Issuer of certificate/card must disclose expiration date. "Gift card" means any gift certificate, gift card or electronic gift card or any other medium issued or sold after Octofor which the issuer has received payment for the full face value or full banked dollar value of the card for the future purchase or delivery of goods or services. Amount presumed abandoned is the price paid by the purchaser for the gift certificate. Gift certificate is presumed abandoned three years after is it unclaimed by the owner. "Gift certificate" means an obligation of a business association arising from a transaction between the business association and a consumer to provide goods or services at a future date "gift certificate" includes a gift certificate, stored value card, gift card, on-line gift account, or other representation or evidence of the obligation of a business association. Gift certificates are presumed abandoned, other than those exempt under §35-12-73, three years after June 30 of the year in which the certificate was sold, but if redeemable in merchandise only, the amount abandoned is deemed to be 60 percent of the certificate's face value.Ī gift certificate, gift card, or in-store merchandise credit issued or maintained by any person engaged primarily in the business of selling tangible personal property at retail is exempt from reporting under this article. State Statutes Related to Gift Cards State:ĭefinition of Gift Card/Gift Certificate:
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