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.
- Property rights, Pennsylvania budget needs could collide - Pennsylvania Independent
- State sells $113M in unclaimed property bonds to finance I-49 North and South - Shreveport Times
- Money Watchers: Treasury holds $250M in unclaimed property - Turn to 10
- Keane Launches Unclaimed Property Compliance Portal - Business Wire (press release)
- Unclaimed Property In Missouri Can Now Be Directly Donated To Charity - St. Louis Public Radio
- SMUD May Owe You Money from their Unclaimed Property Vault - KTXL
- Silver bars, antique jewelry, sports cards; all at unclaimed property sale - kfor.com
- Nebraskans Have 125 Million Dollars In Unclaimed Property - 1011now
- Get Your Unclaimed Cash, Property - NBC 10 Philadelphia
- Aviva and Midland in unclaimed property deals - LifeHealthPro