New Jersey Statutes 46:30B-13. Limitation on holder’s power to impose service charges
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Terms Used In New Jersey Statutes 46:30B-13
- Contract: A legal written agreement that becomes binding when signed.
- Holder: means a person, wherever organized or domiciled, who is the original obligor indebted to another on an obligation. See New Jersey Statutes 46:30B-6
- Money order: means an express money order and a personal money order, on which the remitter is the purchaser. See New Jersey Statutes 46:30B-6
- month: means a calendar month, and the word "year" means a calendar year. See New Jersey Statutes 1:1-2
- Owner: means a person having a legal or equitable interest in property subject to this chapter or the person's legal representative and includes, but is not limited to, a depositor in the case of a deposit, a beneficiary in the case of a trust other than a deposit in trust, and a creditor, claimant, or payee in the case of other property. See New Jersey Statutes 46:30B-6
46:30B-13. Limitation on holder‘s power to impose service charges. A holder may not deduct from the amount of a travelers check or money order any charge imposed by reason of the failure to present the instrument for payment unless there is a valid and enforceable written contract between the issuer and the owner of the instrument pursuant to which the issuer may impose a charge and the issuer regularly imposes the charges and does not regularly reverse or otherwise cancel them. The amount of the deduction shall be limited to an amount not to exceed $2 per month. Notwithstanding any provision of this section to the contrary, no service charge, dormancy fee or other similar charge shall be imposed against a travelers check or money order within the twelve months immediately following the date of sale.
amended 2002, c.35, s.12; 2010, c.25, s.4.