STATE STATUTES. Expiration Date Provision: Fee Provision: Redeemable for Cash: Escheat Provsion: Definition of Gift Card/Gift.

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1 STATE STATUTES State: Alabama Definition of Gift Card/Gift Certificate: Expiration Date Provision: Fee Provision: Redeemable for Cash: Escheat Provsion: Ala Code (a)(17) Gift certificates are presumed abandoned, other than those exempt under , three years after June 30 of the year in which the certificate was sold, but if redeemable in merchandise only, the amount abandoned is deemed to be 60 percent of the certificate's face value. Ala. Code (b)(1) A gift certificate, gift card, or in-store merchandise credit issued or maintained by any person engaged primarily in the business of selling tangible personal property at retail is exempt from reporting under this article.

2 Alaska Alaska Stat "Gift certificate" means an obligation of a business association arising from a transaction between the business association and a consumer to provide goods or services at a future date; "gift certificate" includes a gift certificate, stored value card, gift card, on-line gift account, or other representation or evidence of the obligation of a business association. Alaska Stat Gift certificate is presumed abandoned three years after is it unclaimed by the owner. Amount presumed abandoned is the price paid by the purchaser for the gift certificate. Arizona Ariz. Rev. Stat. Ann Ariz. Rev. Stat. Ann Ariz. Rev. Stat. Ann. 44- Ariz. Rev. Stat. Ann. 44- "Gift card" means any gift Issuer of certificate/card must (15) certificate, gift card or disclose expiration date. Issuer must disclose amount Gift certificates/cards are not electronic gift card or any other of fee and when fee is considered property and not medium issued or sold after incurred. subject to escheat laws. October 31, 2005 for which the issuer has received payment for the full face value or full banked dollar value of the card for the future purchase or delivery of goods or services. Arkansas Ark. Stat. Ann Ark. Stat. Ann (a) Ark. Stat. Ann (c) Ark. Stat. Ann "General use prepaid card" and (c) A dormancy fee, an inactivity 201(13)(B) means a card or other A person shall not sell or issue charge or fee, or a service Gift certificates/gift cards, in- electronic payment device a gift certificate, a store gift fee shall not be charged on a store merchandise credits, or

3 issued by a bank or financial card, or a general use prepaid gift certificate, a store gift layaway accounts issued or institution that is: (i) Usable at card that is subject to an card, or a general use maintained by any person in multiple, unaffiliated merchants expiration date earlier than prepaid card before two the business of selling or service providers or at two years from the date of years from the date of tangible personal property at automated teller machines; (ii) issuance or sale of the gift issuance or sale of the gift retail are not considered Issued in a requested amount certificate, store gift card, or certificate, store gift card, or property and not subject to whether or not that amount general use prepaid card. general use prepaid card. escheat laws. may be, at the option of the issuer, increased in value or Upon the expiration of the two Upon the expiration of the reloaded if requested by the year time period, a gift two year time period, a gift holder; (iii) Purchased or loaded certificate, a store gift card, or certificate, a store gift card, on a prepaid basis; and (iv) Honored, upon presentation, by merchants for goods or services, or at automated teller a general use prepaid card may be subject to expiration if the following disclosures are printed clearly in a or a general use prepaid card may be subject to a post-sale fee, including a service fee, a dormancy fee, machines. conspicuous place on the front an account maintenance fee, "Gift certificate" means a written promise that is: (i) Usable at a single merchant or or back of the gift certificate, the store gift card, or the general use prepaid card in at a cash out fee, a gift card replacement fee, an activation fee, or a an affiliated group of merchants least 10-point type: The date reactivation fee, if the that share the same name, mark, or logo; (ii) Issued in a specific amount and cannot be increased; (iii) Purchased on a prepaid basis in exchange for on which the gift certificate, the store gift card, or the general use prepaid card expires. following disclosures are printed clearly in a conspicuous place on the front or back of the gift certificate, the store gift

4 payment; and (iv) Honored upon presentation by the single merchant or affiliated group of merchants for goods or services. "Store gift card" means a plastic card or other electronic payment device that is: (i) Usable at a single merchant or an affiliated group of merchants that share the same name, card, or the general use prepaid card in at least 10- point type: With respect to a post sale fee: (A) The amount of the fee; (B) The circumstances under which the fee will be imposed; (C) The frequency with which the fee will be imposed; and (D) Whether the fee is triggered by inactivity. mark, or logo; (ii) Issued in a specified amount and may or may not be increased in value or reloaded; (iii) Purchased on a prepaid basis in exchange for payment; and (iv) Honored upon presentation by the single merchant or affiliated group of merchants for goods or services. Ark. Stat. Ann (3) The Act does not apply to "general use prepaid cards,"

