An Act Concerning Gift Obligations, Stored-value Cards and Prefunded Bank Cards Further amend the bill by striking out everything after the enacting clause and before the summary and inserting in its place the following: Sec. 1. 33 MRSA §1952, sub-§4-A, as enacted by PL 2003, c. 339, §l, is amended to read: 4-A. Face value. Face value" means the original purchase price or original issued value of a gift obligation, prefunded bank card or stored-value card if unused or, if partially used, the remaining balance prior to the deduction of any service charges, fees or dormancy charges when not prohibited. Sec. 2. 33 MRS A §1952, sub-§§10-A and 12-A are enacted to read: lO-A. Multiple merchants. Multiple merchants" means all merchants of goods or services, not just those associated with the issuer of a prefunded bank card or a particular business or group of businesses, that accept electronic transactions. Page l-LR0397(2) COMMITTEE AMENDMENT
Maine Legislature, Session 122, LD 1084
Committee Amendment CA_A_H624 (House)
Amends: 33 MRSA §1952, 33 MRSA §1953

COMMITTEE AMENDMENT "A" to 
To Make Dormancy Fees on Gift 
H.P. 737, L.D. 1084, Bill, 
Cards Illegal" 
"An 
Amend the bill by striking out the title and substituting 
the following: 
'An Act Concerning Gift Obligations, 
Stored-value Cards 
and 
Prefunded Bank Cards' 
Further amend the bill by striking out everything after the 
enacting clause and before the summary and inserting in its place 
the following: 
'Sec. 1. 33 MRSA §1952, sub-§4-A, as enacted by PL 2003, c. 
339, §l, is amended to read: 
4-A. 
Face value. 
"Face value" means the original purchase 
price or original issued value of a gift obligation, prefunded 
bank card or stored-value card if unused or, if partially used, 
the 
remaining balance prior to the deduction of 
any service 
charges, fees or dormancy charges when not prohibited. 
Sec. 2. 33 MRS A §1952, sub-§§10-A and 12-A are enacted to read: 
lO-A. 
Multiple merchants. 
"Multiple merchants" means all 
merchants of goods or services, not just those associated with 
the issuer of a prefunded bank card or a particular business or 
group of businesses, that accept electronic transactions. 
Page l-LR0397(2) 
COMMITTEE AMENDMENT 
• 
~ 
COMMITTEE AMENDMENT "A" to H.P. 737, L.D. 1084 
12-A. 
Prefunded bank card. 
"Prefunded bank card" means a 
device issued by a financial organization that enables the holder 
to transfer the underlying funds to multiple merchants at the 
merchants' 
point-of-sale 
terminals. 
For 
purposes 
of 
this 
subsection, "underlying funds" means the funds received by the 
financial organization that issued the card in eXChange for the 
issuance of the card. 
A prefunded bank card must provide value 
from multiple merchants. 
Sec. 3. 33 MRSA §1952, sub-§13, 1fB, as enacted by PL 1997, c. 
508, Pt. A, §2 and affected by §3, is amended to read: 
B. 
Credit 
balance, 
customer's 
overpayment, 
gift 
certificate, 
gift 
obligation, 
prefunded 
bank 
card, 
stored-value 
card, 
security 
deposit, 
refund, 
credit 
memorandum, unpaid wage, unused ticket, mineral proceeds or 
unidentified remittance; 
Sec. 4. 33 MRSA §1953, sub-§l, 1fG, as amended by PL 2005, c. 
12, Pt. 
GG, §l, is repealed and the following enacted in its 
place: 
G. 
A gift obligation or stored-value card, 2 years after 
December 31st of the year in which the obligation or the 
most 
recent 
transaction 
involving 
the 
obligation 
or 
stored-value card occurred, whichever is later, including 
the initial issuance and any subseguent addition of value to 
the obligation or stored-value card. 
A period of limitation 
may not be imposed on the owner's right to redeem the gift 
obligation or stored-value card. 
The amount unclaimed is 
60"-'0 of the gift obligation's or stored-value card's face 
value. 
Notwithstanding section 1956, fees or charges may 
not be imposed on gift obligations or stored-value cards, 
except that the issuer may charge a transaction fee for the 
initial issuance and for each occurrence of adding value to 
an existing gift obligation or stored-value card. 
These 
transaction fees must be disclosed in a separate writing 
prior to the initial issuance or referenced on the gift 
obligation or stored-value card. 
This paragraph does not 
apply to prefunded bank cards; 
Sec. 5. 33 MRSA §1953, sub-§l, 1fG-l is enacted to read: 
G-l. 
