Proposed New Jersey Law Would Disengage SVC Escheatment Prospectively
Posted on Aug 6, 2012 by JMS Advisory Group |
The saga continues in New Jersey related to gift cards…
On June 29, 2012, New Jersey signed Senate Bill 1928 into law. This bill was seemingly a compromise between the warring factions and stakeholders on the issue. Significantly, the data collection requirement was left in SB1928, which in turn continued to leave a bad taste in the mouth of the holder & gift card-issuing industry.
Just 31 days later, New Jersey Assemblyman Paul Moriarty introduced AB 3189 which if passed, would again shift the tide as it relates to gift card escheatment in New Jersey. The Assemblyman’s comment at the end of the draft legislation sums up the purpose and intent of this bill very well: “To permanently address the compliance burdens on business, this bill disengages SVC escheat prospectively. Applicable to SVCs issued on or after the date of enactment, the bill removes SVCs from the ranks of escheatable property. The bill also renders the data collection provision associated with SVC escheat inapplicable.”
Even with the passage of SB1928, we knew that there would be much more to be said about this issue in New Jersey. Clearly there is no desire to put the issue to rest, as this new legislation indicates. Keep checking with us here for the latest New Jersey gift card news.
And as always – feel free to contact us with any questions you have about stored value cards and unclaimed property compliance.
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