Recent State Gift Card Policy Changes Are All Over the Map
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