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Expert Analysis

Data Collection Rule Repeal Will Help NJ Businesses

Law360, New York ( February 25, 2015, 12:20 PM EST) -- Is the loss of major gift card distributors worth $17.5 million? New Jersey Gov. Chris Christie says no. On Feb. 5, 2015, Gov. Christie signed into law legislation amending New Jersey's unclaimed property law to eliminate consumer data collection requirements imposed on retailers issuing stored value cards. That legislation is S.B. 2235 (S.2235/A.3480) modifying S.B. 1928 (see our prior advisory[1]), which imposed a requirement that issuers of stored value cards collect the name and address (and at a minimum, maintain the ZIP code) of the purchaser or owner of the card starting on July 1, 2016....

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