New Jersey: More Pending Stored Value Card Activity
As we reported earlier, New Jersey enacted extensive new legislation regarding stored value cards. Under the new law, gift card issuers are required to report and remit balances for cards belonging to New Jersey residents that have been inactive for more than 2 years. In addition, the new law also requires gift card issuers to obtain the name and address of the card purchaser or owner (though that requirement is currently suspended until at least October 1).
Early last week, a new bill was introduced that would exempt cards “redeemable for long-distance telephone service,” “wireless telephone service,” and similar cards. The bill is currently pending before state Assembly.