§2067. When gift obligation presumed abandoned
1.
Presumed abandoned after 2 years.
Subject to section 2070, a gift obligation is presumed abandoned 2 years after December 31st of the year in which the obligation arises or the most recent transaction involving the obligation occurs, whichever is later.
[PL 2019, c. 498, §22 (NEW).]
2.
Amount unclaimed.
The amount unclaimed of a gift obligation is as follows:
A.
For a gift obligation whose issuance or whose most recent transaction, whichever is later, occurred during calendar year 2019 or earlier, 60% of the net obligation value at the time it is presumed abandoned;
[PL 2019, c. 553, §1 (NEW).]
B.
For a gift obligation whose issuance or whose most recent transaction, whichever is later, occurred during calendar year 2020, 40% of the net obligation value at the time it is presumed abandoned;
[PL 2019, c. 553, §1 (NEW).]
C.
For a gift obligation whose issuance or whose most recent transaction, whichever is later, occurred during calendar year 2021, 20% of the net obligation value at the time it is presumed abandoned; and
[PL 2019, c. 553, §1 (NEW).]
D.
For a gift obligation whose issuance or whose most recent transaction, whichever is later, occurred during calendar year 2022 or after, 0% of the net obligation value at the time it is presumed abandoned.
[PL 2019, c. 553, §1 (NEW).]
[PL 2019, c. 553, §1 (AMD).]
3.
Not presumed abandoned; sales by a single issuer under $250,000.
A gift obligation is not presumed abandoned if it was sold by a single issuer who in the past calendar year sold no more than $250,000 in face value of gift obligations. Sales of gift obligations are considered sales by a single issuer if the sales were by businesses that operate either:
A.
Under common ownership or control with another business or businesses in the State; or
[PL 2019, c. 498, §22 (NEW).]
B.
As franchised outlets of a parent business.
[PL 2019, c. 498, §22 (NEW).]
[PL 2019, c. 498, §22 (NEW).]
4.
No period of limitation for redemption.
A period of limitation may not be imposed on the owner's right to redeem the gift obligation.
[PL 2019, c. 498, §22 (NEW).]
5.
No charges or fees; exception, disclosure.
Notwithstanding section 2112, fees or charges may not be imposed on gift obligations, except that the issuer may charge a transaction fee for the initial issuance. The fee must be disclosed in a separate writing prior to the initial issuance or referenced on the gift obligation.
[PL 2019, c. 498, §22 (NEW).]
6.
Redemption; balance in cash.
If a gift obligation is redeemed in person and a balance of less than $5 remains following redemption, at the consumer's request the merchant redeeming the gift obligation must refund the balance in cash to the consumer. This subsection does not apply to a gift obligation with an initial value of $5 or less.
[PL 2019, c. 498, §22 (NEW).]
SECTION HISTORY
PL 2019, c. 498, §22 (NEW). PL 2019, c. 553, §1 (AMD).