5 "gift certificates," or "store gift cards" which are usable with multiple, unaffiliated sellers of goods or services and are issued by a financial institution under (3). California Cal. Civil Code Cal. Civil Code Cal. Civil Code Cal. Civil Code (b) Cal. Civ. Proc. Code Includes gift cards, but does Expiration date prohibited. Dormancy fee allowed as (1) Any gift certificate sold Gift certificates purchased not include any gift card usable specified; all other fees after January 1, 1997, is after 1997 are not subject to with multiple sellers of goods or prohibited. redeemable in cash for its escheat. The escheat law services, provided the cash value, or subject to does apply to any gift expiration date, if any, is replacement with a new gift certificate that has an printed on the card. This certificate at no cost to the expiration date and that is exemption does not apply to a purchaser or holder. given in exchange for money gift card usable only with (2) Notwithstanding or any other thing of value. affiliated sellers of goods or paragraph (1), any gift services. certificate with a cash value of less than $10 is redeemable in cash for its cash value. Colorado Colo. Rev. Stat "Gift card" means a prefunded Colo. Rev. Stat (b)(3) Colo. Rev. Stat (b)(2) Colo. Rev. Stat Gift certificate redeemable in tangible or electronic record of a specific monetary value Prohibits service fee, a dormancy fee, an inactivity On and after the effective date of this section, the cash subject to escheat if unclaimed by owner by more than five years. Certificates evidencing an issuer's fee, a maintenance fee, or issuer shall redeem the issued for food, products,

6 agreement to provide goods, services, credit, money, or any other type of fee. remaining value of a gift card for cash if the amount goods or services are not subject to escheat provisions. anything of value. A "gift card" remaining is five dollars or includes, but is not limited to, a less on request of the tangible card; electronic card; holder. stored-value card; or certificate or similar instrument, card, or tangible record, all of which contain a microprocessor chip, magnetic chip, or other means for the storage of information and for which the value is decremented upon each use. Connecticut "Gift certificate" means a record 2011 Public Act 201 evidencing a promise, made for A general-use prepaid card Conn. Gen. Stat. 3-56a Conn. Gen. Stat Public Act 201 Prohibits expiration dates. Conn. Gen. Stat. 3-65c 2011 Public Act 201 Prohibits service fees for gift consideration, by the seller or issuer of the record that goods shall not include an expiration certificates and general-use date relative to the underlying or services will be provided to the owner of the record to the value shown in the record and funds that are redeemable through the use of the applicable card, code or prepaid cards. includes, but is not limited to, a device. Notwithstanding the record that contains a microprocessor chip, magnetic stripe or other means for the storage of information that is prefunded and for which the value is decremented upon each use, a gift card, an provisions of this subsection, a general-use prepaid card may include an expiration date with regard to such card, code or device, provided: (1) The following disclosures are made, in writing, on such Conn. Gen. Stat. 3-73a 2011 Public Act 201 Gift certificates and generaluse prepaid cards do not escheat to the state.

7 electronic gift card, storedvalue card or certificate, a store such card, code or device card, code or device: (A) That card, or a similar record or expires, but that the card, but "gift certificate" does underlying funds do not expire not include prepaid calling and that the consumer may cards regulated under , contact the issuer for a prepaid commercial mobile replacement card, code or radio services, as defined in 47 device; and (B) a toll-free CFR 20.3 or general-use telephone number and an prepaid cards, as defined in Internet web site address, if section 9 of this act. one is maintained, that a 2011 Public Act 201 holder of a general-use "General-use prepaid card" has prepaid card may use to the same meaning given to that obtain a replacement card, term in 12 CFR (a)(3), code or device after such as from time to time amended. card, code or device expires; (2) no fee or charge is imposed on such holder for replacing the card, code or device or for providing such holder with the remaining balance in some other manner, provided the card, code or device has not been lost or stolen; and (3) the seller of the card, code or device has established policies and procedures to provide consumers a reasonable opportunity to purchase a card, code or device that has not less than five years remaining until the card, code or device expires. Delaware Del. Code Ann. tit. 12, 1197

8 et seq. If owner dies intestate, is missing for more than five years or abandons property the gift certificate/card reverts to the state. The period of dormancy shall be the shorter of five years or the expiration period, if any, of the gift certificate less one day. District of Columbia D.C. Code Ann et seq. Gift certificates held or owing in the ordinary course of the holder's business that have remained unclaimed by the owner for more than five years after becoming payable or distributable are presumed abandoned. If a gift certificate is redeemable for cash or merchandise, its value shall be the amount paid by the purchaser.

9 Florida Fla. Stat Fla. Stat Fla. Stat Fla. Stat "Gift certificate" means a A gift certificate or credit A gift certificate or credit An unredeemed gift certificate, gift card, stored memo sold or issued for memo sold or issued for certificate or credit memo as value card, or similar consideration in this state may consideration in this state defined in is not instrument issued in exchange not have an expiration date, may not have any type of required to be reported as for monetary consideration expiration period. However, a postsale charge or fee unclaimed property. The when the certificate, card, or gift certificate may have an imposed on the gift consideration paid for an similar instrument is expiration date of not less certificate or credit memo, unredeemed gift certificate redeemable for merchandise, than three years if it is including, but not limited to, or credit memo is the food, or services regardless of provided as a charitable service charges, dormancy property of the issuer of the whether any cash may be paid contribution when no fees, account maintenance unredeemed gift certificate to the owner of the certificate, consideration is given to the fees, or cash-out fees. or credit memo. An card, or instrument as part of issuer by the consumer, or not Does not apply to a gift unredeemed gift certificate the redemption transaction. less than one year if it is certificate or credit memo or credit memo is subject "Credit memo" means a provided as a benefit pursuant sold or issued by a financial only to any rights of a certificate, card, stored value to an employee-incentive institution, as defined in purchaser or owner thereof card, or similar instrument program, consumer-loyalty s , or by a money and is not subject to a claim issued in exchange for returned program, or promotional transmitter, as defined in made by any state acting on merchandise when the program when no , if the gift behalf of a purchaser or certificate, card, or similar consideration is given to the certificate or credit memo is owner. It is the intent of the instrument is redeemable for issuer by the consumer, and redeemable by multiple Legislature that this section merchandise, food, or services the expiration date is unaffiliated merchants. apply to the custodial holding regardless of whether any cash prominently disclosed in of unredeemed gift may be paid to the owner of writing to the consumer at the certificates and credit the certificate, card, or time it is provided. In addition, memos. However, a gift

