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(TRENTON) - Bipartisan legislation sponsored by Assemblywomen Celeste Riley and Connie Wagner to prevent credit card companies from preying on college students is now law.
"This law will protect many unsuspecting college students from the predatory practices often employed by credit card companies," said Riley (D-Cumberland/Gloucester/Salem). "College students are often unaware of the consequences of bad credit and many more don't realize the exorbitant interest rates they're charged. In many cases, students end up graduating more in debt to credit cards than student loans. This law will help curb that likelihood."
The law (A-1688) prohibits a public institution of higher education in New Jersey from entering into an agreement, or permitting its agents or a student organization from entering into any agreement, for the purposes of the direct merchandising of credit cards in person or by displays to students.
Contact Eva Loayza at (609) 847-3500
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"Assembly Speaker Vincent Prieto, a Hudson County Democrat, is balking. He claimed Tuesday that members of his caucus are divided over the measure and that his house is in no real rush – besides, even if enacted this year, the reforms would not take effect until 2017, he said. And with the growing belief that Christie could skip town to run for president, some Democrats are not eager to give him another talking point for his résumé. Christie’s plans to stump for Republican candidates in New Hampshire later Thursday only fuel that suspicion." - columnist Charles Stile- The Bergen Record
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