Bill Text: NJ S658 | 2010-2011 | Regular Session | Introduced
Bill Title: Permits deferred payment for six months of financial obligation incurred by member of National Guard killed on active duty.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2010-01-12 - Introduced in the Senate, Referred to Senate Military and Veterans' Affairs Committee [S658 Detail]
Download: New_Jersey-2010-S658-Introduced.html
STATE OF NEW JERSEY
214th LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 2010 SESSION
Sponsored by:
Senator BARBARA BUONO
District 18 (Middlesex)
SYNOPSIS
Permits deferred payment for six months of financial obligation incurred by member of National Guard killed on active duty.
CURRENT VERSION OF TEXT
Introduced Pending Technical Review by Legislative Counsel
An Act concerning financial obligations of members of the National Guard killed on active duty and supplementing chapter 23C of Title 38 of the Revised Statutes.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. a. The principal and interest on a financial obligation or liability incurred by a member of the New Jersey National Guard, for which a beneficiary has become liable after the member's death while on State or federal active duty, including active duty for training, that was created before that member's entry into service on active duty shall be deferred for a period of six months after the death of the member, without penalty or accrual of any additional interest.
For the purposes of this section, "interest" includes service charges, renewal charges, fees, or any other charges with respect to any obligation or liability.
b. This section shall apply only when a member's beneficiary provides written notice of the death of the member to the financial institution to which he or she is liable and from which he or she is requesting deferral of interest and payments as set forth in this section.
2. This act shall take effect immediately.
STATEMENT
This bill provides that if a member of the New Jersey National Guard dies while on active duty, the member's beneficiary may defer payment of both the principal and interest on a financial obligation or liability for six months after the member's death. The beneficiary would be required to provide written notice to the financial institution from which he or she is requesting the deferral.
This bill would only apply to a financial obligation or liability incurred by a member of the New Jersey National Guard which was created before the member's entry into service on active duty.