10 instrument as part of the a gift certificate may have an certificate or credit memo redemption transaction. expiration date if it is provided described in (2)(b) as part of a larger package shall be reported as related to a convention, unclaimed property. The conference, vacation, or consideration paid for such a sporting or fine arts event gift certificate or credit having a limited duration so memo is the property of the long as the majority of the owner of the gift certificate value paid by the recipient is or credit memo. attributable to the convention, conference, vacation, or event. An issuer may honor a gift certificate that has expired on or before the effective date of this act. Georgia Ga. Code (b)(33)(B) Ga. Code Ga. Code Ga. Code 'General use gift card' means a 393(b)(33)(A)(ii) 393(b)(33)(A)(ii) A gift certificate issued in the plastic card or other electronic An expiration date must be Amount of dormancy/non- ordinary course of an issuer's payment device which is usable conspicuous. use fees must be business which remains at multiple, unaffiliated conspicuously printed. unclaimed by the owner for merchants or service providers; more than five years after is issued in an amount which becoming payable or amount may or may not be, at distributable is presumed the option of the issuer, abandoned. The amount increased in value or reloaded if presumed abandoned is the

11 requested by the holder; is purchased or loaded on a price paid by the purchaser for the gift certificate. prepaid basis by a consumer; and is honored upon presentation by merchants for goods or services. 'Gift certificate' means a written promise that is usable at a single merchant or an affiliated group of merchants that share the same name, mark, or logo; is issued in a specified amount and cannot be increased in value on the face thereof; is purchased on a prepaid basis by a consumer in exchange for payment; and is honored upon presentation for goods or services by such single merchant or affiliated group of merchants that share the same name, mark, or logo. 'Store gift card' means a plastic card or other electronic payment device which is usable

12 at a single merchant or an affiliated group of merchants that share the same name, mark, or logo; is issued in a specified amount and may or may not be increased in value or reloaded; is purchased on a prepaid basis by a consumer in exchange for payment; and is honored upon presentation for goods or services by such single merchant or affiliated group of merchants that share the same name, mark, or logo. Guam Not specified in statute Hawaii Hawaii Rev. Stat. 481B-13(e) Hawaii Rev. Stat. 481B-13 Hawaii Rev. Stat. 481B- Hawaii Rev. Stat. 523A-14 "Gift certificate" or "certificate" The date of issuance and the 13(a) A gift certificate issued in the includes any electronic card expiration date shall be clearly Prohibits service fees, ordinary course of an issuer's with a banked dollar value identified on the face of the including for dormancy or business which remains where the issuer has received gift certificate, or, if an inactivity. unclaimed by the owner for payment for the full banked electronic card with a banked "Service fee" means a more than five years after dollar value for the future dollar value, clearly printed periodic fee, charge, or becoming payable or purchase or delivery of goods upon a sales receipt penalty for holding or use of distributable is presumed or services, any certificate transferred to the purchaser a gift certificate, but does abandoned. The amount where the issuer has received of the electronic card upon the not include a one-time initial presumed abandoned is the

13 payment for the full face value completed transaction. The activation or issuance fee. price paid by the purchaser of the certificate for future expiration date shall be not Any activation or issuance for the gift certificate. purchases or delivery of goods less than five years after the fee charged shall not exceed or services, and any other date of issuance; provided the lesser of 10 percent of medium that evidences the that the expiration date of the face value of the giving of consideration in certificates issued only in certificate or $5. exchange for the right to paper form shall be not less redeem the certificate, than two years after the date electronic card, or other of issuance. If the gift medium for goods, food, or certificate does not have an services of at least an equal expiration date, it shall be value. valid in perpetuity. Idaho Idaho Code (10)(b) Gift certificates are considered "intangible property." Idaho Code (2)(b) Gift certificates with an expiration date prominently displayed on their face do not constitute abandoned property. Idaho Code

