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NJ S3110
Bill
Status
Introduced
4/15/2024
Primary Sponsor
Nilsa Cruz-Perez
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AI Summary
- Establishes licensing requirements for earned wage access providers in New Jersey, administered by the Commissioner of Banking and Insurance, with applicants required to demonstrate $100,000 minimum net worth and $100,000 in liquid assets
- Requires providers to offer at least one no-cost option for consumers to receive proceeds, prohibits fees exceeding $5 for expedited delivery, and mandates clear disclosure that tips or gratuities are voluntary and do not affect service eligibility
- Prohibits providers from charging interest, late fees, or penalties on unpaid amounts, reporting consumers to credit agencies or debt collectors, suing consumers for repayment, or using credit scores to determine eligibility for services
- Requires providers to reimburse consumers for any overdraft or non-sufficient funds fees caused by the provider's errors in payment timing or amounts
- Authorizes civil penalties up to $25,000 per violation, with knowing violations classified as third-degree crimes, and grants the Commissioner authority to revoke licenses and bar individuals from the industry for up to 10 years
Legislative Description
Establishes program to provide free tuition under State Tuition Aid Grant Program to certain students who are accepted to public four-year institutions of higher education and elect to attend county college for first two years.
Higher Education
Last Action
Introduced in the Senate, Referred to Senate Higher Education Committee
4/15/2024
Committee Referrals
Higher Eduction4/15/2024
Full Bill Text
No bill text available