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Senate Commerce Committee Statement to Senate, No. 3405 (February 11, 2021)

Summary

Senate Commerce Committee Statement to Senate, No. 3405, State of New Jersey, dated February 11, 2021, reporting Senate Bill No. 3405 favorably. The statement says the bill provides certain protections for pandemic financial assistance, defined as money provided by the State or federal government to an individual in response to the emergency declared by Executive Order No. 103 of 2020. It provides that all financial assistance is the property of the individual entitled to it and is not liable to be seized by execution or civil process. A financial institution is to allow the individual to access the full amount deposited, without withholding any amount for overdraft or other fees the individual may owe.

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“Senate Commerce Committee Statement to Senate, No. 3405 (February 11, 2021).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2021-02-11-scm-s3405-s1-bf12327dcf/, SHA-256 fcc5e9107876b2efdc33db430a3c7bcff49f306181440091d02cb6e4a80f04c8.

Full text

     SENATE COMMERCE COMMITTEE

                    STATEMENT TO

                  SENATE, No. 3405

 STATE OF NEW JERSEY
                   DATED: FEBRUARY 11, 2021

   The Senate Commerce Committee reports favorably Senate Bill
No. 3405.
   This bill provides certain protections for pandemic financial
assistance. As used in the bill, “financial assistance” means money
provided by the State or federal government to an individual in
response to the Public Health Emergency and State of Emergency
declared by Executive Order No. 103 of 2020 concerning the
coronavirus disease 2019 pandemic or any related federal
emergency declaration pursuant to federal law concerning that same
pandemic.
   The bill provides that all financial assistance shall be the
property of the individual that is entitled to the assistance, and shall
be reserved, both before and after the individual’s death, for the
individual’s use, or that of the individual’s family or estate, and
shall not be liable to be seized or taken by virtue of any execution
or civil process whatever, issued out of any court of this State.
   The bill also provides that, if an individual has financial
assistance deposited into an account at a financial institution, the
financial institution shall allow the individual to access the full
amount of financial assistance, without withholding any amount for
overdraft or other fees that the individual may owe the financial
institution at the time the assistance is deposited. The bill prohibits
a financial institution from withholding any amount for overdraft or
other fees that an individual may owe the financial institution if an
individual with an account at the financial institution cashes a check
for financial assistance at the institution. As used in the bill,
"financial institution" means a State chartered bank, savings bank,
savings and loan association, or credit union.

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