ESCHEAT AND GIFT CARD LAWS: VERMONT

Thursday, November 15, 2012

VERMONT

Definition of Gift Card/Gift Certificate:

Vt. Stat. Ann. tit. 8, §2701

“Gift certificate” means a record evidencing a promise made for consideration by the seller or issuer of the record that money, goods, or services will be provided to the holder of the record for the value shown in the record. A “gift certificate” includes, but is not limited to, a record that contains a microprocessor chip, magnetic strip, or other means for the storage of information that is prefunded and for which the value is decremented upon each use; a gift card; an electronic gift card; a stored-value card or certificate; a store card; or a similar record or card.

“Loyalty, award, or promotional gift certificate” means a gift certificate that is issued on a prepaid basis primarily for personal, family, or household purposes to a consumer in connection with a loyalty, award, or promotional program and that is redeemable upon presentation to one or more merchants for goods or services or that is usable at automated teller machines.

Expiration Date Provision:

Vt. Stat. Ann. tit. 8, §2702

The paid value of a gift certificate sold or offered to be sold shall be valid for not less than five years after its date of issuance or after the date funds were last loaded onto the gift certificate, whichever is later.

A gift certificate not clearly marked with an expiration date or for which the expiration date is not otherwise made available as provided in this section shall be deemed to have no expiration date.

 

Vt. Stat. Ann. tit. 8, §2702a

A loyalty, award, or promotional gift certificate shall clearly and legibly set forth the following disclosures, as applicable: (2) The expiration date for both the paid value of the gift certificate, if any, and the promotional value of the gift certificate, if any, which shall be included on the front of the gift certificate.

Fee Provision:

Vt. Stat. Ann. tit. 8, §2703

Prohibits dormancy fees, latency fees, issuance fees, redemption fees, or any other administrative fees or service charges in connection with a gift certificate.

 

Vt. Stat. Ann. tit. 8, §2702a

A loyalty, award, or promotional gift certificate shall clearly and legibly set forth the following disclosures, as applicable: (3) The amount of any fees that may be imposed in connection with the gift certificate and the conditions under which they may be imposed, which shall be provided on or with the gift certificate; and

(4) If any fee is assessed against the gift certificate, a toll-free telephone number and, if one is maintained, a website address that a consumer may use to obtain fee information, which shall be included on the gift certificate.

Redeemable for Cash: 

Vt. Stat. Ann. tit. 8, §2704

If the remaining value of a gift certificate is less than $1, the gift certificate shall be redeemable in cash for its remaining value upon the demand of the holder of the gift certificate.

Escheat Provision:

Vt. Stat. Ann. tit. 27, §1241 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.

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