Bill Text: NJ AR137 | 2012-2013 | Regular Session | Introduced
Bill Title: Urges financial institutions to forgive interest payments for two months to credit card customers affected by Hurricane Sandy.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Introduced - Dead) 2013-01-17 - Introduced, Referred to Assembly Financial Institutions and Insurance Committee [AR137 Detail]
Download: New_Jersey-2012-AR137-Introduced.html
Sponsored by:
Assemblyman WAYNE P. DEANGELO
District 14 (Mercer and Middlesex)
Assemblyman NELSON T. ALBANO
District 1 (Atlantic, Cape May and Cumberland)
SYNOPSIS
Urges financial institutions to forgive interest payments for two months to credit card customers affected by Hurricane Sandy.
CURRENT VERSION OF TEXT
As introduced.
An Assembly Resolution urging financial institutions to forgive interest payments for two months to credit card customers in New Jersey affected by Hurricane Sandy.
Whereas, Beginning on October 28, 2012, and continuing at least through October 30, 2012, the State of New Jersey experienced great devastation during the assault of Hurricane Sandy on the people and property of the State; and
Whereas, The tremendous damage caused by high winds, waves, storm surge and fire associated with Hurricane Sandy devastated huge portions of the State and resulted in a widespread dislocation of the economy in New Jersey; and
Whereas, In the immediate aftermath of Hurricane Sandy, economic losses were severe as businesses lost income while ceasing to operate, and a considerable number of employees lost their wages as a result of being out of work; and
Whereas, After the hurricane struck, many New Jersey residents focused their immediate attention and financial resources on expending funds for emergency repairs to their homes and property, for finding temporary shelter in cases of displacement, and in undertaking measures to secure for themselves and their families the necessary essentials of heat and electricity; and
Whereas, To their credit, in this time of crisis, many of the major financial institutions operating in the State have assisted those affected by Hurricane Sandy by waiving various fees and extending payment deadlines; and
Whereas, It is in the public interest of the State and its residents, during this time of economic hardship, that the financial institutions which do business in this State should respond quickly and compassionately to alleviate further the economic distress currently experienced by New Jersey residents in the face of this unprecedented and unparalleled catastrophe; now, therefore,
Be It Resolved by the General Assembly of the State of New Jersey:
1. This House respectfully urges the financial institutions doing business in this State to provide financial assistance to their credit card customers in New Jersey affected by Hurricane Sandy by forgiving their interest payments for two months.
2. A duly authenticated copy of this resolution, signed by the Speaker of the General Assembly and attested by the Clerk thereof, shall be transmitted to the Commissioner of Banking and Insurance of New Jersey, the Chairman and the President and Chief Executive Officer of the New Jersey Bankers Association, and to the chief executive officer, president or other chief executive of each State or federally chartered bank, savings bank, savings and loan association, building and loan association, and credit union doing business in this State, as provided by the Commissioner of Banking and Insurance.
STATEMENT
This Assembly resolution urges New Jersey's financial institutions to forgive interest payments for two months to their credit card customers in New Jersey affected by Hurricane Sandy. In the wake of Hurricane Sandy, this resolution calls upon the State's financial institutions to respond quickly and compassionately to the financial hardships imposed on the residents of this State from this unprecedented storm by forgiving interest payments on credit cards for two months following the storm.
