ASSEMBLY CONSUMER AFFAIRS AND REGULATED PROFESSIONS COMMITTEE

STATEMENT TO

ASSEMBLY, No. 1529

STATE OF NEW JERSEY

DATED: DECEMBER 15, 1997

      The Assembly Consumer Affairs and Regulated Professions Committee reports favorably Assembly Bill No. 1529.

      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 the 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.