TRENTON – Legislation sponsored by Senator Joseph Coniglio that would require retailers offering gift cards to disclose expiration dates and other conditions on those gift cards at time of purchase and restrict the fees that retailers can charge to gift card holders that carry a balance on the card unanimously passed the full Assembly today.
“There is a basic expectation that a gift card will be treated the same as cash at the store we purchase it from,” said Senator Coniglio, D-Bergen. “However, some retailers have come to use expiration dates and hidden dormancy fees to reduce the value of these cards and increase their profit margins. By the time people start their holiday shopping for next year, they will know the terms and conditions of any gift card so they know exactly what they are buying.”