New Jersey Gov. Chris Christie recently signed a bill amending the state’s gift card law to eliminate the consumer data collection requirements. The law previously required companies operating in New Jersey to maintain records of the name, address, and ZIP code of gift card purchasers. Much to the relief of retailers, the new bill eliminates this requirement.
As background, the gift card law previously imposed two major requirements on covered merchants. First, after a dormancy period of five years, it required the value remaining on stored value cards to escheat to the state to be held in an account for consumers that want to claim the funds. Second, it required any companies operating within the state to maintain records of all gift card purchasers’ names, addresses, and ZIP codes. Now, following this recent amendment, retailers will be relieved of the second requirement.