NY State Govt. Demands All $$ for Unused Gift Certificates
cn | 14 January, 2006 16:00Last week, a state Supreme Court in New York ruled that:
Money that goes unspent on expired gift cards in New York must be turned over to the state as unclaimed property
This means that if you run a business, issue a gift certificate, and the consumer chooses to not use the gift certificate, you have to pay the state. Again, from the article:
I first heard the story on the radio and the announcer quoted a state legislator as saying that it is a move to protect consumers and encourage retailers to issue gift certificates without expiration dates. To which the announcer responded something like: "Then why doesn't the state pass a law banning expiration dates?!"
To me it seems as if the state is trying to simply steal money from both the retail industry and the consumer in a situation that, once again, it has not business being involved in. But then again, it seems that New York's favorite passtime is getting its fingers into everything...
Read the article here.
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