Leawood, Kan. – April 7, 2023: Last month, the Idaho House of Representatives passed House Bill 188 (“HB 188”). HB 188 would enact Idaho’s version of the Revised Uniform Unclaimed Property Act. If enacted in its current form, HB 188 would become effective on July 1, 2023. 2023 H.B. 188 § 10.
HB 188 would create a specific exemption for game-related digital content, loyalty cards, in-store credit for merchandise, and gift cards. Id. at § 2, 14-5-102(24)(c)(ii-v). Loyalty cards are defined as “a record given without direct monetary consideration under an award, reward, loyalty, incentive, rebate, or promotional program that may be used or redeemed to obtain goods or services or a discount on goods or services or that may be redeemed within a proprietary rewards program hosted by the issuer of the loyalty card. The term does not include a record that may be redeemed for money or otherwise monetized by the issuer. For purposes of this subsection, an annual or periodic fee charged for joining a promotional program established by an organization for purposes of rewarding a relationship does not constitute direct monetary consideration.” Id. at § 2, 14-5-102(14).
As currently written, the bill provides that “gift card means a card assigned a certain value that (a) Does not expire; (b) May be decreased in value only by redemption for merchandise, goods, or services; (c) Unless required by law, may not be redeemed for or converted into money or otherwise monetized by the issuer; and (d) Includes a prepaid commercial mobile radio service, as defined in 47 CFR 20.3.” Id. at § 2, 14-5-102(11). HB 136 would require virtual currency to escheat. Id. at § 2, 14-5-102(24)(b)(i).
The bill would also provide for a specific stored value card section and a payroll card section. If enacted, stored value cards will escheat five (5) years after the later of December 31 of the year in which the card was last loaded or the last activity date. Id. at § 2, 14-5-206. Under HB 188, payroll cards would escheat with other employment and/or personal services compensation instruments one year after the amount becomes payable. Id. at §2, 14-5-201(j).
Next, HB 188 will be considered by the Senate and the Senate State Affairs Committee. To read Idaho House Bill 188, click here: Idaho House Bill 188.
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