Governor Murphy Signs Legislation to Safeguard New Jersey Consumers Against Unfair Credit Card Surcharges
August 18, 2023 | nj.gov
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Governor Phil Murphy today signed A4284/S3508, which prohibits sellers from imposing certain surcharges for credit card transactions and establishes certain notice requirements regarding surcharges. The legislation builds upon the Murphy Administration’s efforts to protect New Jersey consumers by improving transparency and curtailing unfair practices that disproportionately burden low- and moderate-income New Jerseyans.
“As our post-pandemic economy continues to grow and evolve, we too must adapt to best safeguard New Jersey consumers against unfair practices,” said Governor Murphy. “All residents and visitors doing business in New Jersey deserve the utmost transparency with respect to their transactions, especially given the affordability challenges experienced by our low- and moderate-income families. Today’s legislation marks yet another step New Jersey is taking to ease those pressures and put well-earned money back in the pockets of hardworking New Jerseyans.”
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NJ SEED: Perhaps the legislature and administration should take a closer look at the transaction fee issue. It may not be the merchants who are taking advantage of consumers to the extent that the banks that issue credit cards are taking advantage of both. Banks that issue credit cards make major money by charging fees ranging from 1.5% to 3.5% on each and every transaction. They avoid consumer complaints by expecting merchants to absorb the costs in order to meet competition. It would be hard for banks to justify high percentage charges on computer-managed transactions. Perhaps the banks that issue credit cards should be limited to a flat amount per transaction. Just a thought that might be considered for both merchants and their consumers.