Bill Text: NJ S1536 | 2010-2011 | Regular Session | Introduced
Bill Title: Requires ATM independent sales organizations to provide certain withdrawal options.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2010-02-22 - Introduced in the Senate, Referred to Senate Commerce Committee [S1536 Detail]
Download: New_Jersey-2010-S1536-Introduced.html
Sponsored by:
Senator RONALD L. RICE
District 28 (Essex)
SYNOPSIS
Requires ATM independent sales organizations to provide certain withdrawal options.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning certain automated teller machines.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. For the purposes of this act:
"Automated teller machine" means an electronic information processing device located in the State which accepts or dispenses cash in connection with a credit or deposit account. The term does not include tellers' stations staffed by a person or other staffed facilities.
"Independent sales organization" means any entity, other than a State or federally chartered bank, savings bank, savings and loan association, or credit union, which operates an automated teller machine in this State.
2. An independent sales organization shall not operate an automated teller machine in this State unless the automated teller machine provides consumers with an option to withdraw at least $200 in a single transaction.
3. An independent sales organization found to be in violation of this act shall be subject to a civil penalty of not more than $1,000 per day for each day that the independent sales organization is in violation of this act. The penalty may be collected by a summary proceeding instituted by the Commissioner of Banking and Insurance in accordance with the "Penalty Enforcement Law of 1999," P.L.1999, c.274 (C.2A:58-10 et seq.).
4. The Commissioner of Banking and Insurance shall enforce the provisions of this act and may adopt, pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), rules and regulations to effectuate the purposes of this act.
5. This act shall take effect on the 90th day following enactment.
STATEMENT
This bill prohibits an independent sales organization - an entity that is not a State or federally chartered bank, savings bank, savings and loan association, or credit union - from operating an automated teller machine in this State unless the automated teller machine provides consumers with an option to withdraw as much as $200 per transaction. The bill provides for enforcement by the Commissioner of Banking and Insurance who may also adopt rules and regulations to effectuate the bill's provisions. The bill also provides for a civil penalty of up to $1,000 per day for failure to comply with the provisions of the bill.
