Includes payday lending as a violation of the consumer fraud act.

This New Jersey bill (A988) prohibits payday lenders from making deferred deposit loans, which are short-term cash advances repaid via a post-dated check due on the borrower's next payday. It directly affects lenders (including those operating online or outside New Jersey) who target New Jersey residents, and protects consumers from these high-cost loans. The bill adds payday lending to the list of unlawful practices under the state's Consumer Fraud Act, making it subject to existing penalties like fines up to $20,000 per violation, cease-and-desist orders, and potential triple damages for affected borrowers. The law applies to all loan solicitation methods (online, phone, in-person, etc.) and takes effect immediately.