ASSEMBLY, No. 1529

STATE OF NEW JERSEY

INTRODUCED FEBRUARY 15, 1996

By Assemblyman CORODEMUS

An Act concerning the payment of interest on season tickets for certain canceled professional sports events.

    Be It Enacted by the Senate and General Assembly of the State of New Jersey:

    1. As used in this act:

    "Canceled sports event" means a scheduled professional, team sports event which is never played during the season for which a season ticket holder purchased tickets.

    "Season ticket holder" means any person who purchases at least one ticket for more than one sports event from a professional sports team whose home games are played in this State.

    2. A professional sports team shall pay to a season ticket holder interest on each ticket owned by the season ticket holder for a canceled sports event. The interest shall accrue on the purchase price of each ticket, for each day from the date of sale to the date interest is paid, at a rate equal to the rate for delinquent State taxes, established pursuant to R.S.54:49-3, effective for the immediately preceding calendar quarter.

    3. This act shall take effect immediately .

STATEMENT

    This bill requires professional sports teams to pay to a season ticket holder interest on the price of each ticket owned by the season ticket holder for each canceled sports event. The bill defines season ticket holder as anyone who has purchased at least one ticket for more than one sports event from a professional sports team whose home games are played in this State.

    The bill provides that interest to be paid on the tickets shall accrue on the purchase price of each ticket for each day from the date of sale to the date interest is paid at a rate equal to the rate for delinquent State taxes, established pursuant to R.S.54:49-3, effective for the immediately preceding calendar quarter.

Requires payment of interest on season tickets for canceled professional sports events.