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 funds a rising revenue source for Md. - My Eastern Shore
- Life Insurance Unclaimed Property Recommendations of the Uniform Law ... - JD Supra (press release)
- Check for unclaimed property - Republican Journal
- Some big names on Mass. unclaimed money list - Boston Globe (subscription)
- Boston sports stars among those with unclaimed property - Providence Eyewitness News
- Brady, Ortiz among those with unclaimed property - wwlp.com
- Find out if you have unclaimed cash, property in SC - WYFF Greenville
- Delaware Softens Stance on Unclaimed Property - Wall Street Journal (blog)
- California, which gains $400 million in unclaimed assets a year, urged to find ... - Los Angeles Times
- Analyst recommends California officials boost efforts on unclaimed property - Sacramento Bee