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.
- Illinois treasurer encourages people to check if they have unclaimed property ... - WREX-TV
- Treasurer McCord: Unclaimed Property Owed to Food Banks, Shelters, Charities ... - RealEstateRama (press release)
- Florida returns $900M in unclaimed property - Sun Sentinel
- Unclaimed property tops $677 million - Las Vegas Review-Journal
- $12 Million in Gift Cards Designated Unclaimed Property: Texas Comptroller - NBC 5 Dallas-Fort Worth
- Los Angeles County tops the list for unclaimed property in the United States - The San Gabriel Valley Tribune
- Delaware Unclaimed Property Task Force Makes Recommendations - PR Newswire (press release)
- Search is on for unclaimed property - Shreveport Times
- KENNEDY: Search For Unclaimed Property - The Hayride
- A trust for unclaimed property fund? Oklahoma treasurer's proposal worth a look - NewsOK.com