Escheat and Gift Card Laws: Idaho

Wednesday, December 19, 2012

IDAHO

Escheat Provision:

Idaho Code §14-501(10)(b)

Gift certificates are considered “intangible property.”

Idaho Code §14-502(2)(b)

Gift certificates with an expiration date prominently displayed on their face do not constitute abandoned property.

Idaho Code §14-514

A gift certificate without an expiration date prominently displayed on its face issued in the ordinary course of an issuer’s business which remains unclaimed by the owner for more than five years after becoming payable or distributable is presumed abandoned. In the case of a gift certificate without an expiration date prominently displayed on its face, the amount presumed abandoned is the price paid by the purchaser for the gift certificate.

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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