| 1 | A bill to be entitled |
| 2 | An act relating to the disposition of unclaimed property; |
| 3 | creating s. 501.95, F.S.; defining the terms "credit memo" |
| 4 | and "gift certificate"; prohibiting a gift certificate or |
| 5 | credit memo sold or issued for consideration in this state |
| 6 | from having an expiration date, expiration period, or any |
| 7 | type of postsale charge or fee imposed on the gift |
| 8 | certificate or credit memo; providing exceptions; creating |
| 9 | s. 717.1045, F.S.; providing legislative intent; providing |
| 10 | that the holder of an unredeemed gift certificate or |
| 11 | credit memo is not required to report the unredeemed gift |
| 12 | certificate or credit memo as unclaimed property to the |
| 13 | Department of Financial Services; providing that the |
| 14 | consideration paid for an unredeemed gift certificate or |
| 15 | credit memo is the property of the issuer, subject only to |
| 16 | any rights of a purchaser or owner and is not subject to a |
| 17 | claim made by any state acting on behalf of a purchaser or |
| 18 | owner; 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 501.95, Florida Statutes, is created to |
| 23 | read: |
| 24 | 501.95 Gift certificates and credit items.-- |
| 25 | (1) As used in this section, the term: |
| 26 | (a) "Credit memo" means a certificate, card, stored value |
| 27 | card, or similar instrument issued in exchange for returned |
| 28 | merchandise when the certificate, card, or similar instrument is |
| 29 | redeemable for merchandise, food, or services regardless of |
| 30 | whether any cash may be paid to the owner of the certificate, |
| 31 | card, or instrument as part of the redemption transaction. |
| 32 | (b) "Gift certificate" means a certificate, gift card, |
| 33 | stored value card, or similar instrument issued in exchange for |
| 34 | monetary consideration when the certificate, card, or similar |
| 35 | instrument is redeemable for merchandise, food, or services |
| 36 | regardless of whether any cash may be paid to the owner of the |
| 37 | certificate, card, or instrument as part of the redemption |
| 38 | transaction. |
| 39 | (2)(a) A gift certificate or credit memo sold or issued |
| 40 | for consideration in this state may not have an expiration date, |
| 41 | expiration period, or any type of postsale charge or fee imposed |
| 42 | on the gift certificate or credit memo, including, but not |
| 43 | limited to, service charges, dormancy fees, account maintenance |
| 44 | fees, or cash-out fees. However, a gift certificate may have an |
| 45 | expiration date of not less than 3 years if the certificate is |
| 46 | provided as a free benefit pursuant to an employee incentive |
| 47 | program, consumer loyalty program, or promotional program, or is |
| 48 | provided for a charitable purpose and payment of consideration |
| 49 | is not required. |
| 50 | (b) Paragraph (a) does not apply to a gift certificate or |
| 51 | credit memo sold or issued by a financial institution as defined |
| 52 | in s. 655.005 or by a money transmitter as defined in s. 560.103 |
| 53 | if the gift certificate or credit memo is redeemable by |
| 54 | merchants that accept monetary consideration remitted through |
| 55 | the financial institution or money transmitter that sold or |
| 56 | issued the gift certificate or credit memo. |
| 57 | Section 2. Section 717.1045, Florida Statutes, is created |
| 58 | to read: |
| 59 | 717.1045 Gift certificates and similar credit items.-- |
| 60 | (1) It is the intent of the Legislature that this chapter |
| 61 | applies to the custodial holding of unredeemed gift certificates |
| 62 | and credit memos. |
| 63 | (2) Notwithstanding s. 717.117, an unredeemed gift |
| 64 | certificate or credit memo as defined in s. 501.95 is not |
| 65 | required to be reported as unclaimed property. The consideration |
| 66 | paid for an unredeemed gift certificate or credit memo is the |
| 67 | property of the issuer of the unredeemed gift certificate or |
| 68 | credit memo. An unredeemed gift certificate or credit memo is |
| 69 | subject only to any rights of a purchaser or owner thereof and |
| 70 | is not subject to a claim made by any state acting on behalf of |
| 71 | a purchaser or owner. |
| 72 | Section 3. This act shall take effect upon becoming a law. |