Wednesday, February 18, 2015
On Second Thought, Never Mind -- NJ Repeals Gift Card Data Requirement
Perhaps we can now tie a bow on the long-running New Jersey gift card saga. First, a brief refresher:
In 2012, Governor Christie signed Senate Bill 1928 into law, which revised New Jersey's 2010 gift card legislation. Briefly, the bill extended the dormancy period for gift cards from 2 years to 5 years, and delayed implementation of a requirement that retailers obtain zip code information at the point of sale for 4 years. While many gift card issuers applauded the amendments, not everyone was happy. In particular, the some holders and gift card issuers favored legislation that would remove gift cards from the New Jersey unclaimed property act entirely or, at least, to eliminate the zip code collection requirement. As a NJ BIZ article recounts, however, repealing legislation got watered down on the State House floor.
After more than 2 years of legislative wrangling, the issuer and holder communities got (at least part of) what they were looking for. On February 5, Governor Christie signed Senate Bill 2235 into law. The law eliminates the provision of the New Jersey Unclaimed Property Act previously scheduled to come into force in 2016, requiring card sellers to obtain zip code information at the point of sale.