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Amend the amendment by striking out everything after the title and before the last indented paragraph and inserting the following:
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Amend the bill by striking out everything after the enacting clause and inserting the following:
‘Sec. 1. 33 MRSA §1953, sub-§1, ¶G, 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 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
(See attached)