Requires financial institutions to cash payroll checks under certain circumstances.
Impact
If enacted, Bill S68 would amend existing laws under Title 17 of the Revised Statutes, bringing changes that support the financial inclusion of potentially marginalized individuals, including minors. By requiring financial institutions to cash payroll checks without fees, the bill would facilitate easier access to wages for those who may otherwise face challenges in managing their finances, thereby improving the economic stability of affected workers. The bill also aims to ensure that financial institutions adhere to fair check cashing practices.
Summary
Bill S68, introduced in the New Jersey Legislature, focuses on the practices of financial institutions in processing payroll checks. The primary purpose of this bill is to mandate that these institutions cash payroll checks for individuals—including minors—who provide proper photographic identification proving they are the payee, without charging any fee for this service. This requirement will apply as long as the individual has an account with that financial institution or the payroll check is drawn from it. This bill aims to enhance accessibility for individuals who may have difficulty cashing checks otherwise due to fees or restrictive policies.
Contention
Points of contention surrounding S68 may arise from the financial institutions that are required to comply with the bill's provisions. Concerns may relate to the financial implications of mandatory fee waivers for payroll checks, potentially affecting the revenue models of smaller financial institutions. There could also be discussions on the responsibilities and regulatory oversight required to enforce these provisions, as well as how the definitions surrounding who qualifies as a 'minor' or what constitutes a 'payroll check' are applied in practice.
Relating to accountability of institutions of higher education, including educator preparation programs, and online institution resumes for public institutions of higher education.
Revises calculation of student financial need and provides circumstances for reduction of financial aid at institutions of higher education and proprietary institutions.
Revises calculation of student financial need and provides circumstances for reduction of financial aid at institutions of higher education and proprietary institutions.
Revises calculation of student financial need and provides circumstances for reduction of financial aid at institutions of higher education and proprietary institutions.