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• Maine's Unclaimed Property Act

Gift Obligations: Gift Certificates, Stored Value Cards, etc.

Maine's Unclaimed Property Act requires issuers of gift obligations (gift cards, gift certificates, stored value cards, etc.) to file reports by May 1st each year. When a gift obligation has reached maturity (two years from the date of issue or last use), the issuer must follow the 4 "R"s.

They should:

• Redeem the obligation,
• Refund the purchase price paid,
• Reissue the face value in a new gift obligation/stored value card, or
• Report the funds as Unclaimed Property upon expiration of the applicable dormancy period, which is 2 years after December 31^st of the year in which the gift obligation was purchased or the most recent transaction occurred, whichever is later..

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