14 A gift certificate without an expiration date prominently displayed on its face issued in the ordinary course of an issuer's business which remains unclaimed by the owner for more than five years after becoming payable or distributable is presumed abandoned. In the case of a gift certificate without an expiration date prominently displayed on its face, the amount presumed abandoned is the price paid by the purchaser for the gift certificate. Illinois Ill. Rev. Stat. ch. 815, Ill. Rev. Stat. ch. 815, Ill. Rev. Stat. ch. 815, Ill. Rev. Stat. ch. 765, 505/2SS(a) 505/2SS(b) 505/2SS(b) 1025/10.6 "Gift certificate" means a record On or after January 1, 2008, On or after January 1, 2008, Only applies to gift evidencing a promise, made for no person shall sell a gift no person shall sell a gift certificates/cards with an consideration, by the seller or certificate that is subject to an certificate that is subject to a expiration date or fees or if issuer of the record that goods expiration date earlier than post-purchase fee. the card/certificate was or services will be provided to five years after the date of Any gift certificate issued issued before the 93 rd the holder of the record for the issuance. prior to January 1, 2008 that General Assembly (2003-

15 value shown in the record and is subject to a fee must 2004). After property is includes, but is not limited to, a Ill. Rev. Stat. ch. 815, contain a statement clearly abandoned, it reverts to the record that contains a 505/2SS(c) and conspicuously printed on state. microprocessor chip, magnetic Any gift certificate issued prior the gift certificate stating stripe or other means for the to January 1, 2008 that is whether there is a fee, the storage of information that is subject to an expiration date amount of the fee, how prefunded and for which the must contain a statement often the fee will occur, that value is decremented upon clearly and conspicuously the fee is triggered by each use, a gift card, an printed on the gift certificate inactivity of the gift electronic gift card, stored- stating the expiration date. certificate, and at what point value card or certificate, a store The statement may appear on the fee will be charged. The card or a similar record or card. the front or back of the gift statement may appear on "Gift certificate" also includes a certificate in a location where the front or back of the gift credit slip issued by a store to a it is visible to any purchaser certificate in a location consumer who returns goods prior to the purchase. Does where it is visible to any that enables the consumer to not apply to any gift certificate purchaser prior to the receive other goods of similar value in exchange for the returned goods. For purposes of this act, any gift certificate usable with multiple sellers of goods or services is not included in the definition. issued prior to January 1, 2008 that contains a toll free phone number and a statement clearly and conspicuously printed on the gift certificate stating that holders can call the toll free number to find out the balance on the gift certificate, purchase. Ill. Rev. Stat. ch. 815, 505/2SS(c) The face value of a gift certificate issued on or after January 1, 2008 may not be reduced in value and the holder of a gift certificate

16 if applicable, and the expiration date. issued after January 1, 2008 may not be penalized in any way for non-use or untimely redemption of the gift certificate. Indiana Ind. Code Gift certificates and gift cards are exempted from unclaimed property act. Iowa Iowa Code (22) "Gift certificate" means a merchandise certificate conspicuously designated as a gift certificate, and purchased by a buyer for use by a person other than the buyer. Iowa Code "Gift certificate"means a merchandise certificate or electronic gift card conspicuously designated as a gift certificate or electronic gift card, and generally purchased by a buyer for use by a person other than the buyer. Iowa Code No fee can be charged unless there is a contract. Iowa Code Gift certificates unclaimed by the owner three years after issuance are abandoned.

17 Kansas Kan. Stat. Ann. 50,6108 Kan. Stat. Ann. 50,6108 Kan. Stat. Ann. 50,6108 Kan. Stat. ann. 50,6108(b) Kan. Stat. Ann "Gift card" means a tangible On and after January 1, 2007, No fees may be charged A merchant shall not be Gift certificates are not device, whereon is embedded no person, firm, partnership, against the balance of a gift required to redeem a gift specifically included. or encoded in an electronic or association or corporation card or gift certificate within card or gift certificate for other format a value issued in shall sell a gift certificate or 12 months from the date of cash. exchange for payment, which gift card to a purchaser issuance of the card. promises to provide to the containing an expiration date bearer merchandise of equal which is less than five years value to the remaining balance from the date of purchase. A of the device. "Gift card" does gift certificate or gift card sold not include a prepaid bank without an expiration date is card. valid until redeemed or "Gift certificate" means a replaced. written promise given in exchange for full or discounted payment, or without any money or other thing of value being given in exchange, to provide merchandise in a specified amount or of equal value to the bearer of the certificate. "Gift certificate" does not include a prepaid bank card. "Prepaid bank card" means a general use, prepaid card or

18 other electronic payment device that is issued by a bank or other financial institution in a predenominated amount useable at multiple, unaffiliated merchants or at automated teller machines, or both. Kentucky Ky. Rev. Stat (1) Ky. Rev. Stat Ky. Rev. Stat (3) Ky. Rev. Stat "Gift card," as used in this A gift card expiration date No person or entity shall Gift certificates are not section, means a certificate, shall not be less than one year charge service charges or specifically included. electronic card, or other medium issued by a merchant that evidences the giving of consideration in exchange for the right to redeem the certificate, electronic card, or other medium for goods, food, services, credit, or money of at least an equal value. "Gift card" includes any electronic card issued by a merchant with a monetary value where the issuer has received payment for the full monetary value for the future purchase or delivery of from the date of issuance. If no expiration date is printed on the front or back of the card, it is presumed valid until it is redeemed or replaced for a new gift card. fees relative to that gift card, including dormancy fees, latency fees, or administrative fees, that have the effect of reducing the total amount for which the holder of the gift card may redeem the gift card until the expiration date on the card has expired.

