S1927

TRENTON – A bill sponsored by Senator Barbara Buono which would make various changes to regulate the solicitation of credit cards on college campuses – including requiring creditors to provide an educational program on the responsible use of credit and prohibiting credit card companies from using promotional gimmicks as an incentive for students to sign up – was signed into law today.

“Credit card debt is a growing problem amongst college students,” said Senator Buono, D-Middlesex, and Chairwoman of the Senate Budget and Appropriations Committee. “We need to be proactive in preparing our college students for the responsibility of personal credit. This new law ensures that students being solicited on campus in New Jersey will have the tools necessary to be better credit consumers.”

TRENTON – A bill sponsored by Senator Barbara Buono, which strengthens regulation and consumer protections for students who sign up for credit cards on college campuses, received final legislative approval by a vote of 58-18 during the Assembly Voting Session on June 18th. This legislation creates new requirements creditors must satisfy in order to solicit on college campuses including providing a mandatory educational program on the responsible use of credit to undergraduate students, prohibiting credit card companies from offering promotional giveaways, and increasing colleges’ oversight of credit card solicitors.

“This legislation will empower students to make fully informed and educated decisions before embarking upon what can be a life altering decision to open a credit card and accumulate debt. Credit scores have the potential to affect a person’s ability to obtain car insurance, employment, apartment rentals, home mortgages, and all other future borrowing,” said Senator Buono. “Given the very serious impact of a credit score on a student’s future prosperity, success, and well-being, it’s time for New Jersey to join other States in cracking down on credit card companies’ sales gimmicks, and unconscionable lending practices.”

TRENTON – A bill sponsored by Senator Barbara Buono which would make various changes to regulate the solicitation of credit cards on college campuses – including requiring creditors to provide an educational program on the responsible use of credit and prohibiting credit card companies from using promotional gimmicks as an incentive for students to sign up – was approved by the Senate Commerce Committee today by a vote of 4-0.

“Too many students on college campuses across the country are accumulating dangerous levels of credit card debt,” said Senator Buono, D-Middlesex, and Chairwoman of the Senate Budget and Appropriations Committee. “We need to be proactive in preparing our college students for the responsibility of personal credit, and this bill will go a long way to ensuring that kids being solicited on campus in New Jersey will be better credit consumers.”