Riley & Wagner Bill to Prevent Credit Card Companies from Preying on College Students Signed Into Law
(TRENTON) – Bipartisan legislation sponsored by Assemblywomen Celeste Riley and Connie Wagner to prevent credit card companies from preying on college students is now law.
“This law will 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 law will help curb that likelihood.”
The law (A-1688) prohibits 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.