Bill Text: NJ SR64 | 2020-2021 | Regular Session | Introduced
Bill Title: Urges financial institutions to waive and suspend certain fees and payments during coronavirus disease 2019 pandemic.
Spectrum: Bipartisan Bill
Status: (Passed) 2020-04-13 - Filed with Secretary of State [SR64 Detail]
Download: New_Jersey-2020-SR64-Introduced.html
Sponsored by:
Senator JOSEPH P. CRYAN
District 20 (Union)
Senator NELLIE POU
District 35 (Bergen and Passaic)
SYNOPSIS
Urges financial institutions to waive and suspend certain fees and payments during coronavirus disease 2019 pandemic.
CURRENT VERSION OF TEXT
As introduced.
A Senate Resolution urging financial institutions to waive bank fees and suspend credit card penalties, late fees, and interest payments during the coronavirus disease 2019 pandemic.
Whereas, The State of New Jersey faces an unprecedented public health crisis in the form of the coronavirus disease 2019 pandemic; and
Whereas, There have already been over 15,000 confirmed cases of coronavirus disease 2019 in the State and that number is expected to climb higher throughout the month of April and beyond; and
Whereas, Under Executive Order 107, the Governor has directed all residents to remain at home until further notice, in an effort to promote social distancing and stop the spread of the disease through personal contact; and
Whereas, Social distancing has caused considerable commercial disruption, with many businesses closed or operating at a reduced capacity indefinitely; and
Whereas, This has caused considerable financial hardship to employees who have been laid off, furloughed, or are working reduced hours, and to business owners who have seen a considerable reduction in income; and
Whereas, Financial hardships are causing many individuals to struggle to pay their bills, including credit card bills and interest payments; and
Whereas, Late fees, bank fees, credit card interest, penalties, and other financial services fees may be enough to tip an individual's precarious financial situation over the edge if they are affected by the coronavirus disease 2019 pandemic and resulting economic consequences; and
Whereas, Many financial institutions have already agreed to provide grace periods on mortgages, suspend credit downgrades and other negative impacts on credit, institute a moratorium on initiating foreclosures and evictions, and provide relief from fees and charges for New Jersey customers during the coronavirus disease 2019 pandemic; now, therefore,
Be It Resolved by the Senate of the State of New Jersey:
1. This House respectfully urges financial institutions to waive bank fees and suspend credit card penalties, late fees, and interest payments for the duration of the coronavirus disease 2019 pandemic.
2. Copies of this
resolution, as filed with the Secretary of State, shall be transmitted by the
Secretary of the Senate to the New Jersey Bankers Association and the National
Bankers Association, with a request to disseminate it to their membership.
STATEMENT
This resolution respectfully urges financial institutions to waive bank fees and suspend credit card penalties, late fees, and interest payments for the duration of the coronavirus disease 2019 pandemic. These actions will assist employees and small business owners who have faced economic hardships as a result of social distancing and the Governor's Executive Order 107 and other enforced stay-at-home orders.
Copies of this resolution, as filed with the Secretary of State, shall be transmitted by the Secretary of the Senate to the New Jersey Bankers Association and the National Bankers Association, with a request to disseminate it to their membership.
