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NJ Gift card law doing damage to business reputation
Like the Republican presidential primary process, it took longer than we expected, but we are finally seeing the consequences of a state law intended to allow New Jersey to seize the balances of unused gift cards.
The governor signed off on this gimmick in June 2010 as a way to raise nearly $80 million for the state budget. But retailers immediately took to the offensive, with an industry group taking particular issue with a requirement for stores to collect ZIP code data on all gift card sales, to verify they were being sold to New Jersey residents. (NJBIZ)