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Thursday, November 18, 2010

Judge halts N.J. unused gift card money grab

According to the New Jersey Assembly Democrats' Facebook page, a federal judge issued a temporary restraining order that blocked New Jersey's attempt to collect up to $80 million in unused gift card, calling card and money order funds through amendments to the state's unclaimed property laws signed into law in June 2010.

The Facebook page said the amended law, which was set to take effect Nov. 15, 2010, would have given New Jersey authority to claim funds from gift cards and other stored-value cards after two years; the state would be able to claim funds from travelers' checks and money orders after three years of inactivity.

A competing bill that would exempt "gift cards or gift certificates usable solely for telephone services" is scheduled for a Nov. 22, 2010, vote, the N.J. Assembly Democrats said. end of article

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