Law & Policy

What does Maine's Unclaimed Property Law Cover?

Gift Obligations sold by Maine corporations are subject to Maine's Unclaimed Property Act.

Expiration Date ineffective / 2-Year Dormancy Period

Maine's Unclaimed Property Act does not allow enforcement of gift obligation/stored value card expiration dates.

Fees Disallowed

Maintenance fees and service charges are not allowed on gift obligations or stored value cards except upon purchase or when recharged. Read 33 M.R.S.A.S 1953 (G).

Promotional Gift Obligations

Gift obligations issued for promotional purposes (i.e. marketing, fundraising, etc.) are not reportable as unclaimed property. No underlying obligation exists since no monetary transaction occurred. A business may impose an expiration date on a promotional gift.

 

LAW CHANGE EFFECTIVE NOVEMBER 1, 2008

Beginning November 1, 2008, if any gift obligation or stored value card which the merchant is required to honor is redeemed in person as part of a purchase and a balance of less than $5 remains following redemption, at the consumer’s request the merchant redeeming the gift obligation or stored value card must refund the balance in cash to the consumer.  This paragraph does not apply to prefunded bank cards.   

Read  M.R.S.A. § 1953 (G).
 http://www.mainelegislature.org/legis/statutes/33/title33sec1953.html