Thanks to Robert S. Peters of Duff & Phelps for the great article entitled “Daily Deals: The Very Real Risks from Unclaimed Property Laws”. We completely agree that short expiration periods will lead to many consumer backlashes and hefty lawsuits in the future for Groupon and its competitors.
Here is an excerpt:
Also part of the picture are the unclaimed property and consumer provisions at the state level that govern the types of unclaimed property that are required to be remitted to the state to capture unclaimed coupon and gift card value. With at least 42 states facing budget shortfalls, many are looking for new and expanded definitions of unclaimed property to close these gaps.
New Jersey is among the states that have attempted to expand the definition of unused gift cards/certificates reportable to the state by shortening the unclaimed status timeline to two years from five years. The state also requires that merchants gather contact information from the buyer so that the state can track the cards. These rules were projected to raise an additional $79 million for New Jersey’s coffers in 2011.
- Unclaimed Property Auction Includes Rare Penny - West Virginia Public Broadcasting
- 7 ways to find unclaimed money - Fox News
- Unclaimed property could be worth investigating - Radio NB
- WV man receives unclaimed property, and it's a pretty big check - Charleston Daily Mail
- Florida Unclaimed Property Program Nearing $1 Billion in Returns - WCTV
- Reduced waiting period in unclaimed property cases to garner millions for Pa. - Tribune-Review
- OK Treasurer Opposed To Use Of Unclaimed Property Fund To Fix Budget Woes - News On 6
- Md. woman $1 million richer, discovers unclaimed property - W*USA 9
- Pennsylvania plugs part of budget hole with unclaimed property - The Times Herald
- State holds unclaimed property — and it can be elusive - azcentral.com