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Tuesday, February 03, 2009

Legislators again seek to confiscate the value of old gift cards (Update)

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

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.

(Posted 3 Feb 2009)

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