Alert: New Jersey stored value card update

New Jersey has enacted Senate Bill No. 1928 (S.1928), which makes significant revisions to the controversial stored value card (SVC) law and also provides for additional consumer protection laws associated with SVCs. In 2010, New Jersey enacted changes to the treatment of SVCs under the unclaimed property laws. A.B. 3002, Laws 2010 (Chapter 25). These changes have continuously been the focus of significant resistance on the business and consumer fronts; S.1928 repeals, amends and adds new provisions to Chapter 25 as it related to SVCs. For more detail on New Jersey's SVC history and developments, please see our May 22, 2012 Alert.