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 for Miami County residents totals almost $1 million - Louisburg Herald
- 3 Major Legal Difficulties of Unclaimed Property Claims in California ... - Benzinga
- South Charleston Library Gets Unclaimed Property Check - West Virginia Public Broadcasting
- Morgan Stanley agrees to resolution of multi-state unclaimed property audit - Lexology (registration)
- Author of bill that could disrupt Oklahoma's Unclaimed Property Fund complains ... - NewsOK.com
- Two More Insurers Settle Over Unclaimed Property - Insurance News Net
- Unclaimed money awaits at state Treasurer's Office - Lincoln Journal Star
- New Website Helps Utahns Find Unclaimed Property - KUER
- Federal Court Threatens Delaware Unclaimed Property Law - Wall Street Journal (blog)
- Unclaimed Property Report released for 2015 - Kotatv