Legislators again seek to confiscate the value of old gift cards

HB 126, SB 418

PG Sponsors:

• Delegates Pena-Melnyk, Barnes, Benson, Braveboy, Frush, Gaines, Griffith, Healey, Holmes, Howard, Hubbard  Ivey, Niemann, Ross, V. Turner, Valderrama, Vallario, Vaughn , and Walker
  
• Senators Exum, Harrington, Peters, and Rosapepe

Entitled: Commercial Law - Gift Certificates - Balances - Presumption of Abandonment

Synopsis:

Providing that on a specified date the balance remaining on a gift certificate sold in the State shall be presumed to be abandoned; requiring each issuer of gift certificates sold in the State to report to the Comptroller specified information regarding gift certificate transactions in the State and to remit to the Comptroller 70% of the remaining balances on specified gift certificates on or before March 1 of each year; etc.

Earlier:

• Del. Pena-Melnyk will reintroduce bill to confiscate the value of old gift cards, D.C. Russell, 21 Dec 2007
  
• PG Taxers: PG sponsors of special session tax bills, D.C. Russell, 30 Oct 2007
• State To Steal Unused Gift Certificates To Fund Education, Brian Gill, 6 Nov 2007

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(Updated 3 Feb 2009)