The New Jersey Assembly has passed a bill to reverse changes that would let the state collect the balances on unused gift cards. In 2010, the state amended its unclaimed property law to make it easier for the state to collected unused balances and presumably put them towards the state budget. From an article on NewsWorks.org:
Assemblyman Patrick Diegnan, D-Middlesex, says card holders should get to keep what’s theirs.
“If I buy a gift card from you, it’s not the state of New Jersey’s money,” Diegnan said. “It’s your money and if you are not diligent enough to redeem it within a year well then that’s your choice, but the state shouldn’t be taking that money and using it to balance the state budget.”
This move is an important one for the industry, which has tried everything from lobbying to lawsuits to prevent this law from taking effect. Many retailers and distributors were considering ending New Jersey Gift Card sales. The change in the law could set an important precedent for the industry and other state legislators.
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