NJ Extends State's Wait To Seize Unused Gift Card Funds

Law360, New York (June 26, 2012, 10:06 PM EDT) -- New Jersey lawmakers on Monday passed legislation extending from two years to five the period the state must wait to claim funds from dormant gift cards sold within its borders — an 11th-hour compromise on efforts for an outright repeal of a 2010 law making the funds seizable.

The legislation, which was approved by both legislative houses Monday, now heads to the governor's desk for action. The law requires retailers to collect ZIP codes from gift card purchasers to help the state lay claim to the...
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