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Can you summarize NJST Chapter 18A:3C?
EDUCATION >
Short Summary
The provided legal document content governs credit card solicitations on campuses of institutions of higher education in New Jersey. It prohibits credit card issuers from issuing credit cards to students enrolled in an institution of higher education unless the student has attended a one-time, on-campus program of education provided by the credit card issuer. The document also prohibits credit card issuers from purchasing student information from institutions of higher education or offering gifts or promotional incentives to entice students to apply for a credit card. Credit card issuers are required to annually register their request to solicit on campus and provide necessary information to the institution of higher education. The document defines key terms such as ‘credit card,’ ‘credit card issuer,’ ‘institution of higher education,’ ‘solicit,’ and ‘student.’ Violation of the provisions may result in civil penalties ranging from $5,000 to $10,000 per offense. Additionally, credit card issuers are prohibited from taking debt collection actions against the parent or legal guardian of a student unless they have agreed in writing to be liable for the student’s debts. The document also outlines the requirements for the one-time, on-campus program of education, which includes educating students on responsible credit card use, financial consequences of not paying off balances, computation of interest, shift to higher interest rates, and prudent uses of credit. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Credit card issuers, students enrolled in institutions of higher education
What does it govern?
Credit card solicitations on campuses of institutions of higher education in New Jersey
What are exemptions?
Advertising and activities conducted by credit card issuers on campus
What are the Penalties?
Civil penalty of not less than $5,000 and not more than $10,000 for each offense
Jurisdiction
New Jersey