Gov. Christie Signs ZIP Code Repeal Bill (Feb. 6, 2015)
N.J. Governor Chris Christie (R) on Feb. 5 signed into law S 2235/A 3480, which eliminates the requirement to collect consumer ZIP codes for gift cards purchased at the POS. The law ends an extended legal battle that began in 2010 after significant changes to N.J.’s unclaimed property rules provoked some prepaid providers to threaten to pull their products from the state.
In 2012, Gov. Christie signed into law a bill to further amend the escheat rules, namely, extending the dormancy period from two to five years. But the ZIP code provision remained and was set to go into effect July 1, 2016. Last month the N.J. Assembly passed the bill to repeal the ZIP code collection provision by a 73-1 margin.
“Blackhawk Network is pleased the two houses of the legislature sent the Zip Code Repeal Act to New Jersey Governor Chris Christie and that the Governor has signed the act,” says David Durant, secretary and general counsel, Blackhawk Network. “This is a critical step forward for in-state consumers who wish to purchase and use gift cards, and the businesses that offer them.”
Chuck Rouse, chairman, Card Compliant, adds: “This is an excellent example of government and industry working together to solve a specific issue. We hope that the concept of not collecting consumer information for gift cards at the POS will continue to be followed nationwide.”
See related stories:
- N.J. Prepaid Sellers Heave Sigh of Relief over Escheat, For Now
- Mass Exodus: Amex, Blackhawk, InComm Pull Prepaid Product from N.J.