New Jersey Law To Eliminate Cap On Ticket Holds

New Jersey Perf. Arts Center – New Jersey Perf. Arts Center

New Jersey Gov. Phil Murphy has signed a bill into law that strips away a two-decade law that limits how many tickets are held before going on sale to the public.

The holds are currently capped at 5 percent, according tothe New Jersey Star-Ledger, but the new law does away with the cap.

The bill was introduced June 25 and signed into law Aug. 24.

Murphy, a democrat, says the current 5 percent cap puts New Jersey in “a competitive disadvantage with our neighboring states,” which do not have a cap at all.

Murphy said in a statement that the measure will make New Jersey more competitive in attracting top-flight talent and that the bill includes consumer-friendly provisions such as a requirement that ticket resellers offer refunds if an event is canceled.

The New Jersey Ticket Brokers Association and the National Association of Ticket Brokers criticized the green light on the legislation, calling it an “anti-consumer bill.”

“This Ticketmaster bill was designed to hand virtually total monopolistic power to a few mega corporations while sticking it to the everyday fan,” the association’s Gary Adler said in a statement reported by the paper.  “Laws should be passed that protect consumers,” Adler said. “Yet this is a case where lawmakers wasted taxpayer’s time as they bestow new powers on venues and Ticketmaster to reach deeper into the wallets of hard working consumers whose only fault is their love for live events.”

The legislation cleared the New Jersey Legislature with bipartisan support.