Leawood, Kan. – May 19, 2023: Last month, the Governor of New Mexico failed to take any action on House Bill 165 (“HB 165”), and it was therefore not adopted. As such, any proposed amendments that were contained within HB 165 will not become law this year. The New Mexico legislature is free to reintroduce the bill at the start of the legislative session for any subsequent years. Currently for Card Compliant clients, most abandoned property escheats to the state of New Mexico five years after it was last used by the consumer. NMSA 1978, § 7-8A-2(A). Gift Certificates, including gift cards, escheat to the state of New Mexico five years after the December 31 of the year in which the card was last used by the consumer at sixty percent of the card’s face value. NMSA 1978, § 7-8A-2(A)(7).
To read the prior CARD Alert regarding HB 165, click here: Prior CARD Alert Regarding New Mexico HB 165.
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