To Ease Budget, New Jersey Fights To Seize Unused Gift Cardsby Eyder Peralta
Jan. 03, 2011
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Last year, New Jersey lawmakers voted to allow the state to seize any gift cards that remained unused two years after their purchase. The same law allowed the state to keep traveler's checks that remained uncashed for three years.
The legislation ran into problems, when a court temporarily put the law on hold. But the Bergen Record reports that State Treasurer Andrew P. Sidamon-Eristoff said the state will appeal the decision.
Governor Chris Christie, a Republican who took office last January, vowed to rid the state of its budgetary problems by the end of his first term. Bloomberg reports New Jersey is facing a shortfall of $10.5 billion this fiscal year and $10.7 billion next year.