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.
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 DECEMBER 31, 2011
A gift obligation or stored-value card sold on or after December 31, 2011 is not presumed abandoned if the gift obligation or stored-value card was sold by a single issuer who in the past calendar year sold no more than $250,000 in face value of gift obligations or stored-value cards. Sales of gift obligations and stored-value cards are considered sales by a single issuer if the sales were by businesses that operate either:
(a) Under common ownershipt or control with another business or bussinesses in the State; or
(b) As franchised outlets of a parent business.
Read M.R.S.A. § 1953 (G).