GILL-WEINBERG BILL TO RESTRICT CREDIT CARDS FOR THOSE UNDER 21 ADVANCES

TRENTON – A bill sponsored by Senators Nia H. Gill and Loretta Weinberg which would require credit card companies to obtain parental consent before issuing a credit card to someone under the age of 21 was approved by the Senate Commerce Committee today by a vote of 4-0.

“Especially during the current economic crisis, a line of credit can be incredibly tempting – and extraordinarily dangerous – for young people who don’t understand the consequences of massive credit card debt,” said Senator Gill, D-Essex and Passaic, and Chairwoman of the Commerce Committee. “It’s become more and more common in our society for young people to build up thousands and thousands of dollars in unpaid credit card debt before they reach their mid-twenties. Hopefully, by informing parents of their kids’ credit decisions, we can encourage them to offer advice and guidance, so that their children can avoid costly mistakes which will limit them down the road.”

LOVE/LAMPITT/WAGNER/EVANS BILL TO REGULATE CREDIT CARD SOLICITATION ON CAMPUSES ADVANCES

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

(TRENTON) - The Assembly Financial Institutions and Insurance Committee today released legislation Assemblywomen Sandi Love, Pamela R. Lampitt, Connie Wagner and Elease Evans sponsored to regulate how credit card companies solicit new customers on college campuses in New Jersey.

LOVE/LAMPITT BILL TO REGULATE CREDIT CARD SOLICTICATION ON COLLEGE CAMPUSES ADVANCES

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

(TRENTON) - The Assembly Consumer Affairs Committee today released legislation Assemblywomen Sandi Love and Pamela R. Lampitt sponsored to regulate how credit card companies solicit new customers on college campuses in New Jersey.

WASHINGTON – As an increasing number of Americans fall victim to out-of-control credit card costs and as the credit card market begins to resemble the subprime mortgage market from when the foreclosure crisis began, U.S. Senator Robert Menendez (D-NJ) today announced a sweeping plan to put an end to deceptive practices and irresponsible marketing.