Leawood, KS – June 24, 2020: On June 24, 2020, the Delaware Supreme Court rendered a decision in the case Overstock.com, Inc. v. Delaware. The Court reversed the lower court decision that permitted the use of False Claims Act to collected escheat on behalf of a State. While the holding is narrow, the decision is viewed as a positive development for the closed loop gift card industry.
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The Compliance Libraries provide a one stop location for comprehensive information on the laws, rules and standards regulating gift cards. Its range includes federal and state laws, GAAP accounting standards and tax rules along with other helpful items.
For more information visit www.compliancelibraries.com.
The Compliance Libraries are a service of Card Issuance & Management, Inc., a subsidiary of Card Compliant, LLC.