This bill amends New Jersey's theft laws to criminalize the failure to return erroneous person-to-person electronic payments after proper notification. Specifically, it establishes that if an individual receives an electronic payment through a payment processor and is subsequently notified that the payment was made in error, they are required to return the funds within 30 days. If they fail to do so, they can be charged with theft. This provision aims to address situations where individuals may inadvertently benefit from mistaken payments and do not take action to rectify the situation.

Additionally, the bill introduces a new definition for "payment processor," which is described as any person or entity that facilitates the purchase of goods or services or the payment of bills through a clearance and settlement system, under a formal agreement with the seller or creditor. This inclusion clarifies the role of payment processors in electronic transactions and reinforces the legal framework surrounding electronic payments and potential theft offenses. The bill is set to take effect immediately upon passage.