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This legislation amends New Jersey’s unclaimed property law by eliminating a provision requiring retailers to collect the names and addresses of people who purchase consumer gift cards. While intended to make it easier for the state to assert jurisdiction over cash balances on abandoned cards inactive for five years, the data collection and retention requirement was costly and burdensome for New Jersey retailers.
Signed by the Governor February 5, 2015 (P.L.2015, c.8)
Effective Date: February 5, 2015

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