***MULTIMEDIA PACKAGE*** Love, Lampitt Commentary on Bill to Regulate Credit Card Solicitation on Campuses

***MULTIMEDIA PACKAGE***

LOVE & LAMPITT COMMENTARY ON BILL TO REGULATE CREDIT CARD SOLICITATION ON CAMPUSES

Measure Would Require Credit Card Companies to Register with Colleges; Students to Complete Education Courses before Credit Cards Could be Issued

(TRENTON) - Assemblywomen Sandra Love and Pamela R. Lampitt today issued a multimedia package on their legislation to allow the state Division of Consumer Affairs to regulate how credit card companies solicit card applications on college campuses.

The sponsors said the measure (A-3003) would help protect the credit ratings of students and parents and ensure students understand how to be responsible users of credit.

The multimedia package consists of a video press release on the legislation, audio of same and a transcript of statements from the bill sponsors.

The video can be accessed directly via our Web site - www.assemblydems.com - or by clicking here.

The audio file is available upon request.

A transcript of sponsor statements is appended below:

Assemblywoman Sandra Love (D-Camden):

"When we send our children to college, we expect they'll receive the education they need to become responsible, productive members of our society."

Assemblywoman Pamela R. Lampitt (D-Camden):

"So it is disturbing to know that a vast majority of students are graduating without a basic understanding of consumer credit, which is reflected in their monthly credit card statements."

Love:

"Because of the way credit cards are marketed on college campuses - as a way to receive free gifts..."

Lampitt:

"...or as a means of purchasing without consequence..."

Love:

"...many college graduates are leaving school with thousands of dollars in credit card debt."

Lampitt:

"Nationally, more than three quarters of college students have at least one credit card - and most have no idea how to use it."

Love:

"To help protect the credit ratings of students and parents alike and to ensure students understand how to be responsible users of credit..."

Lampitt:

"...we've introduced legislation - A-3003 - to allow the New Jersey Division of Consumer Affairs to regulate credit card solicitations on college campuses."

Love:

"Under our bill, credit card companies would have to register with colleges before being able to solicit students on campus."

Lampitt:

"What's more, before issuing a student applicant a card, the credit card company would have to educate students on the responsible use of credit.  Failure to do so would result in stiff penalties."

Love:

"In the face of a global recession, we do not need our newest crop of consumers entering the market already in the red."

Lampitt:

"For more information about this legislation or for help with any other questions you may have, feel free to contact our district offices by phone or e-mail."

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