Unclaimed Property Legislative Update:

Delaware:

The domicile of many publicly-traded companies also has the most aggressive audit program. The State Escheator has contracted with a number of firms to audit national companies. State law permits these firms to be paid on a contingent fee basis. Accordingly, many companies chose to come forward voluntarily-prior to notification of audit. The state has a structured program for voluntary disclosure.

Michigan:

This state has joined the list of states of states which exempt gift certificates. The legislation defines certificates broadly to include stored value gift cards. The exemption from escheat applies only if the certificate does not impose an expiration date, a service charge or a dormancy fee.

Rhode Island:

This state has also exempted gift certificates and cards.

Texas:

The State Treasurer is presumed to be the owner of a gift certificate if the seller does not obtain and retain the purchaser's name and address. This statute, like a similar version adopted by the Maine legislature, appears to be unconstitutional in light of the Supreme Court's priority rules.