Gift Card Law May Be Scrapped
Legislation reversing a 2010 law that allowed the state to claim the value of dormant gift cards as revenue will be considered Thursday.
The Senate Budget Committee is being asked to vote to remove gift cards from the state's unclaimed property law. The bill also prohibits retailers from charging dormancy fees on idle cards or imposing expiration dates.
PREVIOUS: New Jersey's Gift Card Law
The state anticipated $65 million in new revenue by expanding the law. But retailers sued and the law has stalled.
Three major players in the gift card market told The Associated Press last month they would quit doing business in New Jersey in June over difficulties complying with the new law.
The companies, AmEx, Blackhawk Network and InComm, provided gift cards sold at malls, groceries and convenience stores.
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