19 goods or services and any certificate issued by a merchant where the issuer has received payment for the full monetary face value of the certificate for the future purchase or delivery of goods and services. Louisiana La. Rev. Stat. Ann. 51:1423(A) La. Rev. Stat. Ann. La. Rev. Stat. Ann. La. Rev. Stat. Ann. 9:151 et "Gift certificate" shall mean a 51:1423(B)(1) 51:1423(B)(2) seq. writing identified as a gift An expiration date must be Prohibits a service fee, Gift certificate is presumed certificate or gift card more than five years and including but not limited to a abandoned three years after purchased by a buyer for use conspicuous. A gift certificate service fee for dormancy fee. December 31st of the year it by a person not redeemable in sold without an expiration However, nothing shall was sold. cash and usable in its face date shall be valid until prevent the issuer from amount in lieu of cash in redeemed or replaced. charging a one-time exchange for goods or services handling fee, which shall not supplied by the seller. A gift exceed $1 per gift certificate. certificate or gift card shall include an electronic card with a banked dollar value, a merchandise credit, a certificate where the issuer has received payment for the full face value of the future purchase or delivery of goods or services

20 and any other medium that evidences the giving of consideration in exchange for the right to redeem the certificate, electronic card or other medium for goods, food, services, credit or money of at least an equal value. Maine Me. Rev. Stat. Ann. tit. 33, Me. Rev. Stat. Ann. tit. 33, Me. Rev. Stat. Ann. tit. 33, Me. Rev. Stat. Ann. tit. 33, Me. Rev. Stat. Ann. tit. 33, (G) 1953(G) 1953(G) 1953(G) "Gift obligation" means an A period of limitation may not Prohibits fees or charges on Beginning November 1, A gift obligation or stored- obligation of a business be imposed on the owner's gift obligations or stored- 2008, if the gift obligation or value card is presumed association arising from a right to redeem the gift value cards, except that the stored-value card is abandoned if it is unclaimed transaction between the obligation or stored-value issuer may charge a redeemed in person and a by the apparent owner two business association and a card. This paragraph does not transaction fee for the initial balance of less than $5 years after December 31st of consumer to provide goods or apply to prefunded bank issuance and for each remains following the year in which the services at a future date. This cards. occurrence of adding value redemption, at the obligation or the most recent includes, but is not limited to, a to an existing gift obligation consumer's request the transaction involving the gift certificate, gift card, on-line Me. Rev. Stat. Ann. tit. 33, or stored-value card. These merchant redeeming the gift obligation or stored-value gift account or other 1953(G-1) transaction fees must be obligation or stored value card occurred, whichever is representation or evidence of A period of limitation may not disclosed in a separate card must refund the later, including the initial the obligation. be imposed on the owner's writing prior to the initial balance in cash to the issuance and any subsequent "Prefunded bank card" means a right to redeem the prefunded issuance or referenced on consumer. This addition of value to the device issued by a financial bank card. the gift obligation or stored- subparagraph does not apply obligation or stored value organization that enables the value card. to a prepaid telephone card.

21 holder to transfer the service card, a gift obligation (1) The amount unclaimed is underlying funds to multiple Me. Rev. Stat. Ann. tit. 33, or nonreloadable stored 60 percent of the gift merchants at the merchants' 1956 value card with an initial obligation's or stored-value point-of-sale terminals. For A holder may deduct from value of $5 or less or a card's face value. purposes of this subsection, property presumed stored-value card that is not (2) A gift obligation or "underlying funds" means the abandoned a charge purchased but provided as a stored value card sold on or funds received by the financial imposed by reason of the promotion or as a refund for after December 31, 2011 is organization that issued the owner's failure to claim the merchandise returned not presumed abandoned if card in exchange for the property within a specified without a receipt. This the gift obligation or stored issuance of the card. A time only if there is a valid paragraph does not apply to value card was sold by a prefunded bank card must and enforceable written prefunded bank cards. single issuer who in the past provide value from multiple contract between the holder calendar year sold no more merchants. and the owner under which than $250,000 in face value "Stored-value card" means a the holder may impose the of gift obligations or stored record evidencing a promise, charge and the holder value cards. Sales of gift made for consideration, by the regularly imposes the obligations and stored value seller or issuer of the record charge, which is not cards are considered sales by that goods or services will be regularly reversed or a single issuer if the sales provided to the owner of the otherwise canceled. The were by businesses that record to the value shown in amount of the deduction is operate either: (a) Under the record and includes, but is limited to an amount that is common ownership or not limited to, a record that not unconscionable. Nothing control with another business contains a microprocessor chip, in this section prevents the or businesses in the state; or magnetic stripe or other means holder from deducting fees (b) As franchised outlets of a for the storage of information, or charges in lieu of those parent business.

