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Ban on college marketing of credit cards to students passes New Jersey assembly

Oct 22 2012 Ted Knutson, Compliance Complete

New Jersey public colleges and universities would be prohibited from marketing credit cards to students if a law passed by the state’s General Assembly last week becomes law. The measure won bipartisan support, passing 73 to 1 with 5 abstentions. However, similar bills have been introduced in every legislative session since 1998 but failed to gain Senate approval, according to NorthJersey.com. U.S. PIRG Consumer Program Director Ed Mierzwinski said at least one state, California, already has a law on the books banning joint college-issuer marketing of credit cards. Bill co-sponsor Assembly Democrat Connie Wagner of Paramus said the legislation is needed because overuse of credit cards is helping to imperil the financial future of students who often face decades of debt from tuition loans. On the national level, the Credit Card Act, enacted in 2009, requires issuers to annually report to federal regulators contracts they have with institutions of higher education for school-branded

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