More Pending Legislation Relating to Gift Cards and Other Issues

by admin

Yesterday, we looked at some pending legislation relating to gift cards.  Today, we will look at some additional pending legislation relating to gift cards, as well as some proposed amendments to the unclaimed property laws more generally.  Note that this is pending legislation, NOT laws that have been enacted.  Generally, it takes only one legislator to propose a bill; it takes a majority of those legislators and the governor’s signature (or a veto override) to enact a bill into law.  For additional information regarding how a bill becomes a law, see here.

Connecticut – H.B. 5003 – Would require banks to send due diligence mailings to account owners, via certified mail, one year before a presumption of abandonment is to take place.  Currently pending in the Committee on Banks.

Missouri – H.B. 64 – Would shorten the dormancy period for payroll items from five years to one year.  Currently referred to the House Committee on Financial Institutions.

New Jersey – S.B. 2681 – Would undo this, and this, and this.  Lest anyone get too excited, note that an identical bill (A.B. 3250) has been pending since September of last year.  The bill is currently before the Senate Commerce Committee.

New York – A.B. 4062 – Would require any gift certificate (including gift cards) issued to a consumer to be redeemable for at least seven years.  Referred to Committee on Consumer Affairs.

Rhode Island – S.B. 90 – Would require all gift certificates to retain full value for 3 years, and allow issuers to deduct no more than  ten percent of the gift certificate’s value for the remaining years.  Referred to Senate Corporations Committee.