ESCHEAT AND GIFT CARD LAWS: VIRGINIA

Wednesday, November 14, 2012

VIRGINIA

Definition of Gift Card/Gift Certificate:

Va. Code §59.1-530

“Gift certificate” or “certificate” means a certificate, electronic card, or other medium issued by a merchant that evidences the giving of consideration in exchange for the right to redeem the certificate, electronic card, or other medium for goods, food, services, credit, or money of at least an equal value, including any electronic card issued by a merchant with a banked dollar value where the issuer has received payment for the full banked dollar value for the future purchase, or delivery, of goods or services and any certificate issued by a merchant where the issuer has received payment for the full face value of the certificate for future purchases, or delivery, of goods or services.

Expiration Date Provision:

Va. Code §59.1-531

Each gift certificate issued by a merchant in the commonwealth that has an expiration date shall include either (i) a statement of the expiration date of the certificate or (ii) a telephone number or Internet address where the holder of the certificate may obtain information regarding the expiration date of the certificate.

Fee Provision:

Va. Code §59.1-531

Each gift certificate issued by a merchant in the commonwealth that diminishes in value over time shall include a telephone number or Internet address where the holder of the certificate may obtain information regarding the diminution in the value of the certificate over time.

Escheat Provision:

Va. Code §55-210.8:1

A gift certificate or credit balance issued in the ordinary course of the issuer’s business that has remained unclaimed by the owner for more than five years after becoming payable is presumed abandoned, unless redeemable in merchandise, in services, or through future purchases.

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.

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