According to news sources and the Senate sponsor, the bill to repeal the changes to the gift card unclaimed property law is expected to be voted on by the New Jersey Senate. This bill has substantial changes from the Assembly bill passed in March. As such, if the Senate passes the bill today, it will have to return to the Assembly for a vote as well.
To date, Governor Christie has not indicated whether he will sign the bill if it passes both houses.
Update Posted: May 17, 2012
The Senate Budget and Appropriations Committee has passed the bill out of committee today, May 17, 2012.
Update Posted: May 16, 2012
The Senate Budget and Appropriations Committee is expected to have a hearing and vote on AB 1871/S1928 on Thursday, May 17.
Update Posted: March 19, 2012
The Appropriations Committee reported AB 1871 out of committee after the hearing on the bill on March 12, 2012. On Thursday, March 15, 2012, the New Jersey Assembly passed AB 1871, as amended, with a vote of 48-27 with 4 abstentions. The next stop is the New Jersey Senate.
Update Posted: March 12, 2012
AB 1871, which would reverse the New Jersey gift card law at issue in New Jersey Retail Merchants Association v. Sidamon-Eristoff, is scheduled to be before the Assembly Appropriations Committee today at 10:00 am. Barganier will keep you updated as this bill makes its way through the New Jersey legislative process.
Originally Posted: January 16, 2012
New Jersey legislators have pre-filed several bills that would affect unclaimed property reporting. These were all introduced on January 10, 2012, for the 2012-2013 legislative session, and are continuations of bills introduced, but not passed, in the last session. Barganier will continue to monitor these and any other new bills that are introduced in New Jersey and elsewhere for their impact on unclaimed property reporting.
Residential Security Deposits
A.B. 913: To exclude security deposits from the unclaimed property act.
In response to the dispute over gift cards, there are several bills pending, including one that would return dormancy periods and rules to the pre-2010 status quo.
A.B. 1251: Gift cards shall not expire, nor should dormancy charges be imposed on gift cards.
A.B. 1239: Provides an exemption for stored value cards when issued for telephone services, including land and wireless based services and long-distance calls.
A.B. 1871: Dormancy periods for travelers checks are restored to 15 years, for money orders to 7 years, and excludes new stored value cards from escheatment. This bill in effect restores the pre-2010 rules for travelers checks, money orders and stored value cards.