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New Jersey Amends Escheatment Laws

New Jersey amended its escheatment laws on June 29, 2012. Some of the notable amendments include:

  1. Extending the period for which no activity is deemed to be considered abandoned from two years to five years;
  2. If a balance of less
July 17, 2012

New Jersey amended its escheatment laws on June 29, 2012. Some of the notable amendments include:

  1. Extending the period for which no activity is deemed to be considered abandoned from two years to five years;
  2. 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;
  3. Funds on stored-value cards sold on or after December 1, 2012 shall not expire;
  4. No fees shall be charged on a stored-value card except for an activation and replacement fees; and
  5. 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.

 

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