An Act Regarding the Presumption of Abandonment of Gift Obligations
Maine Legislature, Session 129, LD 1612
Committee Amendment CA_A-SA_A_S366 (Senate)
Amends: 33 MRSA §1953

SENATE AMENDMENT "~· to COMMITTEE AMENDMENT "A" to H.P. 
1164, L.D. 1612, Bill, "An Act Regarding the Presumption of Abandonment of Gift 
Obligations" 
Amend the amendment by striking out everything after the title and before the last 
indented paragraph and inserting the following: 
'Amend the bill by striking out everything after the enacting clause and inserting the 
following: 
'Sec. 1. 33 MRSA §1953, sub-§1, ,rG, as corrected by RR 2011, c. 1, §48, is 
amended to read: 
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 
subsequent addition of value to the obligation or stored-value card. 
(1) The amount unclaimed is 60% of the gift obligation's or stored-value card's 
face value. The amount of a gift obligation's face value that is unclaimed for 
purposes of this section is as follows: 
(a) For gift obligations issued or whose most recent transaction, whichever is 
later, occurred during calendar year 2018 or earlier, 60%: 
(b) For gift obligations issued or whose most recent transaction, whichever is 
later, occurred during calendar year 2019, 40%: 
(c) For gift obligations issued or whose most recent transaction, whichever is 
later, occurred during calendar year 2020, 20%: and 
(d) For gift obligations issued or whose most recent transaction, whichever is 
later, occurred during calendar year 2021 or thereafter, 0%. 
(2) A gift obligation or stored-value card sold on or after December 31, 2011 is 
not presumed abandoned if the gift obligation or stored-value card was sold by a 
single issuer who in the past calendar year sold no more than $250,000 in face 
value of gift obligations or stored-value cards. Sales of gift obligations and 
SENATE AMENDMENT 
SENATEAMENDMENT" H "toCOMMITTEEAMENDMENT"A"toH.P.1164,L.D.1612 ( ,-)_ '>le\( 
stored-value cards are considered sales by a single issuer if the sales were by 
businesses that operate either: 
(a) Under common ownership or control with another business or businesses 
in the State; or 
(b) As franchised outlets of a parent business. 
(3) A period of limitation may not be imposed on the owner's right to redeem the 
gift obligation or stored-value card. 
(4) 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. 
(5) Beginning November 1, 2008, if the gift obligation or stored-value card is 
redeemed in person and a balance of less than $5 remains following redemption, 
at the consumer's request the merchant redeeming the gift obligation or 
stored-value card must refund the balance in cash to the consumer. 
This 
subparagraph does not apply to a prepaid telephone service card, a gift obligation 
or nonreloadable stored-value card with an initial value of $5 or less or a stored-
value card that is not purchased but provided as a promotion or as a refund for 
merchandise returned without a receipt. 
(6) This paragraph does not apply to prefunded bank cards;'' 
SUMMARY 
This amendment provides that the amount of a gift obligation's face value that is 
unclaimed for purposes of the Uniform Unclaimed Property -Act is 60% for gift 
obligations issued or whose most recent transaction, whichever is later, occurred during 
calendar year 2018 or earlier; 40% for gift obligations issued or whose most recent 
transaction, whichever is later, occurred during calendar year 2019; 20% for gift 
obligations issued or whose most recent transaction, whichever is later, occurred during 
calendar year 2020; and 0% for gift obligations issued or whose most recent transaction, 
whichever is later, occurred during calendar year 2021 or thereafter. 
FISCAL NOTE REQUIRED 
(S~_e a'1ched) 
SPONSORED BY: \JV~ c/(- r--:)__ 
l 
(Senator BREEN) 
COUNTY: Cumberland 
// 
(/ 
SENATE AMENDMENT 
Approved: 06/19/19 :?Hae 
LD 1612 
LR 1329(04) 
An Act Regarding the Presumption of Abandonment of Gift Obligations 
Fiscal Note for Senate Amendment''#' to Committee Amendment "A" (JS- 3 ~lD') 
Sponsor: Sen. Breen of Cumberland 
Fiscal Note Required: Yes 
Fiscal Note 
Additional revenue reduction - General Fund 
Fiscal Detail and Notes 
This amendment begins the revenue loss earlier than the committee amendment by lowering the presumption of 
abandonment earlier in stages. It also restricts abandonment for additional cards. This is expected to reduce General 
Fund revenue over the committee amendment by $1,700,000 in fiscal year 2021-22, $3,500,000 in fiscal year 2022-23 
and $1,500,000 in fiscal year 2023-24 and after. 
LR1329(04) - Fiscal Note - Page 1 of 1