New York -- A 2010 law that gave the state of New Jersey the authority to claim the value of unused gift cards as revenue has been repealed by the state’s Senate Budget and Appropriations Committee, according to the Newark Star-Ledger.
Two years ago, a law was passed that allowed unused gift cards to be included as part of New Jersey’s unclaimed property law, giving the state the authority to claim ones that went unused for past years. The law went unforced as it sparked a lawsuit from retailers. It also caused American Express and select other companies to pull its gifts cards from store shelves rather than comply with complicated regulations.
The new bill would also prohibit retailers from charging fees on cards used infrequently or placing expiration dates on their use, the report said.