TRENTON – An Assembly committee advanced a bill that would limit fees that may be charged on prepaid debit accounts and improve transparency for consumers.
The bill (A-2144) regulates prepaid debit accounts by limiting the fees that may be charged in connection with the accounts and requiring financial institutions holding prepaid debit accounts to disclose certain information to consumers.
“Consumer protection is always a good thing, especially when it comes to uncovering hidden fees that can drain a bank account,” said Assemblywoman Linda Stender (D-Union/Middlesex/Somerset). “These are common sense reforms that will in the end benefit consumers and protect their money.”
“Consumer protection is always a top priority,” said Assemblyman Daniel R. Benson (D-Mercer/Middlesex). “Many consumer use prepaid debit accounts to avoid running up debt, yet then see their accounts riddled with fees, so limiting these fees and improving transparency is quite simply the right thing to do.”
The Assembly Financial Institutions and Insurance Committee released the bill Monday by a 5-2 vote along partisan lines, with Democrats supporting the measure and Republicans opposing it.
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