ASSEMBLY FINANCIAL INSTITUTIONS COMMITTEE

STATEMENT TO

ASSEMBLY, No. 1632

STATE OF NEW JERSEY

DATED: MAY 13, 1996

      The Assembly Financial Institutions Committee reports favorably Assembly Bill No. 1632.

      This bill prohibits a person, including a depository institution, which cashes a check for a consumer, from recording a charge card or credit card account number on the check. It does not prohibit a person, as a condition for cashing a check, from requiring a customer to show a credit card or charge card and recording the type of card shown and the expiration date of the card. Under the bill a person, including a depository institution, is not required to cash a check for a consumer.