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

Summary

A Senate Commerce Committee statement to the Senate on Senate Bill No. 1125 with committee amendments, State of New Jersey, dated May 13, 2024, reporting the bill favorably. As amended, the bill provides that failing to return an erroneous electronic payment between individuals, received through a payment processor, is theft where the recipient knew or should have known the payment was erroneous. It adds a definition of "payment processor" to the chapter on theft offenses and sets an affirmative defense if the funds are returned within 30 days. The statement says the bill as amended and reported is identical to Assembly Bill No. 2946 (1R).

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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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