Nov 21, 2009 1:39 pm US/Eastern
NJ Law Restricts Campus Credit Card Solicitations
TRENTON, N.J (CBS) ―
-
-
New Jersey Gov. Jon Corzine
Spencer Platt/Getty Images
Credit card companies that want to solicit customers on New Jersey's college campuses are now facing tighter restrictions.
Legislation that Gov. Jon Corzine signed Friday bars the companies from buying lists of students' names and addresses from colleges. They also can't offer gifts to entice students to apply for a card.
Companies also now must register with colleges if they want to sign up students on their campuses and provide credit education courses that explain how interest is calculated and discuss the proper use of credit. They also must certify that student applicants successfully completed the course.
And if a student incurs significant credit card debt, the card's issuer cannot initiate debt collection against their parents unless they agreed in writing to be liable for the debt.
Corzine lost his reelection bid for governor on November 3.
(© 2010 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
World's Most Useless Facts
Click to enlarge
Source: Probe Of Gov's Gambling Contract Possible 2 mins ago 
Stumble It!
Comments