Sec. 15.
(1) Except as provided in subsection (4), a gift certificate, gift card, or credit memo is presumed abandoned if either of the following apply:
(a) The certificate, card, or memo is not claimed or used for a period of 3 years after becoming payable or distributable.
(b) The certificate, card, or memo was used or claimed 1 or more times without exhausting its full value, but subsequently was not claimed or used for an uninterrupted period of 3 years.
(2) For purposes of subsection (1), a gift certificate or gift card is considered to have been claimed or used if there is any transaction processing activity on the gift certificate or gift card including, but not limited to, redeeming, refunding, or adding value to the certificate or card. Activity initiated by the issuer of the certificate or card, including, but not limited to, assessing inactivity fees or similar service fees, does not constitute transaction processing activity for purposes of this subsection.
(3) In the case of a gift certificate or gift card, the owner is presumed to be a gift recipient of the gift certificate or gift card, and the amount presumed abandoned is the price paid by the purchaser for the gift certificate or gift card, less the total of any purchases or fees assessed against the certificate or card. In the case of a credit memo, the amount presumed abandoned is the amount credited to the recipient of the memo.
(4) This act does not apply to a gift certificate as defined in section 3e of the Michigan consumer protection act, 1976 PA 331, MCL 445.903e, that is issued for retail goods or services by a person engaged in the retail sale of goods or services.
History: 1995, Act 29, Eff. Mar. 28, 1996 ;-- Am. 2008, Act 208, Eff. Sept. 30, 2008 ;-- Am. 2010, Act 197, Imd. Eff. Oct. 5, 2010 Compiler's Notes: Enacting section 1 of Act 197 of 2010 provides:"Enacting section 1. This amendatory act applies to property presumed abandoned and subject to the state's custody as unclaimed property under this act reportable to the state for any period ending after June 30, 2010."
Structure Michigan Compiled Laws
Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265)
Section 567.221 - Short Title.
Section 567.222 - Definitions.
Section 567.223 - Unclaimed Property Held in Ordinary Course of Business; Presumption.
Section 567.224 - Unclaimed Property; Conditions; Requirements.
Section 567.225 - Outstanding Travelers Checks, Money Orders, or Similar Written Instruments.
Section 567.226 - Outstanding Checks, Drafts, or Similar Instruments.
Section 567.227 - Demand, Savings, or Matured Time Deposit.
Section 567.228 - Unclaimed Life or Endowment Insurance Policy or Annuity Contract.
Section 567.228a - Unclaimed Prepaid Funeral Contract.
Section 567.228b - Demutualization of Insurance Company; Property; Presumption; Report; Definition.
Section 567.229 - Unclaimed Deposit for Utility Services.
Section 567.231 - Repealed. 2004, Act 385, Imd. Eff. Oct. 12, 2004.
Section 567.231a - Abandonment of Ownership Interest; Exceptions.
Section 567.232 - Unclaimed Property From Dissolved Business Association.
Section 567.233 - Property Held in Fiduciary Capacity.
Section 567.234 - Property Held by Court, Governmental Agency, or Public Corporation or Authority.
Section 567.236 - Unpaid Wages.
Section 567.237 - Property Held in Safe Deposit Box or Repository.
Section 567.239 - Notice; Publication in Newspaper; Requirements.
Section 567.240 - Payment or Delivery of Abandoned Property to Administrator; Duplicate Certificate.
Section 567.243 - Sale of Abandoned Property.
Section 567.244 - Disposition of Funds; Deductions; Transfer of Funds to Senior Care Respite Fund.
Section 567.245 - Claim of Interest in Property.
Section 567.246 - Claim of Interest in Property by Another State.
Section 567.247 - Action to Establish Claim in Circuit Court.
Section 567.251b - Streamlined Audit Process; Election; Audit.
Section 567.252 - Maintenance of Records; Required Time Periods.
Section 567.253 - Enforcement of Action; Jurisdiction.
Section 567.255 - Failure to Pay or Deliver Property; Penalties; Waiver.
Section 567.257 - Property Held, Due, and Owing in Foreign Country; Applicability of Act.
Section 567.257a - Exemptions; "Association" Defined.
Section 567.258 - Duty Arising Before Effective Date of Act.
Section 567.259 - Administrator as Successor to State Board of Escheats.
Section 567.261 - Applicability and Construction of Act.
Section 567.262 - Applicability of Act to Property Subject to Another Statute.
Section 567.263 - Repealed. 1997, Act 195, Imd. Eff. Dec. 30, 1997.