Prohibits person experiencing coin shortage from charging consumers higher price for cash payment.
If enacted, A4551 will amend the New Jersey Consumer Fraud Act, categorizing violations of this new regulation as unlawful practices. This means that businesses could face significant penalties—up to $10,000 for initial offenses and escalating to $20,000 for subsequent violations. Additionally, the Attorney General would have the authority to issue cease and desist orders, and consumers harmed by non-compliance could seek treble damages, enhancing consumer protection in retail environments.
Assembly Bill A4551 aims to protect consumers from being charged higher prices when paying with cash in retail transactions during a coin shortage. This bill specifically prohibits businesses experiencing a shortage of coins from imposing additional charges for cash payments, thereby ensuring that consumers are not penalized for choosing cash as a payment method. The legislation is seen as a consumer protection measure, aiming to uphold fairness in pricing regardless of the payment method chosen by the consumer.
While the bill enjoys support from proponents of consumer rights, there may be concerns raised by some business owners about the constraints imposed on their pricing strategies during coin shortages. Critics may argue that strict regulations on pricing might complicate operational aspects for retailers, particularly small businesses facing coin supply issues, creating a debate around the balance between consumer protection and business flexibility.