§2066. When stored-value obligation presumed abandoned

1.  Presumed abandoned after 3 years.  Subject to section 2070, the net obligation value of a stored-value obligation is presumed abandoned on the latest of 3 years after:

A. December 31st of the year in which the obligation is issued or additional funds are deposited into it;   [PL 2019, c. 498, §22 (NEW).]

B. The most recent indication of interest in the obligation by the apparent owner; and   [PL 2019, c. 498, §22 (NEW).]

C. A verification or review of the balance by or on behalf of the apparent owner.   [PL 2019, c. 498, §22 (NEW).]

[PL 2019, c. 498, §22 (NEW).]

2.  Amount presumed abandoned.  The amount presumed abandoned in a stored-value obligation is the net obligation value at the time it is presumed abandoned.

[PL 2019, c. 498, §22 (NEW).]

3.  No period of limitation, charges or fees; exceptions, disclosure.  Notwithstanding section 2112, fees, charges or a period of limitation may not be imposed on stored-value obligations, except that the issuer may charge a transaction fee for the initial issuance and for each occurrence of adding value to an existing stored-value obligation. These fees must be disclosed in a separate writing prior to the initial issuance or referenced on the stored-value obligation.

[PL 2019, c. 498, §22 (NEW).]

4.  Redemption; balance in cash.  If a stored-value obligation is redeemed in person and a balance of less than $5 remains following redemption, at the consumer's request the merchant redeeming the stored-value obligation must refund the balance in cash to the consumer. This subsection does not apply to a stored-value obligation with an initial value of $5 or less, or a stored-value obligation that is not purchased but provided as a promotion or as a refund for merchandise returned without a receipt.

[PL 2019, c. 498, §22 (NEW).]

SECTION HISTORY

PL 2019, c. 498, §22 (NEW).