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Definition of Gift Card/Gift Certificate:

Wyo. Stat. §34-24-102

(a) (xviii) “Merchant stored value card” means an electronic promise that is: (A) Redeemable at a single merchant or an affiliated group of merchants that share the same name, mark or logo; (B) Issued in a specified amount, whether or not that amount may be increased in value or reloaded at the request of the owner of the card; (C) Purchased on a prepaid basis in exchange for payment; (D) Upon presentation, honored by a single merchant or affiliated group of merchants for goods or services; and (E) Not: (I) Distributed under an awards, rewards, loyalty, incentive, rebate or promotional program; or (II) Sold below face value or donated to an employee, nonprofit organization or an education institution for fund raising.

Escheat Provision:

Wyo. Stat. §34-24-114

(a) Except as provided by subsection (e) of this section, a gift certificate, merchant stored value card or a credit memo is deemed abandoned if the balance remaining is greater than $100 and it remains unredeemed for more than five years after the later of its issuance date or the last activity by its owner, including partial use, or in the case of a merchant stored value card, an increase in the card balance purchased by the owner.

(b) In the case of a gift certificate or merchant stored value card, the amount deemed abandoned is the balance on the gift certificate or merchant stored value card as of the day of abandonment.

(e) A gift certificate or merchant stored value card which has no expiration date and does not impose a fee of any kind in relation to the sale, redemption or replacement of the certificate or card, other than an initial charge not exceeding the face value of the certificate or card, is exempt from the requirements of this section.

SOURCE: National Conference of State Legislatures

PLEASE NOTE:  Please note the summaries should be used for general informational purposes and not as a legal reference. DropZone Marketing is unable to answer questions or provide guidance to business owners regarding gift cards and gift certificate laws and practices. If you have questions regarding issuing or redeeming a gift card or gift certificate or a retailer’s practices, please contact the Office of the Attorney General in your state.

About James La Barrie

James La Barrie is passionate about marketing and changing a company's service culture. Originally from the Caribbean island of Antigua, James melds his approach of marketing and delivering elite service together as one. James has injected his 'service marketing' approach throughout his career to transform companies from good to great.

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