ASSEMBLY CONSUMER AFFAIRS AND REGULATED PROFESSIONS COMMITTEE

 

STATEMENT TO

 

ASSEMBLY, No. 1519

 

with committee amendments

 

STATE OF NEW JERSEY

 

DATED: AUGUST 15, 1996

 

      The Assembly Consumer Affairs and Regulated Professions Committee reports favorably and with committee amendments Assembly Bill No. 1519.

      This bill requires a gift certificate issued by a retail mercantile or service establishment to be valid until redeemed by the bearer unless the conditions and limitations of the gift certificate are fully disclosed to the purchaser and are conspicuously printed on the gift certificate. As defined in this bill, a "gift certificate" is a written promise given in exchange for payment to provide merchandise or service in a specific amount or of equal value to the bearer of the certificate.

      The committee amended the bill to provide that a retail mercantile or service establishment issuing a gift certificate shall maintain a record of the transaction for the issuance of each such certificate for not less than 12 months following the date of purchase of the gift certificate.