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Gift Card Fees in New JerseyNew Jersey currently has laws in place that regulate gift cards. This law covers all gift cards with the exception of prepaid calling / technology cards or prepaid bank cards. The following rules for gift cards are currently applicable in New Jersey:
- Gift cards may not expire for a period of two years from the initial purchase of the gift card. If the gift card comes with an expiration date, this date must be printed on the gift card, the gift card package or sales receipt and include a toll free number for the purchaser to call for further information.
- Gift cards may not have a dormancy fee for two years from date of purchase or two years from most recent gift card activity or transaction. The dormancy fee may not exceed $2. If the gift card comes with a dormancy fee, this fee must be printed on the gift card, the gift card package or sales receipt and include a toll free number for the purchaser to call for further information.
The current New Jersey law covering gift card fees will be superseded by the recently passed Credit Card Act of 2009 which dictates the minimum gift card requirements for all states if the federal law is stronger than the New Jersey state law. Any portion of the New Jersey gift card law which is stronger than the federal law will remain in effect. Gift cards issued in New Jersey will have to abide by the Credit Card Act of 2009 rules for gift cards when it takes effect in the summer of 2010.
The Credit Card Act of 2009 covers rules for both bank issued gift cards and store issued gift cards. The two main requirements are:
- Gift cards are prohibited from expiring for five years from the date that the gift card is purchased or from the last date any money was reloaded onto the gift card.
- Gift cards are prohibited from charging fees during the first 12 months from the time of purchase.
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