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Senate Commerce Committee Statement to Senate, No. 1125 (State of New Jersey, May 13, 2024)

Summary

Senate Commerce Committee statement to Senate, No. 1125, with committee amendments, State of New Jersey, dated May 13, 2024. The committee reports favorably and with committee amendments Senate Bill No. 1125, which as amended provides that the failure to return an erroneous electronic payment between individuals to the sender is theft. The statement says the failure to return the payment constitutes theft where the recipient knew or should have known that the payment was erroneous, and that the bill adds a definition of “payment processor” to the chapter on theft offenses. It says the bill establishes an affirmative defense to a prosecution for theft if the individual returns the funds within the stated period, and that as amended and reported the bill is identical to Assembly Bill No. 2946 (1R).

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“Senate Commerce Committee Statement to Senate, No. 1125 (State of New Jersey, May 13, 2024).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2024-05-13-scm-s1125-s1-714a59f67e/, SHA-256 a670ed926d009805d744d0171b610102c4b6a1e15cfc14986fd2aeea74609280.

Full text

     SENATE COMMERCE COMMITTEE

                     STATEMENT TO

                   SENATE, No. 1125
                    with committee amendments



 STATE OF NEW JERSEY
                       DATED: MAY 13, 2024

    The Senate Commerce Committee reports favorably and with
committee amendments Senate Bill No. 1125.
    As amended, this bill provides that the failure to return an
erroneous electronic payment between individuals to the sender is
theft. Where an individual receives an electronic payment from
another individual through a payment processor that was delivered
under a mistake as to the nature or amount of the transfer or the
identity of the recipient, the failure to return the payment to the sender
constitutes theft where the recipient knew or should have known that
the payment was erroneous. Additionally, the bill adds a definition of
“payment processor” to the chapter on theft offenses.
    The bill establishes an affirmative defense to a prosecution for
theft for failure to return an erroneous electronic payment if the
individual returns the funds within 30 days or receipt of the funds or
notification that the funds were erroneously transferred.
   As amended and reported, this bill is identical to Assembly Bill No.
2946 (1R).
    This bill was prefiled for introduction in the 2024-2025 session
pending technical review. As reported, the bill includes the changes
required by technical review, which has been performed.

COMMITTEE AMENDMENTS:
    The committee amended the bill to:
    (1) stipulate that the failure to return an erroneous electronic
payment between individuals to the sender is theft where the
individual knows or should have known that they erroneously received
the payment; and
    (2) establish an affirmative defense to a prosecution for theft for
failure to return an erroneous electronic payment if the individual
returns the funds within 30 days of receipt of the funds or notification
that the funds were erroneously transferred.

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