125th MAINE LEGISLATURE
		LD 247		LR 909(01)
	An Act To Amend the Gift Card Laws
	Preliminary Fiscal Impact Statement for Original Bill
	Sponsor: Rep. Prescott of Topsham
	Committee: Judiciary
	Fiscal Note Required: Yes
Preliminary Fiscal Impact Statement
			FY 2011-12	FY 2012-13	Projections  FY 2013-14	Projections  FY 2014-15
Net Cost (Savings)
	General Fund		$2,000,000	$2,000,000	$2,000,000	($1,300,000)
Revenue
	General Fund		($2,000,000)	($2,000,000)	($2,000,000)	$1,300,000
Fiscal Detail and Notes
	Changing from 2 years to 5 years the time after which a gift obligation or stored-value card is deemed abandoned and removing the language that requires 60% of any unclaimed amounts be remitted by merchants to the Treasurer of State effectively delays all gift card revenue receipts by 3 years and raises the remittance to the Treasurer to 100% of the amount of the gift obligation or stored-value card thereafter.  If the intent of the bill was to ultimately eliminate rather than maximize the amounts remitted to the Treasurer, then additional language will be needed to achieve this result.  Including such language in the bill would change the fiscal note by making the $2 million loss to the General Fund ongoing instead of being a gain of $1,300,000 after the delay expires at the end of fiscal year 2013-14.