(2004) does encompass stored value cards (SVC), including gift cards. She has been helping educate consumers and businesses about finances for more than 40 years through her firm, Carron Nicks Law Firm, her work teaching paralegal and real estate courses at Texas colleges, and her writing. Future legislation may change these states' rights to claim unused gift cards. Overland Park, KS 66210. Florida Department of Financial Services 200 East Gaines Street, Tallahassee, FL 32399-0358 Claims Customer Support: (888) 258-2253 or (850) 413-5555 Email: FloridaUnclaimedProperty@MyFloridaCFO.com Before a brokerage account can be considered abandoned or unclaimed, the firm must make a diligent effort to locate the account owner. Some states define “gift card” and “gift certificate” broadly enough to capture the general-purpose prepaid cards used in these programs. Florida Unclaimed Property. While most states currently exempt gift cards from escheatment laws, a number of states have enacted abandoned property laws for unredeemed gift card balances, typically after a dormancy period of either three or five years. BDO KNOWLEDGE Webinar Series ‒Unclaimed Property –Who Ate My Gift Card Balance Page 11 General Discussion • If a gift card is unredeemed, it will be escheatable to a state unless there is an exemption. Gift Certificate: 5* Colorado's Unclaimed Property Act, Article 13 of title 38, C.R.S. 9393 W 110th Street | Suite 430. Carron Armstrong is a bankruptcy and consumer lawyer, and an expert in debt and bankruptcy for The Balance. • Generally, gift cards would be escheatable to the last known address of the owner; All states require financial institutions, including brokerage firms and transfer agents, to report when personal property has been abandoned or unclaimed after a period of time specified by state law — often five years. Currently, the Chief Financial Officer holds unclaimed property claimable accounts valued at $2 billion, mostly from dormant accounts in financial institutions, insurance and utility companies, securities and trust holdings. (2004)Statute, Section 38-13-103 and 104, C.R.S. Below you will find the WalletHub.com study that evaluates the policies in the 10 largest states on claiming unused gift cards as unclaimed property. State Governments Collect Gift Cards as Unclaimed Property This study focused on the top 10 largest states in the U.S. in terms of population. Albuquerque, NM. * Kansas, Kentucky, Missouri, Oregon, and South Carolina escheat provisions, which govern the states' rights to unclaimed property, do not specifically include gift cards. Therefore, the unused monetary value of cards held by a card … State regulatory changes are automatically updated within all solutions to ensure compliance. The growth of gift card purchases, which increased from $24 billion in 2005 to $29 billion in 2006, may be slowing, reports the TowerGroup, a consulting group within MasterCard WorldWide. Toll-Free 844-357-1099 . Escheatment periods for gift cards or gift certificates may also apply. MarketSphere Unclaimed Property Specialists. Atlanta, GA Covering gift certificates and prepaid cards Banks and Financial Institutions, TCA Section 45-2-907 Covering special remedies for nonpayment of rent, Inventory and report to the state treasurer, disposition and sale of property, and others Regulatory Updates. Electronically report and remit unclaimed property to all participating states at once, with easy and up-to-date instructions for other states that do not offer eFile options.