ESCHEAT AND GIFT CARD LAWS: MINNESOTA

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MINNESOTA

Definition of Gift Card/Gift Certificate:

Minn. Stat. §325G.53

“Gift certificate” means a tangible record evidencing a promise, made for consideration, by the seller or issuer of the record that goods or services will be provided to the owner of the record to the value shown in the record and includes, but is not limited to, a gift card, stored-value card, store card, or a similar record or card that contains a microprocessor chip, magnetic stripe, or other means for the storage of information, and for which the value is decreased upon each use. The provisions of this section shall not apply to gift certificates issued by a federally chartered or state-chartered bank, bank and trust, savings bank, savings association, or credit union, or by an operating subsidiary or other affiliate of any of them, and that can be used at multiple sellers of goods and services, provided that the issuer discloses any expiration date and fee associated with the gift certificate.

Expiration Date Provision:

Minn. Stat. §325G.53
It is unlawful for any person or entity to sell a gift certificate that is subject to an expiration date.

Fee Provision:

Minn. Stat. §325G.53
It is unlawful for any person or entity to sell a gift certificate that is subject to a service fee of any kind, including, but not limited to, a service fee for dormancy.

Escheat Provision:

Minn. Stat. §345.39
Gift certificates are exempted from definition of intangible property.

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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