Keane's Unclaimed Property Blog

Gift Card Escheatment (14 articles)

Gift Card Escheatment Laws

Abandoned Property, Abandoned Property Law, Compliance, Dormancy Periods, Escheat Law, Escheatment, Gift Card Escheatment, State Escheatment, Unclaimed Property, Unclaimed Property Law, Unclaimed Property Reporting

Update 2019: Are gift cards escheatable? Unfortunately, the answer is not simple as each state and territory have different unclaimed property laws regarding gift cards and the time before escheatment. These differences in state laws impact gift card breakage, the revenue companies gain through unredeemed gift cards. The Electronic Funds Transfer Act and the Consumer […]

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Verdict Rendered Against Overstock in Qui Tam Litigation Over Unclaimed Gift Card Balances

Verdict Rendered Against Overstock in Qui Tam Litigation Over Unclaimed Gift Card Balances

Gift Card Escheatment, Litigation

The verdict against Overstock likely means that Delaware will further scrutinize companies utilizing similar giftco structures and could possibly subject them to litigation or audit, even forcing some to re-domesticate outside of Delaware to avoid such scrutiny.  Gift card holders should be overly cautious and be prepared to defend their organizational structures to the state.

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CFPB Issues Decision on Federal Preemption of State Gift Card Laws

Compliance, Gift Card Escheatment, Public Corporations

On April 19th, the Consumer Financial Protection Bureau (CFPB) issued a formal determination on whether certain state unclaimed property laws as they apply to gift cards, are subject to federal preemption. At issue were the unclaimed gift card laws in place in Maine and Tennessee.  The CFPB’s consideration and determination were the result of requests […]

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