Expiration of Gift Certificates & Gift Cards

What is Maine's Law on EXPIRATION OF Gift Certificates & GIFT Cards

“Stored-value obligations” and “gift obligations” are defined in 33 MRS §2052(11) and (30). Regarding “stored-value obligations”, 33 MRS §2066 states, “Notwithstanding section 2112, fees, charges or a period of limitation may not be imposed on stored-value obligations, except that the issuer may charge a transaction fee for the initial issuance and for each occurrence of adding value to an existing stored-value obligation.” Regarding “gift obligations”, 33 MRS §2067 states, “A period of limitation may not be imposed on the owner's right to redeem the gift obligation.” These statutes also set forth circumstances in which these instruments are considered abandoned property.

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2/4/2020        A-Z List