Bill > SB5988

This bill amends existing laws to make the following key changes: 1. It clarifies that the legislature intends for consumers to have the option to collect balances on abandoned gift certificates either directly through the retailer or through Washington's unclaimed property program, which returned over $100 million to rightful owners in fiscal year 2023. The bill aims to reduce the incentive for large companies to adopt predatory or deceptive practices regarding gift certificates by requiring them to escheat abandoned balances. 2. It exempts small businesses with total revenue under $100 million from the requirements for reporting gift certificates as unclaimed property. 3. It establishes that gift certificates, including those that store or allow customers to earn loyalty points, are presumed abandoned if unclaimed for more than three years and must be reported to the unclaimed property administrator. Holders who have reported and delivered gift certificate funds to the administrator must accept the funds as payment from the owner if the administrator has not notified the holder that the property has been claimed. 4. The bill applies to gift certificates issued or reloaded with funds on or after July 1, 2024.

Budget and Finance

https://app.leg.wa.gov/billsummary?BillNumber=5988&Year=2023&Initiative=false