| 122nd MAINE LEGISLATURE | |||||||||
| LD 1084 | LR 0397(01) | ||||||||
| An Act To Make Dormancy Fees on Gift Cards Illegal | |||||||||
| Fiscal Note for Original Bill | |||||||||
| Sponsor: Rep. Valentino of Saco | |||||||||
| Committee: Judiciary | |||||||||
| Fiscal Note Required: Yes | |||||||||
| Fiscal Note | |||||||||
| Projections | Projections | ||||||||
| 2005-06 | 2006-07 | 2007-08 | 2008-09 | ||||||
| Net Cost (Savings) | |||||||||
| General Fund | ($731,250) | ($1,105,000) | ($1,132,625) | ($1,160,941) | |||||
| Revenue | |||||||||
| General Fund | $731,250 | $1,105,000 | $1,132,625 | $1,160,941 | |||||
| Fiscal Detail and Notes | |||||||||
| Requiring that the abandoned amount is the 100% face value of the gift obligation at the time the issuer turns that amount over to the Treasurer of State as abandoned property will result in an increase in General Fund revenue of approximately $731,250 in fiscal year 2005-06 and $1,105,000 in fiscal year 2006-07. This estimate assumes that 35% of the remitted abandoned property will be claimed through the abandoned property process. The fiscal year 2005-06 increase in General Fund revenue has been adjusted to reflect the non-emergency status of the bill. | |||||||||