22 that is prefunded and for which fees or charges related to (3) A period of limitation may the value is decreased upon the owner's failure to claim not be imposed on the each use. the property within a owner's right to redeem the specified period of time gift obligation or stored-value when such fees or charges card. This paragraph does are deducted from the not apply to prefunded bank property before the date the cards. property is presumed abandoned. This paragraph Me. Rev. Stat. Ann. tit. 33, does not apply to prefunded 1953(G-1) bank cards. A prefunded bank card, three years after December 31st of the year in which the obligation or the most recent activity involving the prefunded bank card occurred, whichever is later, including the initial issuance and any subsequent addition of value to the prefunded bank card. Maryland Md. Commercial Code Ann. Md. Commercial Code Ann. Md. Commercial Code Ann. Md. Commercial Code Ann (m) "Gift certificate" means a device A person may not sell or issue A person may not sell or Gift certificates are exempted constructed of paper, plastic, or a gift certificate that, within issue a gift certificate that, from unclaimed property act.

23 any other material that is: (i) sold or issued by a person for a cash value that can be used to purchase goods or services; or (ii) issued as a store credit for returned goods. Md. Commercial Code Ann four years after the date of purchase, is subject to expiration or a fee or charge of any kind. Md. Commercial Code Ann A gift card may be subject to expiration, if disclosed as within four years after the date of purchase, is subject to expiration or a fee or charge of any kind. Md. Commercial Code Ann A gift card may be subject to a postsale fee, including a "Gift card" that (1) Is processed specified. through a national credit or debit card service; and (2) May be used to purchase goods or services from multiple unaffiliated sellers of goods and service fee, dormancy fee, account maintenance fee, cash-out fee, gift card replacement fee, activation fee, or reactivation fee, if disclosed as specified. services. Massachusetts Mass. Gen. Laws Ann. ch. Mass. Gen. Laws Ann. ch. Mass. Gen. Laws Ann. ch. Mass. Gen. Laws Ann. ch. Mass. Gen. Laws Ann. ch. 255D, 1 200A, 5D 266, 75D 200A, 5D 200A, 1 et seq. "Gift certificate" is a writing A gift certificate, as defined in Whoever sells or offers to A purchaser or holder of a A gift certificate not clearly identified as a gift certificate section 1 of chapter 255D, sell a gift certificate, as gift certificate which, by its marked with an expiration purchased by a buyer for use sold or offered to be sold shall defined in section 1 of terms, prohibits the date or for which the by a person other than the be valid for not less than chapter 255D, which purchaser or holder from expiration date is not buyer not redeemable in cash seven years after its date of imposes dormancy fees, adding value thereto and otherwise made available as and usable in its face amount in issuance. The date of issuance latency fees, administrative which has been redeemed provided in this section shall lieu of cash in exchange for and the expiration date shall fees, periodic fees, service for at least 90 percent of its be redeemable in perpetuity.

24 goods or services supplied by be clearly identified on its fees or other fees that have face value shall make an the seller. A gift certificate shall face, subject to section 75C of the effect of reducing the election to receive the include an electronic card with chapter 266, or, if an total value amount for which balance in cash or continue a banked dollar value, a electronic card with a banked the holder may redeem such using the gift certificate. A merchandise credit, a certificate dollar value, clearly printed gift certificate, shall be purchaser or holder of a gift where the issuer has received upon a sales receipt punished by a fine of not certificate which, by its payment for the full face value transferred to the purchaser more than $300 per terms, authorizes the for the future purchase or delivery of goods or services of the electronic card upon the violation. completed transaction, or purchaser or holder to add value thereto and which has and any other medium that otherwise made available to Mass. Gen. Laws Ann. ch. been redeemed in part, such evidences the giving of the purchaser or holder of the 266, 75E that the value remaining is consideration in exchange for electronic card through means Whoever sells or offers to $5 or less, shall make an the right to redeem the of an Internet site or a toll sell a gift certificate, as election to receive the certificate, electronic card or free information telephone defined in section 1 of balance in cash or continue other medium for goods, food, line. A gift certificate not chapter 255D, which using the gift certificate. services, credit or money of at clearly marked with an imposes any fees or charges least an equal value. A gift expiration date or for which including, but not limited to, certificate shall not include pre- the expiration date is not purchase fees, activation paid calling arrangements, as otherwise made available as fees, renewal fees or defined in 1 of chapter 64H, or provided in this section shall cancellation fees, shall any electronic card usable with multiple unaffiliated sellers of goods or services. be redeemable in perpetuity. Once an expiration date has been reached, the issuer of the gift certificate shall not be subject to section 7. provide to consumers notice of any such fees, in writing, on the gift certificate, on the packaging of the gift certificate, or on both.

