{"data":{"id":"us-me/33-m.r.s.-2067","jurisdiction":"us-me","citation":"33 M.R.S. §2067","heading":"When gift obligation presumed abandoned","body":"1.  Presumed abandoned after 2 years.  Subject to section 2070, a gift obligation is presumed abandoned 2 years after December 31st of the year in which the obligation arises or the most recent transaction involving the obligation occurs, whichever is later.\n2.  Amount unclaimed.  The amount unclaimed of a gift obligation is as follows:\nA.  For a gift obligation whose issuance or whose most recent transaction, whichever is later, occurred during calendar year 2019 or earlier, 60% of the net obligation value at the time it is presumed abandoned;\nB.  For a gift obligation whose issuance or whose most recent transaction, whichever is later, occurred during calendar year 2020, 40% of the net obligation value at the time it is presumed abandoned;\nC.  For a gift obligation whose issuance or whose most recent transaction, whichever is later, occurred during calendar year 2021, 20% of the net obligation value at the time it is presumed abandoned; and\nD.  For a gift obligation whose issuance or whose most recent transaction, whichever is later, occurred during calendar year 2022 or after, 0% of the net obligation value at the time it is presumed abandoned.\n3.  Not presumed abandoned; sales by a single issuer under $250,000.  A gift obligation is not presumed abandoned if it was sold by a single issuer who in the past calendar year sold no more than $250,000 in face value of gift obligations.  Sales of gift obligations are considered sales by a single issuer if the sales were by businesses that operate either:\nA.  Under common ownership or control with another business or businesses in the State; or\nB.  As franchised outlets of a parent business.\n4.  No period of limitation for redemption.  A period of limitation may not be imposed on the owner's right to redeem the gift obligation.\n5.  No charges or fees; exception, disclosure.  Notwithstanding section 2112, fees or charges may not be imposed on gift obligations, except that the issuer may charge a transaction fee for the initial issuance.  The fee must be disclosed in a separate writing prior to the initial issuance or referenced on the gift obligation.\n6.  Redemption; balance in cash.  If a gift obligation 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 must refund the balance in cash to the consumer.  This subsection does not apply to a gift obligation with an initial value of $5 or less.","path":["TITLE 33: PROPERTY","CHAPTER 45: MAINE REVISED UNCLAIMED PROPERTY ACT","SUBCHAPTER 2: PRESUMPTION OF ABANDONMENT"],"source_url":"https://legislature.maine.gov/statutes/33/title33sec2067.html","current_through":"October 1, 2025","vintage":"","retrieved_at":"2026-09-04T15:12:39Z","sha256":"7d7e677f2d808d005536a804ae24031845152d45f0d496d40d994e3ce60e46fe","source_id":"us-me","stale":false,"prev":"us-me/33-m.r.s.-2066","next":"us-me/33-m.r.s.-2068"},"notice":"GroundRules: Original legal text. Not legal advice."}