New Jersey Statutes 46:30B-43.1. Limitation on holder’s power to impose charges
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Terms Used In New Jersey Statutes 46:30B-43.1
- Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
- 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
- Property: means tangible property described in R. See New Jersey Statutes 46:30B-6
37. Limitation on holder‘s power to impose charges. A holder of property subject to R.S.46:30B-42, section 5 of P.L.2010, c.25 (C. 46:30B-42.1), and R.S.46:30B-43 shall not impose on the property a dormancy charge or fee, abandoned property charge or fee, unclaimed property charge or fee, escheat charge or fee, inactivity charge or fee, or any similar charge, fee or penalty for inactivity with respect to the property. Neither the property nor an agreement with respect to the property may contain language suggesting that the property may be subject to that kind of charge, fee or penalty for inactivity.
L.2002, c.35, s.37; amended 2010, c.25, s.6.