gift cards

Unless the New Jersey Legislature acts quickly and Governor Chris Christie has a change of heart, some unused gift cards will soon become the property of the state of New Jersey.

A Senate panel has approved a proposal reversing a 2010 law that allows the state to claim the revenue from dormant gift cards.

Legislation reversing a 2010 law that allowed the state to claim the value of dormant gift cards as revenue will be considered Thursday.

Last week, American Express, InComm and Blackhawk Network all announced plans to no longer operate in New Jersey, rather than comply with the law that lets the State of New Jersey seize the value of unredeemed gift cards after just two years.

Three major gift card companies already decided not to comply with a law that allows New Jersey to claim the value of unredeemed gift cards after two years. The companies' announcements have triggered widespread fear that the controversial law could pose serious concerns for consumers and the retail industry.

A third company has announced plans to pull out of New Jersey's gift card market.

NJ wants to be able to seize your unused gift cards through the process of escheat to bolster state revenues.

As part of the budget signed into law by Governor Chris Christie in June 2010 the state can lay claim to the proceeds of unused gift card, money orders and/or traveler's checks.

American Express has pulled its gift cards from New Jersey pharmacies, groceries and convenience stores rather than attempt to comply with a new wrinkle in the state's unclaimed property law.

As you head out to purchase those last minute gifts for the holidays, be aware of hidden fees in prepaid gift cards.