Leawood, Kan. – January 6, 2023: Last month, Representative Bertoglio introduced House Bill 136 (HB 136) that would enact Montana’s version of the Revised Uniform Unclaimed Property Act. If enacted in its current form, HB 136 would become effective on July 1, 2023. H.R. 136 § 10, 68th Leg., Reg. Sess. (Mont. 2023).
HB 136 would create a specific exemption for game-related digital content, loyalty cards, and in-store merchandise credits. Id. at §2(21)(b)(iii-v). Loyalty cards are defined as “a record given without direct monetary consideration under an award, reward, benefit, loyalty, incentive, rebate, or promotional program that may be used or redeemed only to obtain goods or services or a discount on goods or services. The term does not include a record that may be redeemed for money or otherwise monetized by the issuer.” Id. at § 13.
As currently written, the bill would amend the gift certificate section of the current statute to require gift certificate issuers to honor the gift cards after the gift certificates have been escheated to the state. Issuers may then request reimbursement from the Montana Department of Revenue. Id. at 3(g). “Gift certificate” is currently defined to include gift cards and would not be amended if HB 136 is enacted in its current form. Id. at 2(10). HB 136 would require virtual currency to escheat. Id. at 2(21)(a)(i). It would not amend the statute to have a specific stored value card section or payroll card section as is usually seen when states enact a version of the Revised Uniform Unclaimed Property Act.
To read Montana House Bill 136 click here: Montana HB 136.
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