SENATE COMMERCE COMMITTEE

STATEMENT TO

SENATE, No. 833

with committee amendments

STATE OF NEW JERSEY

DATED:  FEBRUARY 7, 2019

      The Senate Commerce Committee reports favorably and with committee amendments Senate Bill No. 833.

      This bill modifies certain fees charged by check casher licensees.  Specifically, the bill permits check casher licensees to charge a fee of up to three percent of the face amount of the check on checks in excess of $2,500.

      This bill was pre-filed for introduction in the 2018-2019 session pending technical review.  As reported, the bill includes the changes required by technical review, which has been performed.

COMMITTEE AMENDMENTS:

      The committee amended the bill to:

      (1)  Delete a provision of the bill that allowed check casher licensees to charge a fee of up to three percent of the face amount of the check on checks that are payable to an entity.

      (2)  Clarify that the provisions of current law regarding fees for cashing a check payable to recipients of Temporary Assistance for Needy Families and certain Social Security income remain in place, and are unaffected by the change in fees for checks in excess of $2,500 proposed by the bill.