Gift Obligations: Gift Certificates, Stored Value Cards, etc.
Businesses that issue gift obligations (gift cards, gift certificates, stored value cards etc) in Maine must file Unclaimed Property Reports by May 1st of each year. The dormancy period for unused gift obligations is two (2) years after December 31st of the year in which the obligation began or the most recent transaction occurred, whichever is later, including the initial issuance and any subsequent addition of value. The amount unclaimed is sixty per cent (60%) of the gift obligation’s dormant value. Holder reimbursements may be claimed at any time.
LAW CHANGE EFFECTIVE DECEMBER 31, 2011
A gift obligation or stored-value card sold on or after December 31, 2011 is not presumed abandoned if the gift obligation or stored-value card was sold by a single issuer who in the past calendar year sold no more than $250,000 in face value of gift obligations or stored-value cards. Sales of gift obligations and stored-value cards 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
(b) As franchised outlets of a parent business.
Read M.R.S.A. § 1953 (G).