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 under the existing law regarding property that has been lost, mislaid, or delivered by mistake.

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 who receive erroneous payments and to ensure that such transactions are handled appropriately, thereby protecting the rights of the original sender.