US 2000 Gift Cards and Gift Certificates Statutes and Recent Legislation Resources in United States

US 2000 Gift Cards and Gift Certificates Statutes and Recent Legislation Resources

Connecticut
S.B. 319
Prohibits expiration dates on gift certificates so that gift certificates are treated more like cash.

Illinois
S.B. 1191
Amends the State Treasurer Act and the Uniform Disposition of Unclaimed Property Act to transfer the administration of the Uniform Disposition of Unclaimed Property Act from the Department of Financial Institutions to the state treasurer.  Amends the Financial Institutions Code, the Illinois Banking Act, the Illinois Credit Union Act, the Currency Exchange Act, the Corporate Fiduciary Act, the Illinois Insurance Code, the Probate Act of 1975, the Business Corporation Act of 1983, and the General Not For Profit Corporation Act of 1986 to make corresponding changes.

New York
S.B. 7183
Link unavailable
Provides that gift certificates and store credits shall not contain expiration dates, except in limited circumstances where they are issued for promotion purposes without value being given by the consumer; makes certificates or credit with an expiration date redeemable in cash or replaceable by a certificate or credit without an expiration date.

Pennsylvania
H.B. 2526
Prohibits the sale of gift certificates with expiration dates.

Rhode Island
H.B. 7602
Prohibits expiration dates on gift certificates.

S.B. 2035
Prohibits sellers of gift certificates with a value exceeding $50 from limiting the time for redemption of a gift certificate of monetary value.

S.B. 2261
Prohibits expiration dates on all gift certificates.

Virginia
S.B. 676
Signed by governor 4/8/00, Chapter 733
Exempts promotional incentives, property valued at less than $100, gift certificates, and credit balances payable to a business association from the reporting requirement of the Uniform Disposition of Unclaimed Property Act.  An action or proceeding may not be maintained by the administrator more than five years after the holder identified the property on a filed report, filed a report in which the holder should have identified the property, or filed a report giving the administrator reasonable notice of a dispute regarding the property, except that the period of limitation is extended to 10 years in the case of a materially false report or failure to file a report.  The period that a holder is required to retain records is five years if a report is filed or 10 years if no report is filed.  The state treasurer is prohibited from entering into contingency fee contracts, or permitting statistical estimation without the consent of the holder, if the holder is located in Virginia.  The civil penalties for willful failure to comply with the Act are increased.