New Jersey Takes Another Step Forward (Backward?) (Sideways?)
On Friday, we noted that Assembly Bill 1871 — which would undo entirely 2010’s gift card legislation — was coming up for a vote soon. That vote actually took place on Friday, and the bill passed the legislature by a comfortable margin. The bill will now proceed to the State Senate, and then (maybe) to the Governor. Under the revised legislation, the dormancy period for travelers’ checks would be increased (back) to 15 years, the dormancy period for money orders would be increased (back) to 7 years, and stored value cards would be exempt from reporting and delivery entirely.
We will continue to follow the legislation.