| 1 | A bill to be entitled |
| 2 | An act relating to the disposition of unclaimed property; |
| 3 | creating s. 717.1045, F.S.; providing legislative intent; |
| 4 | defining the terms "credit memo" and "gift certificate"; |
| 5 | providing that the holder of an unredeemed gift |
| 6 | certificate or credit memo is not required to report the |
| 7 | unredeemed gift certificate or credit memo as unclaimed |
| 8 | property to the Department of Financial Services; |
| 9 | providing that the consideration paid for an unredeemed |
| 10 | gift certificate or credit memo is the property of the |
| 11 | issuer, subject only to any rights of a purchaser or owner |
| 12 | and is not subject to a claim made by any state acting on |
| 13 | behalf of a purchaser or owner; prohibiting a gift |
| 14 | certificate or credit memo sold or issued for |
| 15 | consideration in this state from having an expiration |
| 16 | date, expiration period, or any type of postsale charge or |
| 17 | fee imposed on the gift certificate or credit memo; |
| 18 | providing an effective date. |
| 19 |
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| 20 | Be It Enacted by the Legislature of the State of Florida: |
| 21 |
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| 22 | Section 1. Section 717.1045, Florida Statutes, is created |
| 23 | to read: |
| 24 | 717.1045 Gift certificates and similar credit items.-- |
| 25 | (1) It is the intent of the Legislature that this chapter |
| 26 | applies to the custodial holding of unredeemed gift certificates |
| 27 | and credit memos except as expressly provided in subsection (3). |
| 28 | (2) As used in this section, the term: |
| 29 | (a) "Credit memo" means a certificate, card, stored value |
| 30 | card, or similar instrument issued in exchange for returned |
| 31 | merchandise when the certificate, card, or similar instrument is |
| 32 | redeemable for merchandise, food, or services regardless of |
| 33 | whether any cash may be paid to the owner of the certificate, |
| 34 | card, or instrument as part of the redemption transaction. |
| 35 | (b) "Gift certificate" means a certificate, gift card, |
| 36 | stored value card, or similar instrument issued in exchange for |
| 37 | monetary consideration when the certificate, card, or similar |
| 38 | instrument is redeemable for merchandise, food, or services |
| 39 | regardless of whether any cash may be paid to the owner of the |
| 40 | certificate, card, or instrument as part of the redemption |
| 41 | transaction. |
| 42 | (3) Notwithstanding s. 717.117, an unredeemed gift |
| 43 | certificate or credit memo is not required to be reported as |
| 44 | unclaimed property. The consideration paid for an unredeemed |
| 45 | gift certificate or credit memo is the property of the issuer of |
| 46 | the unredeemed gift certificate or credit memo. An unredeemed |
| 47 | gift certificate or credit memo is subject only to any rights of |
| 48 | a purchaser or owner thereof and is not subject to a claim made |
| 49 | by any state acting on behalf of a purchaser or owner. |
| 50 | (4) A gift certificate or credit memo sold or issued for |
| 51 | consideration in this state, other than a gift certificate or |
| 52 | credit memo issued by an issuer that is regulated by the Office |
| 53 | of the Comptroller of the Currency, may not have an expiration |
| 54 | date, expiration period, or any type of postsale charge or fee |
| 55 | imposed on the gift certificate or credit memo, including, but |
| 56 | not limited to, service charges, dormancy fees, account |
| 57 | maintenance fees, or cash-out fees. |
| 58 | Section 2. This act shall take effect upon becoming a law. |