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Unclaimed Property ADVISORY: Illinois General Assembly Stealthily Enacts Version of Revised Uniform Unclaimed Property Act

July 14, 2017 By Michael Giovannini

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

Filed Under: Unclaimed Property Advisory Tagged With: b2b, business-to-business exemption, contractual anti-limitation provision, Escheat, Gift cards, Governor Bruce Rauner, HB 2603, Illinois General Assembly, merchandise credit, Revised Uniform Unclaimed Property Act, RUUPA, SB 9, statutes of limitation, stroed value cards, tax-deferred retirement accounts and securities, tax-deffered, Uniform Unclaimed Property Act

Unclaimed Property ADVISORY: Delaware Moves to Revamp Its Unclaimed Property Law

January 17, 2017 By Michael Giovannini and Kendall Houghton

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.

Read the full advisory here.

Filed Under: Unclaimed Property Advisory Tagged With: 12 Del. Code Ann. § 1130 et seq, Delaware, Delaware General Assembly, Delaware’s False Claims and Reporting Act, Department of Finance, due diligence, Escheat, Escheat Laws, Gift cards, gift certificates, Income Tax, look-back, Loyalty Cards, record retention, SB 13, Temple-Inland decision, Unclaimed property, Uniform Unclaimed Property Act, UP, UUPA, VDA, VDA program

New York Looks to Further Restrict Gift Card Practices

January 11, 2017 By Michael Giovannini

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

Filed Under: Uncategorized, Unclaimed Property Advisory Tagged With: Gift cards, State legislation, Unclaimed property

Unclaimed Property Advisory: New York Puts Coal in Gift Card Issuers’ Stockings with New Rules

December 14, 2016 By Alston & Bird Unclaimed Property

Our Unclaimed Property Group explains how, effective December 25, New York will further restrict gift card service fees, limit card expiration dates and require additional terms and conditions to be clearly and conspicuously stated.

Read the full advisory here.

Filed Under: Unclaimed Property Advisory Tagged With: Federal Card Act, Gift cards, gift certificates, New York, Section 396-i, service fees, Unclaimed property

Retailers, Take Note: Connecticut Adds New Gift Card Cash-Back Requirements

June 16, 2016 By Michael Giovannini

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

Filed Under: State & Local Tax, State & Local Tax Advisory, Unclaimed Property Advisory Tagged With: Consumer protection, Gift cards, State legislation

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