A new legislation in New Jersey has been enacted to safeguard consumers against unjustified surcharges and additional fees when making credit card payments for purchases. This law, which has an immediate effect, establishes stringent regulations to prevent businesses from engaging in unfair practices. Those found in violation of these regulations will face legal consequences for their unlawful actions.
Governor Phil Murphy of New Jersey has signed into law the A4284/S3508 legislation, which mandates that businesses must charge customers either the precise cost incurred in processing the credit card payment or a maximum of 2.5 percent of the total payment amount.
Additionally, this new law compels businesses to transparently communicate the presence of a surcharge for credit card transactions and clearly indicate the precise amount of this surcharge before customers initiate any payments.
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