25 Failure to print such notice Mass. Gen. Laws Ann. ch. 266, shall be punished by a fine 75C Whoever sells or offers to sell of not more than $300 per violation. a gift certificate as defined in section 1 of chapter 255D, which imposes a time limit of less than seven years within which such certificate may be redeemed, shall be punished by a fine of not more than $300. This section shall not apply when the purchaser of the gift certificate is not obligated to pay for it until the time of use. Whoever, after having sold a gift certificate Mass. Gen. Laws Ann. ch. 266, 75F Whoever redeems a gift certificate, as defined in section 1 of chapter 255D and deducts a gratuity therefrom without the consent of the holder of the gift certificate, shall be punished by a fine of not more than $300 per violation. refuses to redeem the certificate before it has reached the expiration date, shall be punished by a fine of not more than $300. Michigan Mich. Comp. Laws e Mich. Comp. Laws g Mich. Comp. Laws f Mich. Comp. Laws "Gift certificate" means a A person engaged in the retail A person engaged in the (1) Except as provided in written promise or a gift card or sale of goods or services shall retail sale of goods and subsection (4), a gift

26 other electronic payment device not sell a gift certificate to a services shall not charge an certificate, gift card, or credit that meets all of the following: consumer that expires within a inactivity fee or other service memo is presumed 1) Is usable at a single retailer, period of less than five years. fee to a customer for the abandoned if either of the is usable at an affiliated group possession or use of a gift following apply: (a) The of retailers that share the same certificate. certificate, card, or memo is name, mark, or logo, or is As used in this section, not claimed or used for a usable at multiple, unaffiliated "service fee" does not period of five years after retailers or service providers. 2) include any fee charged to becoming payable or Is issued in a specified amount. and paid by a consumer in distributable. (b) The 3) May or may not be increased connection with the sale of a certificate, card, or memo in value or reloaded. 4) Is gift certificate, unless the fee was used or claimed one or purchased or loaded on a is deducted or debited from more times without prepaid basis for the future the face value of the gift exhausting its full value, but purchase or delivery or goods certificate. subsequently was not or services. 5) Is honored upon claimed or used for an presentation. uninterrupted period of five "Gift certificate" does not years. include any of the following: (a) (2) For purposes of A general use, prepaid card or subsection (1), a gift other electronic payment device certificate or gift card is that is issued or sponsored by a considered to have been financial institution in a claimed or used if there is predetermined amount and is any transaction processing usable at multiple, unaffiliated activity on the gift certificate retailers or at automated teller or gift card including, but not

27 machines. As used in this subdivision, "financial institution" means a bank, bank and trust, national bank, savings bank, savings and loan association, credit union, or money transmitter organized under the laws of this state, another state, the District of Columbia, the United States, or any territory or protectorate of the United States and their respective subsidiaries, affiliates, or holding companies. (b) An electronic payment device linked to a deposit account. (c) A prepaid telephone calling card regulated under state or federal law or a card used in connection with prepaid wireless telephone service. (d) An electronic payment device used to access an account from which an individual may pay medical limited to, redeeming, refunding, or adding value to the certificate or card. Activity initiated by the issuer of the certificate or card, including, but not limited to, assessing inactivity fees or similar service fees, does not constitute transaction processing activity for purposes of this subsection. (3) In the case of a gift certificate or gift card, the owner is presumed to be a gift recipient of the gift certificate or gift card, and the amount presumed abandoned is the price paid by the purchaser for the gift certificate or gift card, less the total of any purchases or fees assessed against the certificate or card. In the case of a credit memo, the amount presumed

28 expenses, health care expenses, dependent care expenses, or similar expenses on a pretax basis under the internal revenue code, 26 USC 1 to 1789, or regulations adopted pursuant to the internal revenue code. (e) A prepaid discount card or program used to purchase identified goods or services at a price or percentage below the abandoned is the amount credited to the recipient of the memo. (4) This act does not apply to a gift certificate as defined in section 3e of the Michigan consumer protection act, 1976 PA 331, MCL e, that is issued for retail goods or services by a person engaged in the retail sale of goods or services. normal and customary price, if any expiration date of the prepaid discount card or program is clearly and conspicuously disclosed. (f) A payroll card or other electronic payment device linked to a deposit account and given in exchange for goods or services rendered. (g) A gift certificate sold below face value or at a volume discount to an employee, to a nonprofit or

29 charitable organization, or to an educational institution for fundraising purposes. (h) A gift certificate distributed to a consumer or employee pursuant to an awards, rewards, loyalty, or promotional program, if the consumer or employee is not required to give consideration for the gift certificate. (i) An electronic credit voucher issued by a person that holds a certificate issued under chapter 411 of title 49 of the United States Code, 49 USC to 41113, or a permit issued under chapter 413 of title 49 of the United States Code, 49 USC to Minnesota Minn. Stat. 325G.53 Minn. Stat. 325G.53 Minn. Stat. 325G.53 Minn. Stat "Gift certificate" means a It is unlawful for any person It is unlawful for any person Gift certificates are exempted tangible record evidencing a or entity to sell a gift or entity to sell a gift from definition of intangible promise, made for certificate that is subject to an certificate that is subject to a property. consideration, by the seller or expiration date. service fee of any kind,

30 issuer of the record that goods or services will be provided to including, but not limited to, a service fee for dormancy. the owner of the record to the value shown in the record and includes, but is not limited to, a gift card, stored-value card, store card, or a similar record or card that contains a microprocessor chip, magnetic stripe, or other means for the storage of information, and for which the value is decreased upon each use. The provisions of this section shall not apply to gift certificates issued by a federally chartered or statechartered bank, bank and trust, savings bank, savings association, or credit union, or by an operating subsidiary or other affiliate of any of them, and that can be used at multiple sellers of goods and services, provided that the issuer discloses any expiration

