New Jersey amended its escheatment laws on June 29, 2012. Some of the notable amendments include:
- Extending the period for which no activity is deemed to be considered abandoned from two years to five years;
- If a balance of less than $5 remains on a gift card, issuers are required to refund the balance in cash at the card owner’s request;
- Funds on stored-value cards sold on or after December 1, 2012 shall not expire;
- No fees shall be charged on a stored-value card except for an activation and replacement fees; and
- New Jersey’s requirement for issuers to collect customers’ names and addresses is delayed for 49 months.
A copy of the bill is available here.