Sec. GG-1. 33 MRSA §1953, sub-§1, ¶G, as amended by PL 2003, c. 339, §2, is further amended to read:
G. A gift obligation or stored-value card, 3 2 years after December 31st of the year in which the gift obligation occurred or the card was purchased. 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 the face value of the gift obligation or stored-value card, except that the amount unclaimed is 60% of the gift obligation's or stored-value card's face value if the issuer of the gift obligation does not impose a dormancy charge. Fees or charges may not be imposed on gift obligations or stored-value cards unless they are noted on the gift obligation or stored-value card and are in accordance with section 1956. The amount of these charges or fees may not be unconscionable;
Sec. GG-2. 33 MRSA §1958, sub-§4, as enacted by PL 1997, c. 508, Pt. A, §2 and affected by §3, is amended to read:
4. Filing period. The report must be filed
before November 1st of each year and cover the 12 months next preceding July 1st of that year, but a report with respect to a life insurance company must be filed before May 1st ofeach yearfor the calendar year next preceding.:
A. Before May 1st for amounts owed under life insurance policies, gift obligations and stored-value cards reportable as of the end of the preceding calendar year; and
B. Before November 1st for all property not included in paragraph A reportable as of the end of the preceding state fiscal year ending June 30th.
Sec. GG-3. Additional abandoned property revenues. The Treasurer of State shall implement a policy regarding the sale of unclaimed shares of stock. This policy is expected to generate additional General Fund revenue of $2,550,000 in fiscal year 2005-06 and $950,000 in fiscal year 2006-07.
| Revisor of Statutes Homepage | Subject Index | Search | 122nd Laws of Maine | Maine Legislature |
About the 1st Regular & 1st Special Session Laws Of Maine
