ESCHEAT AND GIFT CARD LAWS: NEW MEXICO

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NEW MEXICO

Definition of Gift Card/Gift Certificate:

N.M. Stat. Ann. §57-12-26(A)

“Gift certificate” means a writing identified as a gift certificate that is not redeemable in cash and is usable in its face amount in lieu of cash in exchange for goods or services supplied by a seller, but does not include a gift certificate useable with multiple unaffiliated sellers or goods or services. “Gift certificate” includes an electronic card with a banked dollar value, a merchandise credit, a certificate where the issuer has received payment for the full face value for the future purchase or delivery of goods or services and any other medium that evidences the giving of consideration in exchange for the right to redeem the certificate, electronic card or other medium for goods or services of at least an equal value.

“Gift certificate” does not include gift certificates issued by banks, savings and loan associations and their affiliates and subsidiaries, licensed money transmitters or credit unions operating pursuant to the laws of the United States or New Mexico.

Expiration Date Provision:

N.M. Stat. Ann. §57-12-26(B)

A gift certificate shall not have an expiration date less than 60 months after the date upon which the gift certificate was issued If an expiration date is not conspicuously stated on a gift certificate, that gift certificate shall be presumed to have no expiration date and shall be valid until redeemed or replaced.

Fee Provision:

N.M. Stat. Ann. §57-12-26(C)

An issuer of a gift certificate shall not charge a fee of any kind in relation to the sale, redemption or replacement of a gift certificate other than an initial charge not exceeding the face value of the gift certificate, nor may a gift certificate be reduced in value by any fee, including a service or dormancy fee.

Escheat Provision:

N.M. Stat. Ann. §7-8A-2(A)(7)

Gift certificate, five years after Dec. 31 of the year in which the certificate was sold, but if redeemable in merchandise only, the amount abandoned is deemed to be 60 percent of the certificate’s face value.

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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