Tag Archives: BusinessLawsuits

How the Electronic Transfer Law Will Help NJ Businesses

New Jersey Business Lawyers Explain the New State Law Recently, Governor Chris Christie signed Assembly Bill 1162 into law, which amends the old law for the writing of bad checks. From now on, electronic fund transfers are included in the laws that penalize people who write bad checks, drafts or money orders. A bad electronic transfer would include any electronic transfer that was rejected for lack of funds, lack of credit to pay or if the person that creates the transfer does not have an account with the drawee. What are the Rules for Electronic Transfers? The new law has divided the rules between those who unknowingly make bad transfers and those who knowingly make bad transfers. For example, suppose you send an electronic payment for a product that you received; however, your account did not have enough money in it to actually pay the company for the product. The…
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