§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 is 60%.  The amount unclaimed of a gift obligation is 60% of the net obligation value at the time it is presumed abandoned.

[PL 2019, c. 498, §22 (NEW).]

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).