GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1999

S	1 

SENATE BILL 895

Short Title:  Gift Certificates–Escheat.	(Public)

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Sponsors: Senator Soles.

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Referred to:  Finance.

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April 14, 1999

A BILL TO BE ENTITLED
AN ACT TO SUBJECT GIFT CERTIFICATES AND ELECTRONIC GIFT CARDS BEARING AN EXPIRATION DATE TO THE UNCLAIMED PROPERTY LAWS OF NORTH CAROLINA AND TO EXEMPT GIFT CERTIFICATES AND ELECTRONIC GIFT CARDS WHICH ARE PERPETUALLY REDEEMABLE FROM THE UNCLAIMED PROPERTY LAWS OF NORTH CAROLINA.
The General Assembly of North Carolina enacts:
Section 1.  Chapter 116B of the General Statutes is amended by adding a new section to read:
"§ 116B-24. Gift certificates.
(a)	Any gift certificate or electronic gift card bearing an expiration date and remaining unredeemed or dormant for more than three years after issuance is deemed abandoned.  The amount abandoned is deemed to be sixty percent (60%) of the gift certificate's face value or the electronic gift card's face value.
(b)	A gift certificate or electronic gift card is not unclaimed or abandoned property when any of the following apply:
(1)	Conspicuously states that the gift certificate or electronic gift card does not expire.
(2)	Bears no expiration date.
(3)	States that a date of expiration printed on a gift certificate or electronic gift card is not applicable in North Carolina.
(4)	The issuer is regulated by a federal agency.
(c)	The amount of a gift certificate or electronic gift card deemed abandoned is subject to the custody of this State in any of the following circumstances:
(1)	The records of the issuer show that the last known address of the purchaser or recipient of the gift certificate in this State.
(2)	The records of the issuer do not show the address of the purchaser or recipient, but do show that the certificate or memo was issued in this State.
(3)	The records of the issuer do not show the address of the purchaser or of the recipient and do not show where the certificate was issued, but the issuer is a domiciliary of this State.
(4)	The records of the issuer show that the address of the purchaser or recipient, or if none, the state where the certificate was issued, is a state whose escheat or unclaimed property law does not provide for the escheat or custodial taking of gift certificates, and the issuer is a domiciliary of this State."
Section 2.  This act is effective when it becomes law.