What the hey?
According to CNBC, New Jersey Wants to Seize Your Unused Gift Cards
New Jersey isn’t giving up its effort to seize unused money on gift cards and traveler’s checks.
Lawmakers voted last year to allow the seizure of cards after two to three years as a way to raise about $80 million and help balance the state’s budget.
But in November, a federal judge temporarily struck down the law.
The Record of Bergen County reports the state isn’t giving up though. State treasurer Andrew Sidamon-Eristoff has told a judge that the state will appeal the earlier ruling.
New Jersey Retail Merchants Association, the New Jersey Food Council and American Express [AXP 43.30 0.38 (+0.89%) ] filed suits to block the law.
Well, the suit headed to the US District Court
The legislation amended part of the state Uniform Unclaimed Property Act to include gift cards for the first time, allowing the state to consider a card abandoned two years after purchase and seize the balance.
The amendment also allowed the state to consider a traveler’s check abandoned if it is not cashed or spent three years or longer from the purchase date, instead of after 15 years under the previous law — the rule in most states.
And it’ll be retroactive, too
Christie’s administration estimated that the amendment would bring in $80 million to help solve the state’s chronic budget problems. A key element of the legislation was that it would be retroactive, allowing the Treasury to seize money from travelers checks as far back as 1994.
The notion of private property is long lost, my friends.
Cross-posted at The Green Room.