Legislation sponsored by Kevin O’Toole (R-40) to ban credit card companies from soliciting students on public college campuses was signed into law today by Gov. Chris Christie
“Credit card debt and student loan debt are rampant issues in our society,” O’Toole emphasized. “College campuses shouldn’t be a breeding ground for both problems.”
Senator O’Toole’s law, formerly S-2303, prohibits a public institution of higher education in this State from entering into an agreement, or permitting its agents or a student organization from entering into any agreement, for the purposes of the direct merchandising of credit cards in person or by displays to students.
“Credit card companies often use merchandise displays offering free sports T-Shirts or blankets to attract young people,” O’Toole noted. “This tactic leads young people to open accounts they cannot keep solvent, which can bury them in debt caused by unsuspectingly high interest rates.”
“This law reduces the temptation for students to accumulate large debts at such young ages, to improve their chances of professional and economic advancement,” O’Toole concluded.
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