A prefunded bank card, 3 years after December 31st of 
the year in which the obligation or the most recent activity 
involving the prefunded bank card occurred, whichever is 
later, including the initial issuance and any subseguent 
addition of value to the prefunded bank card. 
A period of 
limitation may not be imposed on the owner's right to redeem 
the prefunded bank card. 
Any terms and conditions must be 
COMMITTEE AMENDMENT 
I os 
-1$ 
~ 
COMMITTEE AMENDMENT ,j\" to H.P. 737, L.D. 1084 
disclosed 
in 
a 
separate 
writing 
prior 
to 
the 
initial 
issuance and referenced on the prefunded bank card;' 
SUMMARY 
This amendment replaces the bill. 
This 
amendment updates 
the definitions in the 
unclaimed 
property laws of "face value" and' "property" to include "gift 
obligation," "pre funded bank card" and "stored-value card" where 
appropriate. 
It also revises the definition of "face value" to 
limit 
the 
deduction 
of 
service 
charges, 
fees 
and 
dormancy 
charges, when not prohibited, to be consistent with the other 
provisions of this amendment. 
This amendment creates a definition of "prefunded bank card" 
to mean a device issued by a financial organization that enables 
the cardholder to transfer the underlying funds 
to multiple 
merchants 
at 
the 
merchants' 
point-of-sale 
terminals. 
For 
purposes of this definition, "underlying funds" means the funds 
received by the financial organization that issued the card in 
exchange for 
the 
issuance of the 
card. 
This definition is 
consistent with language relied upon by the Federal Deposit 
Insurance Corporation. 
See FDIC General Counsel's Opinion Letter 
No.8, GC8, August 2, 1996; FDIC Financial Institution Letter, 
FIL-44-2004. 
A prefunded bank card must provide value 
from 
multiple sellers. 
"Multiple ,merchants" is defined to encompass 
any merchant of goods or services, not just those associated with 
the issuer of the card or a particular business or group of 
businesses, that accepts electronic transactions. 
An example of 
a card that does not qualify as a pre funded bank card is a card 
accepted by only a specific merchant or a restricted pool of 
merchants at one or more locations. 
This 
amendment 
establishes 
the 
presumptive 
abandonment 
period of prefunded bank cards as 3 years. 
The amount abandoned 
is 100% of the face value or balance of the pre funded bank card. 
The financial organization that issued the prefunded bank card 
may 
impose 
dormancy 
fees 
consistent with 
the 
Maine 
Revised 
Statutes, Title 33, section 1956. 
The terms and conditions must 
be disclosed in a separate writing prior to the initial issuance 
and must be referenced on the prefunded bank card. 
This amendment revises the presumptive abandonment period 
for gift obligations and stored-value cards to clarify that the 
presumptive abandonment period begins to run from the last date 
that 
activity 
was 
recorded 
for 
that 
gift 
obligation 
or 
stored-value card. 
If the gift obligation or stored-value card 
is not used, it is presumed abandoned 2 years after December 31st 
COMMITTEE AMENDMENT 
Co' 
~ 
~ 
COMMITTEE AMENDMENT ·A .. to H. P. 737, L.D. 1084 
of the year in which the obligation occurred, meaning when the 
gift obligation or stored-value card was initially issued. 
If an 
existing gift obligation or stored-value card has value added to 
it, it is presumed abandoned 2 years after December 31st of the 
year in which the value was added, if no activity was recorded 
pertaining to the gift obligation or stored-value card since the 
value was added. 
Otherwise, the presumptive abandonment period 
begins to run from December 31st of the year in which the last 
activity pertaining to the gift obligation or stored-value card 
was recorded. 
This amendment prohibits the issuer from imposing any fees 
or charges on the gift obligation or stored-value card, except 
that the issuer may charge a transaction fee for the initial 
issuance 
and 
for 
adding 
value 
to 
the 
gift 
obligation 
or 
stored-value card. 
The transaction fees must be disclosed in a 
separate writing prior to the initial issuance or must be noted 
on the gift obligation or stored-value card. 
Although current 
law authorizes dormancy charges for other unclaimed property, 
dormancy 
charges 
are 
prohibited 
for 
gift 
obligations 
and 
stored-value cards. 
The unclaimed amount of a gift obligation or 
stored-value card when it is turned over to the state unclaimed 
property account is 60% of the face value, allowing the issuer to 
retain the remaining 40%. 
COMMITTEE AMENDMENT