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 must return the funds within 30 days. If they fail to do so, they will be guilty of theft, as defined in the amended statute.

Additionally, the bill introduces new definitions related to electronic payments, including the term "payment processor," which refers to any entity that facilitates the purchase of goods or services through a clearance and settlement system. This legislative change aims to clarify the responsibilities of individuals regarding electronic transactions and to ensure that erroneous payments are promptly returned to their rightful owners.