Regarding the Presumption of Abandonment of Gift Obligations

Last updated: Jan 19, 2020

Details about this bill
Category: Gift Cards
Status: In Committee
Sponsor: Representative Sara Gideon, House 106
Session: 129
Bill #: LD 1612

Position:

Support.

UPDATE 1/17/2020: The bill has been amended in the House. This amendment provides that the amount of a gift obligation's net obligation that is unclaimed for purposes of the Maine Revised Unclaimed Property Act is 60% for gift obligations whose issuance or whose most recent transaction, whichever is later, occurred during calendar year 2019 or earlier; 40% for gift obligations whose issuance or whose most recent transaction, whichever is later, occurred during calendar year 2020; 20% for gift obligations whose issuance or whose most recent transaction, whichever is later, occurred during calendar year 2021; and 0% for gift obligations whose issuance or whose most recent transaction, whichever is later, occurred during calendar year 2022 or after.

UPDATE 1/11/2020: This bill has been recalled and sent back to committee for some technical fixes.

UPDATE 6/20/19: The bill has been removed from the table and enacted. It awaits action by Governor Mills.

UPDATE 6/19/19: The bill has been placed on the Appropriations Table pending funding.

UPDATE 6/18/19: The bill has passed the House and is awaiting action in the Senate.

UPDATE 5/31/19: The committee voted unanimously Ought to Pass as Amended.

Summary:

Under current law, a gift obligation card, which includes a gift certificate, gift card and online gift account, is considered abandoned 2 years after the expiration of the calendar year in which it was purchased or last used. This bill removes the presumption of abandonment for gift obligation cards.