Riley & Wagner Bill to Prevent Credit Card Companies from Preying on College Students Gets Final Legislative Approval
(TRENTON) – Bipartisan legislation sponsored by Assemblywomen Celeste Riley and Connie Wagner to prevent credit card companies from preying on college students received final legislative approval on Thursday and now heads to the governor’s desk.
“This bill would protect many unsuspecting college students from the predatory practices often employed by credit card companies,” said Riley (D-Cumberland/Gloucester/Salem. “College students are often unaware of the consequences of bad credit and many more don’t realize the exorbitant interest rates they’re charged. In many cases, students end up graduating more in debt to credit cards than student loans. This bill would help curb that likelihood.”
The bill (A-1688) would prohibit a public institution of higher education in New Jersey from entering into an agreement, or permitting its agents or a student organization from entering into any agreement, for the purposes of the direct merchandising of credit cards in person or by displays to students.