Maine § 2067. - When gift obligation presumed abandoned

§ 2067.. When gift obligation presumed abandoned

1.  Presumed abandoned after 2 years.  Subject to section 2070, a gift obligation is presumed abandoned 2 years after December 31st of the year in which the obligation arises or the most recent transaction involving the obligation occurs, whichever is later.

2.  Amount unclaimed.  The amount unclaimed of a gift obligation is as follows:

A. For a gift obligation whose issuance or whose most recent transaction, whichever is later, occurred during calendar year 2019 or earlier, 60% of the net obligation value at the time it is presumed abandoned;   [PL 2019, c. 553, §1 (NEW).]

B. For a gift obligation whose issuance or whose most recent transaction, whichever is later, occurred during calendar year 2020, 40% of the net obligation value at the time it is presumed abandoned;   [PL 2019, c. 553, §1 (NEW).]

C. For a gift obligation whose issuance or whose most recent transaction, whichever is later, occurred during calendar year 2021, 20% of the net obligation value at the time it is presumed abandoned; and   [PL 2019, c. 553, §1 (NEW).]

D. For a gift obligation whose issuance or whose most recent transaction, whichever is later, occurred during calendar year 2022 or after, 0% of the net obligation value at the time it is presumed abandoned.   [PL 2019, c. 553, §1 (NEW).]

3.  Not presumed abandoned; sales by a single issuer under $250,000.  A gift obligation is not presumed abandoned if it was sold by a single issuer who in the past calendar year sold no more than $250,000 in face value of gift obligations. Sales of gift obligations are considered sales by a single issuer if the sales were by businesses that operate either:

A. Under common ownership or control with another business or businesses in the State; or   [PL 2019, c. 498, §22 (NEW).]

B. As franchised outlets of a parent business.   [PL 2019, c. 498, §22 (NEW).]

4.  No period of limitation for redemption.  A period of limitation may not be imposed on the owner's right to redeem the gift obligation.

5.  No charges or fees; exception, disclosure.  Notwithstanding section 2112, fees or charges may not be imposed on gift obligations, except that the issuer may charge a transaction fee for the initial issuance. The fee must be disclosed in a separate writing prior to the initial issuance or referenced on the gift obligation.

6.  Redemption; balance in cash.  If a gift obligation is redeemed in person and a balance of less than $5 remains following redemption, at the consumer's request the merchant redeeming the gift obligation must refund the balance in cash to the consumer. This subsection does not apply to a gift obligation with an initial value of $5 or less.