Leawood, KS – December 29, 2021: The New Brunswick Financial and Consumer Services Commission has approved Commission Rules UP-001 and UP-002 regarding the treatment of unclaimed property. The new rules are effective January 1, 2022, subject to the proclamation of New Brunswick’s Unclaimed Property Act (the “Act”).
Under Commission Rule UP-001 (“Rule UP-001”), “gift card”, has the same meaning as provided in the New Brunswick Gift Card Act, “an electronic card, written certificate or other voucher or device with a monetary value, that is issued or sold in exchange for the future purchase or delivery of goods or services, and includes a gift certificate.” Pursuant to Rule UP-001, gift cards and “property acquired from participation in a loyalty program” are considered excluded property for escheatment purposes.
Rule UP-001 further states that an apparent owner shall receive electronic notice if the holder has the electronic address for the apparent owner. If notice is sent via email, said notice shall not include personal information of the apparent owner, other than the apparent owner’s name. Notice by regular mail through Canada Post is also required if the holder has a postal mailing address for an apparent owner.
Commission Rule UP-002 establishes unclaimed property fees, recoverable expenses, applicable interest rate, refunds, and discretionary reductions required under the Act.
To read Rule UP-001 click here: Rule UP-001.
To read Rule UP-002 click here: Rule UP-002.
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