Unclaimed property-abandonment and definitions.

WORKING DRAFT
2014
STATE OF
WYOMING
14LSO-0333

HOUSE BILL
NO.

HB0131

Unclaimed property-abandonment and definitions.

Sponsored by:
Representative(s) Petroff, Connolly, Hunt and Zwonitzer, Dn. and Senator(s) Christensen

A BILL

for

AN ACT relating to
unclaimed property; including electronic gift cards in the definition of intangible property; extending the period for abandonment of gift certificates, electronic gift cards and credit memos;
and providing for an effective date.

Be It Enacted by the Legislature of the State of Wyoming:

Section 1.

W.S. 34
‑
24
‑
102(
a)(x)(B) and 34
‑
24
‑
114 are amended to read:

34
‑
24
‑
102.

Definitions.

(a)

As used in this act:

(x)

"Intangible property" includes:

(B)

Credit balances, customer overpayments, gift certificates,
electronic gift cards,
security deposits, refunds, credit memos, unpaid wages, unused airline tickets and unidentified remittances except balances represented on debit cards;

34
‑
24
‑
114.

Gift certificates, electronic gift cards and credit memos.

(a)

A gift certificate
, electronic gift card
or a credit memo in an amount greater than one hundred dollars ($100.00) that remains unredeemed for more than
three (3)

five (5)
years after issuance is deemed abandoned.

(b)

In the case of a gift certificate

or electronic gift card
, the amount deemed abandoned is the price paid for the certificate

or card
itself. In the case of a credit memo, the amount deemed abandoned is the amount credited as shown on the memo itself.

(c)

The amount of a gift certificate
, electronic gift card
or credit memo deemed abandoned is subject to the custody of this state in the following circumstances:

(i)

The records of the issuer show that the last known address of the purchaser of the certificate
, electronic gift card
or recipient of the memo is in this state;

(ii)

The records of the issuer do not show the address of the purchaser or recipient, but do show that the certificate
,
electronic gift card
or memo was issued in this state;

(iii)

The records of the issuer do not show the address of the purchaser or of the recipient and do not show the state where the certificate
,
electronic gift card
or memo was issued, but the issuer is a domiciliary of this state; or

(iv)

The records of the issuer show that the address of the purchaser or recipient, or if none, the state where the certificate
,
electronic gift card
or memo was issued, is in or is a state whose escheat or unclaimed property law does not provide for the escheat or custodial taking of gift certificates
,
electronic gift cards
and
credit memos, and the issuer is a domiciliary of this state.

(d)

Commencing on the effective date of this act, a business association issuing a gift certificate
,
electronic gift card
or credit memo in this state shall have a duty to record either the name and address of a purchaser of a certificate

or

electronic gift card
or a recipient of a credit memo or the state in which the certificate
,
electronic gift card
or memo was issued.

Section 2.

This act is effective July 1, 2014.

(END)

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HB0131