N.J. Bill Eliminating Data Collection Requirement
Oct. 6, 2014
New Jersey legislation (A3480) introduced last June, which would eliminate the need to collect consumer data when purchasing GPR prepaid cards, was advanced last week by the Assembly Consumer Affairs Committee and has been referred to the Assembly Appropriations Committee. “This bill eliminates the requirement that merchants collect the name and address of gift card consumers and related record retention requirements for businesses,” said bill sponsor Assemblyman Patrick J. Diegnan (D-Middlesex). “This [legislation] is both pro-consumer and pro-business.” Under the current law signed by Governor Chris Christie, certain prepaid card proceeds escheat to the state after five years of inactivity, and merchants are required to collect the name and address of the consumer and maintain, at a minimum, the consumers’ ZIP codes. The requirement to collect data goes into effect July 2016.
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