N.J. Admin. Code § 17:18-3.1
The following words and terms, when used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise:
"Customer loyalty program" means a structured marketing effort designed to reward, and, therefore, encourage loyal buying behavior that is potentially beneficial to the program initiator, by encouraging the continued patronage of customers. It is designed to lower the turnover among users of a product or service by providing customers with incentives and other benefits for remaining a customer. It may involve the gathering of data on customer behavior in order to decipher trends, reward loyalty, and influence shopping behavior, including, but not limited to, providing rewards cards and pay-for-membership cards.
"Dormant or inactive" means the period of no activity for a number of consecutive days since the last activity date noted in the system of the holder, issuer or securities broker of property. Dormant status is based upon lack of customer-initiated activity, deposits/withdrawals, passbook updates and non-repetitive transfers. System generated activity (such as interest postings, automatic interest transfers, service fees) does not affect the dormant or inactive date calculations. Customer generated activity such as a name or address change is considered contact and will cause an account to no longer be considered dormant or inactive.
"Dormant or dormancy fees" mean any fees that are charged as a result of property being classified as dormant or inactive.
"General purpose reloadable card" means a stored value card issued by a bank or other similarly regulated financial institution or by a licensed money transmitter that is:
1. Usable and honored upon presentation at multiple merchants or service providers that are not under common ownership or control for goods or services or at automated teller machines;
2. Issued in a requested prepaid amount, which amount may be, at the option of the issuer, increased in value or reloaded, if requested by the cardholder; and
3. Not marketed or labeled as a gift card.
The term "general purpose reloadable card" includes a temporary non-reloadable card issued solely in connection with a reloadable card.
"Holder" means an entity, wherever organized or domiciled, that is the original obligor indebted to another on an obligation and that has the ultimate responsibility of reporting abandoned stored value card information and remitting the unredeemed balance to the Administrator of unclaimed property.
"Issuer of a stored value card" is any person, retailer, merchant, vendor, provider, institution, or business association with the obligations of a holder to accept the stored value card as redeemable for, solely or a combination of, merchandise, services, or cash, and to report and deliver proceeds of the stored value card if abandoned.
"Last known address" means a description of the location of the apparent owner, sufficient for the purpose of determining which state has the right to escheat the abandoned property and the zip code of the apparent owner's (creditor's) last known address is sufficient.
"Net card value" means the amount of value of a stored value card subject to becoming "unclaimed property." "Net card value" is the original issued value of the card, including additional amounts subsequently loaded onto the card that have not been withdrawn, less any amounts used or withdrawn from the card and any service charge, fee, or dormancy charge permitted by law.
"Promotional program" means a program designed to influence, inform, or persuade a potential buyer's purchasing decision. It is developed with the intention to increase demand for merchandise or services and/or to differentiate a product. It may include incentives such as discounts, free items, or a contest with the intent of increasing the sales of a given product.
"Purchaser" means a recipient of the stored value card at the point of sale.
"Securities broker" means any person engaged in the business of effecting or attempting to effect transactions in securities for the accounts of others or for his own account including:
1. An agent;
2. An issuer;
3. A person who effects transactions in this State exclusively in securities described in 49:3-50(a)1 and 2;
4. A bank, savings institution, or trust company; or
5. A person who effects transactions in this State exclusively with or through:
i. The issuers of the securities involved in the transactions;
ii. Other securities brokers;
iii. Banks, savings institutions, trust companies, insurance companies, investment companies as defined in the "Investment Company Act of 1940," 15 U.S.C. § 80a-1 et seq., pension or profit-sharing trusts, or other financial institutions or institutional buyers, whether acting for themselves or as trustees; or
iv. Such other persons not otherwise within the intent of the Uniform Securities Law, 49:3-49(c), as the bureau chief of the Bureau of Securities in the Division of Consumer Affairs of the Department of Law and Public Safety, as set forth in 49:3-66, may by rule or order designate.
"Security" means any note; stock; treasury stock; bond; debenture; evidence of indebtedness; certificate of interest or participation in any profit-sharing agreement, including, but not limited to, certificates of interest or participation in real or personal property; collateral-trust certificate; preorganization certificate or subscription; transferable share; investment contract; voting-trust certificate; certificate of deposit for a security; certificate of interest in an oil, gas or mining title or lease; or, in general, any interest or instrument commonly known as a "security," or any certificate of interest or participation in, temporary or interim certificate for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.
"Seller" means the entity or person who sells or tenders to the purchaser the stored value card at the point of sale or transaction.
"Stored value card" means a record that evidences a promise, made for monetary or other consideration, for the face value of the card by the holder, issuer, or seller of the record that the purchaser/owner of the record will be provided, solely, or for a combination of, merchandise, services, or cash in the value shown in the record, which is pre-funded and the value of which is reduced upon each redemption. The term "stored value card" includes, but is not limited to, the following items: paper gift certificates, records that contain a microprocessor chip, magnetic stripe, or other means for the storage of information, general purpose reloadable cards, gift cards, electronic gift cards, rebate cards, credits for merchandise returned without a receipt, stored value cards, or certificates, store cards, and similar records or cards. A card is not to be considered a "stored value card" for the purposes of this subchapter when it is used for the following purposes:
1. Wage pay cards. These are cards that are issued for wages owing in the ordinary course of business. A related bank account is opened for the employee when a stored value card is issued for the purpose of wage payments. The bank holding the funds will have the primary obligation of identifying and reporting any funds that are deemed abandoned. The deposit is presumed abandoned three years from the last transaction in accordance with N.J.S.A. 46:30B-18; or
2. Cards issued in payment of other liabilities that occur in the ordinary course of business and that are redeemable for cash. Cards issued for credit balances, customer overpayments, security deposits, refunds, credit memoranda, unused tickets, or in payment of other liabilities that occur in the ordinary course of business that are redeemable for cash are deemed credits and have three-year abandonment periods pursuant to N.J.S.A. 46:30B-42. Issuers of stored value cards issued for the above-mentioned purposes are required to obtain and maintain the name and address of the recipients of these cards.
"Uniform Unclaimed Property Act" or "Act" means the act found at N.J.S.A. 46:30B-1et seq.
N.J. Admin. Code § 17:18-3.1