Thursday, January 24, 2013
HB 249, introduced Jan. 14, 2013, by Rep. Mark Baker, R-74th District, would establish a dormancy period for "gift certificates" of three years and a reporting requirement for gift certificate issuers. The bill said that, after that three-year dormancy period had expired, "the amount abandoned is deemed to be sixty percent (60%) of the certificate's face value."
According to gift card rating site ScripSmart Inc., no legal definition exists of what constitutes a gift card or gift certificate in Mississippi. Unclaimed property specialist Keane said the Mississippi legislature has proposed similar bills in the past, "each of which died in committee."
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