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.
- On the web: State may have something valuable for you - The Spokesman Review (blog)
- 8 Accused of Stealing $1.5M from CA Unclaimed Property Website - NBC 7 San Diego
- Several county residents have unclaimed property - Grant Tribune Sentinel
- MANVILLE: Seniors can learn how to find unclaimed property - Packet Online
- Unclaimed property in Illinois? How to get it back - Belleville News Democrat
- Unclaimed property in Illinois? Here's how you get it back - fox2now.com
- Franchot channels Sherlock in newest unclaimed property gimmick - Baltimore Sun (blog)
- State treasurer shows off unclaimed property - KSPR
- Alabama holding unclaimed property worth $500M - WSFA.com: News Weather ... - WSFA
- Oklahoma treasurer searching for unclaimed property owners - NewsOK.com