Senate Commerce Committee Statement to Senate, No. 3928 — State of New Jersey (February 10, 2025)

Summary

The Senate Commerce Committee of the State of New Jersey, in a statement dated February 10, 2025, reports favorably Senate Bill No. 3928. The bill limits the general application of certain consumer contracts, requiring a consumer contract for a service to apply solely to the service offered by the company and purchased by the consumer. The contract may not govern the consumer's purchases of other products or services from the company or an affiliate that are not offered under the contract. The definition of "consumer contract" excludes securities transactions with a broker-dealer registered with the Securities and Exchange Commission and commodities transactions with a registered futures commission merchant.

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SENATE COMMERCE COMMITTEE

STATEMENT TO

SENATE, No.
3928

STATE
OF NEW JERSEY

DATED: FEBRUARY
10, 2025

The Senate Commerce Committee reports favorably Senate
Bill No. 3928.

This
bill limits the general application of certain consumer contracts.

Under
the bill, a consumer contract for a service offered by a company must apply
solely to the service offered by the company and purchased by the consumer.
The consumer contract will be prohibited from containing provisions that allow
or require the contract to govern the circumstances under which the consumer
purchases other products or services from the contracting company, or an
affiliate of the company, that are not offered pursuant to the contract.

For
the purpose of this bill, “consumer contract” means a written agreement in
which an individual contracts for a service and is obtained for personal,
family, or household purposes. “Consumer contract” does not include a written
agreement involving a transaction in securities with a broker-dealer registered
with the Securities and Exchange Commission, or a transaction in commodities
with a futures commission merchant registered with the Commodity Futures
Trading Commission.

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