VIDEO : Senator Greg Brophy Presents Pro-Business Bill HB13-1102

Senator Greg Brophy presents House BIll 1102 to the Senate Judiciary Committee. The bill, with SEBEC amendment L.003, exempts unclaimed gift cards from businesses with $200,000 or less in gift card revenue from the Unclaimed Property Act. The bill defines "gift cards" as a prefunded tangible or electronic record evidencing a business' agreement to provide good, services, and other things of value. Gift cards include various types of cards with electronic or magnetic storage used to deduct credit from the card. Several other types of cards are excluded from the definition of "gift card" in the bill, including cards issued by governmental agencies, paper-only gift certificates, prepaid telecommunications cards, loyalty and award cards, cards used to pay wages, cards used to issue refunds, and cards issued or sold at below face value to an employer or charitable organization. The bill applies to business within the revenue limit on or after the effective date of the bill and to any unresolved claims for such businesses as of the effective date. Under current law, there are two main exemptions to the Unclaimed Property Act that may affect businesses. First, holders of unclaimed property may retain $25 dollars or 2 percent of the unclaimed property, whichever is greater, before remitting the property to the state treasurer. Second, businesses with less than $500,000 in revenue per year are not required to remit property to the unclaimed property fund unless the business (1) has more than $3,500 in unclaimed property over the previous 5-year period, or (2) has unclaimed property of any individual person that is worth $250 or more. The gift card exemption created in this bill is in addition to these existing exemptions.

For the full bill paste this link into your browser. http://goo.gl/uBcbJ



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