Section 2067 - When gift obligation presumed abandoned1.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. [2019, c. 498, §22(NEW).]
2.Amount unclaimed. The amount unclaimed of a gift obligation is as follows: A. For a gift obligation whose issuance or whose most recent transaction, whichever is later, occurred during calendar year 2019 or earlier, 60% of the net obligation value at the time it is presumed abandoned; [2019, c. 553, §1(NEW).]B. For a gift obligation whose issuance or whose most recent transaction, whichever is later, occurred during calendar year 2020, 40% of the net obligation value at the time it is presumed abandoned; [2019, c. 553, §1(NEW).]C. For a gift obligation whose issuance or whose most recent transaction, whichever is later, occurred during calendar year 2021, 20% of the net obligation value at the time it is presumed abandoned; and [2019, c. 553, §1(NEW).]D. For a gift obligation whose issuance or whose most recent transaction, whichever is later, occurred during calendar year 2022 or after, 0% of the net obligation value at the time it is presumed abandoned. [2019, c. 553, §1(NEW).] [2019, c. 553, §1(AMD).]
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 [2019, c. 498, §22(NEW).]B. As franchised outlets of a parent business. [2019, c. 498, §22(NEW).] [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. [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. [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. [2019, c. 498, §22(NEW).]
Amended by 2020, c. 553,§ 1, eff. 6/16/2020.Added by 2019, c. 498,§ 22, eff. 9/19/2019.