Just in time for the fall semester, New Jersey has sent colleges and universities within the state a reminder about its new law regulating credit card issuers on campuses — including a ban on the freebies that used to lure college students to sign up for the cards.
Piggybacking on the 2009 federal law, New Jersey’s Credit Card Solicitation Act that went in effect in May requires credit card companies to register with the college or university before soliciting students on campus. The companies also have to provide an on-campus program to teach about interest rates, card balances, minimum monthly payments, among other credit issues. New Jersey’s law also bars credit card companies from enlisting debt collectors against the parent or guardian of a college student unless the adult agreed in writing to be liable for the student’s debts.
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