HP1551, LD 2181, item 1, 123rd Maine State Legislature
An Act To Protect Consumers' Gift Card Interests

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An Act To Protect Consumers' Gift Card Interests
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 33 MRSA §1953, sub-§1, ¶G,  as repealed and replaced by PL 2005, c. 357, §4, is amended to read:
 
G.  A gift obligation or stored-value card, 2 years after December 31st of the year in which the obligation or the most recent transaction involving the obligation or stored-value card occurred, whichever is later, including the initial issuance and any subsequent addition of value to the obligation or stored-value card. A period of limitation may not be imposed on the owner's right to redeem the gift obligation or stored-value card. The amount unclaimed is 60% of the gift obligation's or stored-value card's face value. Notwithstanding section 1956, fees or charges may not be imposed on gift obligations or stored-value cards, except that the issuer may charge a transaction fee for the initial issuance and for each occurrence of adding value to an existing gift obligation or stored-value card. These transaction fees must be disclosed in a separate writing prior to the initial issuance or referenced on the gift obligation or stored-value card. If the gift obligation or stored-value card is redeemed in person and a balance of less than $5 remains following redemption, the merchant redeeming the card must refund the balance in cash to the consumer. This paragraph does not apply to prefunded bank cards;
 
SUMMARY
This bill requires a merchant redeeming a gift obligation or stored-value card to refund a balance on the card of less than $5 to the consumer as long as the card is redeemed in person by the consumer.

HP1551, LR 3431, item 1, Signed on 2008-04-24 - First Special Session - 123rd Legislature, page