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 can be charged with theft. This provision aims to address situations where individuals may inadvertently benefit from mistaken payments and do not take the necessary steps to rectify the situation.

Additionally, the bill introduces a definition for "payment processor," clarifying the role of entities that facilitate electronic transactions. The definition specifies that a payment processor is responsible for enabling the purchase of goods or services or the payment of bills through a formal agreement with the seller or creditor. This legislative change seeks to enhance accountability in electronic transactions and ensure that individuals who receive erroneous payments are held responsible for returning them. The act is set to take effect immediately upon passage.