ESCHEAT AND GIFT CARD LAWS: OKLAHOMA

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OKLAHOMA

Definition of Gift Card/Gift Certificate:

Okla. Stat. tit. 15, §796

“Gift card” means a plastic card or other electronic payment device which is: (a) issued in a predenominated amount or in an amount requested by the consumer, (b) usable to purchase goods and/or services only at a single merchant or group of merchants that are affiliated through common corporate ownership or control, and (c) purchased by a consumer on a prepaid basis in exchange for payment.

“Gift certificate” means a written promise which is: (a) issued in a specified amount, indicated on its face, and cannot be increased in value, (b) usable to purchase goods and/or services only at a single merchant or group of merchants that are affiliated through common corporate ownership or control, and (c) purchased by a consumer on a prepaid basis in exchange for payment.

Expiration Date Provision:

Okla. Stat. tit. 15, §797
Prohibits expiration dates less than 60 months from the date of purchase. A gift certificate/card sold without an expiration date is valid until redeemed or replaced.

Fee Provision:

Okla. Stat. tit. 15, §797

Service fees prohibited, unless the remaining value on the card/certificate is $5 or less each time the fee is assessed; the fee does not exceed $1 per month; there has been no activity for 24 consecutive months including, but not limited to, purchases, the adding of value, or balance inquiries; the holder may reload or add value to the card/certificate; and the fee is disclosed as specified.

Escheat Provision:

Okla. Stat. tit. 60, §651 et seq.
Gift certificates are not specifically included.

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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