Assembly authorizes DFS to cap ATM fees at casinos and college campuses
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Summary
Lawmakers passed a bill authorizing the Department of Financial Services to set reasonable limits on ATM surcharges at casinos and some college campuses to protect captive consumers; critics warned of rulemaking and potential ATM deserts.
The Assembly on March 24 approved legislation empowering the Department of Financial Services to set reasonable caps on ATM transaction fees charged at casinos and college campuses, where users often have limited alternatives.
Sponsor (label 19) said the bill targets predatory fees: floor remarks cited average casino ATM fees of about $10 and high campus fees that can exceed $5. The bill would require casinos and colleges to investigate complaints and act on noncompliance; the DFS would set specific fee ceilings through rulemaking and could periodically review them.
Opponents questioned adopting a law before DFS completes a fee schedule, warned of unintended consequences such as reduced ATM access, and asked whether disclosure alone might suffice. The sponsor said the bill includes stakeholder comment during rulemaking and that a $250 per knowing violation penalty is in the text.
The Assembly adopted the bill by recorded voice vote, Ayes 102, Nays 39. Sponsor said DFS rulemaking and stakeholder input will define ceilings and exemptions.
What happens next: DFS will begin rulemaking with required public notice and comment; enforcement and final fee schedules will follow.
