Legislation sponsored by Kevin O’Toole (R-40) to ban credit card companies from soliciting students on public college campuses was unanimously passed Thursday by the full Senate and heads to Gov. Christie for approval.
“Credit card debt and student loan debt are rampant issues in our society,” O’Toole said. “Credit card companies often use merchandise displays offering free sports T-Shirts or blankets to attract young people. This tactic leads young people to open accounts they cannot keep solvent, which can bury them in debt caused by unsuspectingly high interest rates.”
Senator O’Toole’s 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.
“We must reduce the temptation for students to accumulate large debts at such young ages, to improve their chances of achieving the American Dream,” O’Toole concluded.