New Jersey Statutes 46:8-49.1. Landlord prohibited from requiring electronic payments from tenants
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Terms Used In New Jersey Statutes 46:8-49.1
- Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
2. No landlord shall require a tenant or prospective tenant to remit any amount due to the landlord pursuant to a residential lease, renewal, or extension agreement by means of electronic funds transfer, including but not limited to an electronic funds transfer system that automatically transfers funds on a regular, periodic, and recurring basis. A landlord who violates this section shall be subject to the penalty provisions of section 5 of P.L.1975, c.310 (C. 46:8-47).
L.2019, c.300, s.2.