RachelofSeattle wrote:
> It is a lot worse than that in Nevada. After a period of non use the
> state of Nevada claims the balance on the card and I believe the
> issuing store gets to keep 15% of the balance. The Nevada legislature
> in the quest for more money looks upon it as abandoned money. I think
> the period of non use is only 12 months.
Here's what I found:
Re expiration ...
------------
http://www.consumer
Nevada:
* Expiration or fees allowed only if properly disclosed.
* No fees within first year and no fees that exceed $1 per month.
* Covers only single retailers.
* Does not cover prepaid telecommunications or technology cards.
Re escheat to the state ...
------------
http://www.usegiftc
short link: http://tinyurl.
(note: this is a PDF)
Nevada: Generally, Nev. Rev. Stat. Ann. § 120A.010 et seq. Three years
for gift certificates. Nev. Rev. Stat. §§ 120A.095(2) and 120A.230. A
gift certificate that expires before it is used escheats to the state.
Nev. Rev. Stat. § 120A.150.
------------
For a gift card without an expiration date, the three year period is
considered to be a period of inactivity ... not based upon when the
card was issued.
Concerning escheatment: Typically, states provide for recovery of
abandoned property by the legitimate owner. Some states maintain
active databases that can be checked by consumers to see if they may
have lost property through escheatment.
In Nevada, there is no time restriction on when escheated property may
be claimed. See: https://nevadatreas
Click on "Unclaimed Property", then "Frequently Asked Questions".
However, with the escheatment of property received as a gift, the
entire process becomes problematic. Since the recipient isn't listed
as the purchaser, recovery could be difficult. Furthermore, there
could be some question as to whether retailers maintain sufficient
records to trace the purchase of a gift card that's scheduled to be
escheated.
- Harry
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