MORRIS COUNTY — New Jersey businesses are now restricted from profiting off credit card surcharges, following a new law enacted by Gov. Phil Murphy. Effective immediately, this law mandates that details about these charges be made public.
Gov. Murphy emphasized the need for transaction transparency for everyone in New Jersey, highlighting the financial strains on families with limited incomes. The legislation prevents vendors from adding surcharges exceeding their own costs to process credit card payments.
Dana Lancellott, CEO of the NJ Restaurant and Hospitality Association, commented on how the industry values transparency in costs. She pointed out that while surcharges aren’t novel, they’ve grown in various sectors as a means to offset high fees charged by credit card processing firms, not for extra profit.
Beverly Brown Ruggia, Director of the New Jersey Citizen Action Financial Justice Program, expressed concern over unfair fees amplifying financial pressures on New Jersey families. She commended Gov. Murphy and the bill’s sponsors for shielding consumers from unnecessary charges on regular financial activities.
The new regulations come under bills A4284/S3508A4284/S3508.
