What does the law say about credit card disputes?

The Credit Card Dispute Resolution Law in New Jersey states that any disputes between a financial institution and a consumer related to a credit card must be resolved by an independent third-party mediator. This law was created to protect consumers and their rights when it comes to credit card disputes. Under the law, both the financial institution and the consumer must agree to use an independent third party to resolve the dispute. The mediator must be approved by the New Jersey Department of Banking and Insurance and must stay impartial when presiding over the dispute. The law also requires that both parties provide each other with any evidence and information that is relevant to the dispute in a timely manner. Both parties must also inform the mediator of any new or additional evidence that could affect the case. The law also outlines the procedure of how the dispute should be conducted. Both parties will explain their sides of the dispute, the mediator will review all the evidence, and then a decision will be made. The decision that the mediator makes is binding and is not subject to appeal. Overall, the Credit Card Dispute Resolution Law in New Jersey provides consumers with important protections and ensures that any disputes they have with their financial institution are handled in a fair and equitable manner.

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What does the law say about credit card disputes?

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