Junk Dealers Recyclers paying customers with Prepaid Cards
SB 143 (Skinner) Junk Dealers and Recyclers. Nonferrous Material. Payment by General Use Prepaid Cards. Chapter 243, Statutes of 2019 (Urgency) This measure makes a number of changes related to junk dealers. Specifically, this measure: Authorizes general use prepaid cards as a form of payment junk dealers or recyclers may provide for nonferrous material; Requires …
SB 143 (Skinner) Junk Dealers and Recyclers. Nonferrous Material. Payment by General Use Prepaid Cards. Chapter 243, Statutes of 2019 (Urgency) This measure makes a number of changes related to junk dealers. Specifically, this measure:
- Authorizes general use prepaid cards as a form of payment junk dealers or recyclers may provide for nonferrous material;
- Requires the junk dealer or recycler to pay any one-time or initial use fees associated with the card; and
- Prohibits account activity fees from being charged to the general use card.
For Owner/Agents, SB 143 should make it easier to calculate income from recycling. Owner/Agents should remember to treat the prepaid card as a saving account and count the current balance of the card as an asset.