unlawful practice for any person to issue a credit card to an individual who is under 21 years of age a dependent for tax purposes, a full-time student and not employed full-time, notwithstanding the provisions of P.L.1972, c.81 (C.9:17B-1 et seq),to the contrary.
An unlawful practice under the consumer fraud act is punishable by a monetary penalty of not more than $10,000 for a first offense and not more than $20,000 for any subsequent offense. In addition, violations can result in cease and desist orders issued by the Attorney General, the assessment of punitive damages and the awarding of treble damages and costs to the injured party.
