Regarding the Presumption of Abandonment of Gift Obligations
| Category: | Gift Cards |
|---|---|
| Status: | Passed |
| Sponsor: | Representative Sara Gideon, House 106 |
| Session: | 129 |
| Bill #: | LD 1612 |
Position:
Support.
UPDATE 1/30/2020: Governor Mills has signed the bill into law.
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.