Bill Text: NJ A3924 | 2016-2017 | Regular Session | Amended


Bill Title: Requires financial institutions to cash payroll checks under certain circumstances.*

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Engrossed - Dead) 2017-01-09 - Received in the Senate, Referred to Senate Commerce Committee [A3924 Detail]

Download: New_Jersey-2016-A3924-Amended.html

[First Reprint]

ASSEMBLY, No. 3924

STATE OF NEW JERSEY

217th LEGISLATURE

 

INTRODUCED JUNE 20, 2016

 


 

Sponsored by:

Assemblyman  JOE DANIELSEN

District 17 (Middlesex and Somerset)

Assemblyman  JAMEL C. HOLLEY

District 20 (Union)

 

 

 

 

SYNOPSIS

     Requires financial institutions to cash payroll checks under certain circumstances.

 

CURRENT VERSION OF TEXT

     As reported by the Assembly Financial Institutions and Insurance Committee on October 6, 2016, with amendments.

  


An Act concerning financial institutions and check cashing practices and supplementing Title 17 of the Revised Statutes.

 

     Be It Enacted by the Senate and General Assembly of the State of New Jersey:

 

     1.    As used in this act:

     "Financial institution" means a State or federally chartered bank, savings bank, savings and loan association or credit union doing business in the State.

     "Minor" means an individual who is under 18 years of age.

     "Payroll check" means a check issued by an employer to its employee in payment of salary or wages for services rendered by the employee.

 

     2.    Notwithstanding any other law to the contrary, a financial institution shall, upon the request of 1any person, including1 a minor 1,1who presents a payroll check and who provides 1[reasonable] photographic1 identification indicating that he or she is the payee on that payroll check, cash the check without charging any fee for that service, as long as the 1[minor] person1 has an account with that financial institution or the check is drawn on that institution.

 

     3.    A financial institution which violates a provision of this act shall:

     a.     be subject to a fine of not more than $500 for each violation, which shall be collected by the Commissioner of Banking and Insurance in a summary manner pursuant to the "Penalty Enforcement Law of 1999," P.L.1999, c.274 (C.2A:58-10 et seq.); and

     b.    reimburse the 1[minor] person1 for any attorney's fees incurred by the 1[minor] person1 with respect to any legal services necessary to enforce the 1[minor's] person's1 rights under this act or to bring a civil action to recover damages caused by the financial institution's failure to comply with the provisions of this act.

 

     4.    This act shall take effect on the 90th day next following enactment.

feedback