Leawood, KS – December 1, 2021: The State of Delaware has enacted Senate Bill 104 (SB 104), which provides a de minimis exception to escheat for gift cards under a certain value. SB 104 was first introduced on April 14, 2021, and was signed by Governor Carney on June 30, 2021. Sections of the bill pertaining to the de minimis gift card exception became effective August 1, 2021.
Under SB 104, property holders whose business is described in 30 Del. C. § 2906 (“the business of operating a restaurant, snack bar, soda fountain, take-out food service, catering service, private eating or drinking club, or other eating establishment or service”) do not have to report and remit unredeemed gift card property that had an original issue amount of $5 or less. Additionally, SB 104 clarifies that no report is required from any property holder for unredeemed gift cards with an aggregate face value of less than $5,000 for the reporting period.
To read Delaware SB 104 click here: Delaware SB 104.
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