31 date and fee associated with the gift certificate. Mississippi Missouri Miss. Code Ann Gift certificates unclaimed by the owner for five years is abandoned. Mo. Rev. Stat et seq. Gift certificates that are redeemable in merchandise only shall be reportable at a rate equal to 60 percent of their respective face value. The state treasurer shall reimburse the owner the full face value. Montana Mont. Code Ann Mont. Code Ann Mont. Code Ann Mont. Code Ann Mont. Code Ann "Gift certificate" means a 108(1) 108(3) 108(4) 803(g) record, including a gift card or A gift certificate is valid until A gift certificate may not be If the original value of the A gift certificate is presumed stored value card, that is redemption and does not reduced in value by any fee, gift certificate was more abandoned three years after provided for paid consideration terminate. including a dormancy fee. than $5 and the remaining December 31 of the year in and that indicates a promise by value is less than $5 and the which the certificate was the issuer or seller of the record possessor requests cash for sold, but if redeemable in that goods or services will be the remainder, the issuer or merchandise only, the provided to the possessor of seller shall redeem the gift amount abandoned is the record for the value that is certificate for cash. considered to be 60 percent

32 shown on the record or contained within the record by means of a microprocessor chip, magnetic stripe, bar code, or other electronic information storage device. The consideration provided for the gift certificate must be made in advance. The value of the gift certificate is reduced by the amount spent with each use. A gift certificate is considered trust property of the possessor if the issuer or seller of the gift certificate declares bankruptcy after issuing or selling the gift certificate. The value represented by the gift of the certificate's face value. A gift certificate is not presumed abandoned if the gift certificate was sold by a person who in the past fiscal year sold no more than $200,000 in gift certificates, which amount must be adjusted by November of each year by the inflation factor defined in The amount considered abandoned for a person who sells more than the amount that triggers presumption of abandonment is the value of gift certificates greater than that trigger. certificate belongs to the possessor, to the extent provided by law, and not to the issuer or seller. (b) The term does not include: (i) prepaid telecommunications and technology cards, including

33 but not limited to prepaid telephone calling cards, prepaid technical support cards, and prepaid internet disks that have been distributed to or purchased by a consumer; (ii) a coupon provided to a consumer pursuant to any award, loyalty, or promotion program without any money or consideration being given in exchange for the card; or (iii) a gift certificate usable with multiple sellers of goods or services. Nebraska Neb. Rev. Stat (d) Neb. Rev. Stat Neb. Rev. Stat Neb. Rev. Stat General-use prepaid card Gift cards/certificates subject A gift certificate or gift card (a) A gift certificate or gift means a plastic card or other to an expiration date shall subject to a fee shall contain card which is not assessed electronic payment device have a statement clearly and a statement clearly and any fees and does not have usable with multiple, conspicuously stating the conspicuously printed on it an expiration date shall not unaffiliated sellers of goods or expiration date. The stating whether there is a be presumed to be services. statement may appear on the fee, the amount of the fee, abandoned. front or back of the gift how often the fee will occur, (b) A gift certificate or gift certificate or gift card in a that the fee is triggered by card which contains an location where it is visible to a inactivity of the gift expiration date or requires purchaser prior to the certificate or gift card, and any type of post-sale finance

34 purchase. Excludes generaluse prepaid cards. when the fee will be assessed. The statement may appear on the front or back of the gift certificate or gift card in a location where it is visible to a purchaser prior to the purchase. Excludes general-use prepaid cards. charge or fee which is unredeemed for a period of three years from the date of issuance shall be presumed abandoned. (c) A gift certificate or gift card issued prior to November 2, 2006, which contains an expiration date or requires any type of postsale finance charge or fee and has not been redeemed shall not be presumed abandoned if the issuer's policy and practice as of July 1, 2006, is to waive all postsale charges or fees and to honor such gift certificate or gift card, at no additional cost to the holder whenever presented at full face value or the value remaining after any applicable purchases, expiration date notwithstanding. A written

35 notice of such policy and practice shall be posted conspicuously by July 1, 2006, in not smaller than 10- point type, at each site in all Nebraska locations at which the issuer distributes or redeems a gift certificate or gift card. (d) In the case of a gift certificate or gift card, the amount presumed abandoned is the face amount of the certificate or card itself, less the total amount of any applicable purchases and fees. Nevada Nev. Rev. Stat (3) Nev. Rev. Stat. Nev. Rev. Stat. Nev. Rev. Stat. 120A.520 "Gift certificate" means an (1)(a) (1)(b) Sixty percent of the instrument or a record Expiration date or toll-free Requires that a gift unredeemed or uncharged evidencing a promise by the phone number to inquire certificate cannot have a value remaining on a gift seller or issuer of the regarding the balance and service fee, unless each of certificate which is issued or instrument or record to provide expiration date must be the following is printed sold in this state and which goods or services to the holder conspicuous. plainly and conspicuously on has an expiration date is of the gift certificate for the the front or back of the gift presumed abandoned and