Illinois passed its first budget in two years – and snuck in (a modified version of) the 2016 Revised Uniform Unclaimed Property Act. Our Unclaimed Property Team unearths the Act’s numerous provisions, many of them unfavorable for holders. Eliminating the B2B exemption Other variations from the uniform Act and current Illinois law Potential legal hurdles Read the advisory here. [...]Read more
Our Unclaimed Property Group explores legislation introduced in the state Senate that if enacted, would prompt a sea change in Delaware law governing abandoned and unclaimed property.
In December, we wrote about a new gift card law in New York that took effect on Christmas day (http://www.alston.com/advisories/ny-gift-card-legislation/), which was enacted by Senate Bill S. 4771-E. Under that now-effective law: Gift card issuers are prohibited from charging a service fee before the twenty-fifth month of dormancy, and any service fees that are applied after this time must be waived and put back on the card if the card is used within three years of the issue date. No gift card may have an expiration date of earlier than five years from the date the card was issued or the [...]Read more
On June 9, Connecticut Governor Dan Malloy signed into law HB 5564, which adds Connecticut to the growing list of states that require gift card sellers or issuers to provide cash back to consumers in certain partial redemption situations. In particular, HB 5564 (enacted as Public Act No. 16-140) requires a seller or issuer of a gift card to provide the purchaser with either a proof of purchase receipt or a gift receipt for the purchase of such card. Once the card has been redeemed for goods or services and the remaining balance is less than $3.00, the redeeming seller or issuer must pay the [...]Read more
Oregon Invites Litigation The Oregon Legislature recently introduced legislation that would reestablish gift cards as a type of unclaimed property reportable to Oregon. [https://olis.leg.state.or.us/liz/2015R1/Measures/Overview/HB2543] The state previously amended its act to delete all references to gift cards. Under HB 2543, the value of a gift card will be reportable as unclaimed property if it has not been redeemed for 3 years. Oregon thus re-joins the minority of states that require the escheat of gift cards. Most significantly, however, HB 2543 provides that if the issuer of [...]Read more