New Jersey recently amended its laws regarding unclaimed property to including stored value gift cards and gift certificates. Under the amended law, stored value cards issued on and after July 1, 2010 and those that were issued prior to July 1, 2010 and remain outstanding as of July 1, 2010 will be presumed abandoned after two years of inactivity.

Upon abandonment, the value remaining on the stored value card will escheat to the state.     

The amended law applies to “stored value cards,” which are pre-funded records evidencing a promise, made for monetary or other consideration, by the issuer that the owner of the card will be provided merchandise, services, or cash in the value of the card upon presentation and where the value of the card is reduced upon each redemption. The law expressly includes paper gift certificates, gift cards, electronic gift cards, store cards, other records that contain a means of storage of information (e.g., a magnetic strip or micro-chip), and other similar instruments.
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