Senate Commerce Committee Statement to Senate, No. 3405 — State of New Jersey (February 11, 2021)

Summary

A Senate Commerce Committee statement to the Senate on Senate Bill No. 3405, State of New Jersey, dated February 11, 2021, reporting the bill favorably. The bill protects "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 or a related federal declaration. Such assistance is the property of the individual, reserved for the individual's use or that of the family or estate, and may not be seized by execution or civil process issued out of any court of the State. A State chartered bank, savings bank, savings and loan association, or credit union may not withhold any amount for overdraft or other fees from deposited or cashed assistance.

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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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