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MD: Dems Want Your Money Anyway They Can Get It

I heard about this from some people at work last week when it was apparently first annoucned, but I was too busy that I never had a chance to investigate how true it really was. Since we are in the season where we might be purchasing gift cards for our friends and family, check out what the Democrats in the Maryland General Assembly (26 co-sponsors) were attempting to pass in the just ended Special Session. Here is an excerpt from House Bill 30 which would change the COMMERCIAL LAW Section of the Maryland Code to read as follows.

(C) (1) THE BALANCE REMAINING ON A GIFT CERTIFICATE SHALL BE PRESUMED TO BE ABANDONED ON THE LATER OF:

(I) THE DATE THAT IS 4 YEARS AFTER THE DATE THE GIFT CERTIFICATE IS PURCHASED; OR
(II) THE DATE THAT IS 1 YEAR AFTER THE DATE OF THE LAST PURCHASE MADE USING THE GIFT CERTIFICATE.
(2) ON OR BEFORE MARCH 1 OF EACH YEAR, A PERSON THAT SELLS OR ISSUES GIFT CERTIFICATES IN THE STATE SHALL REMIT TO THE COMPTROLLER THE BALANCE REMAINING ON EACH GIFT CERTIFICATE THAT WAS PRESUMED ABANDONED DURING THE PREVIOUS YEAR.
(3) ON OR BEFORE APRIL 1 OF EACH YEAR, THE COMPTROLLER SHALL DISTRIBUTE THE REVENUES RECEIVED UNDER PARAGRAPH (2) OF THIS SUBSECTION TO THE MARYLAND EDUCATION FUND ESTABLISHED UNDER § 5–201.1 OF THE EDUCATION ARTICLE.

So in other words, if you don’t use your gift cards as fast as the State of Maryland would like you to, then as far as the State of Maryland is concerned, you should be forced to give an unsolicited donation of that that money to the State of Maryland.

Thankfully, it appears this bill did not get past the first reading, but the fact that 26 Delegates actually sponsored this bill shows you what we are up against in the state of Maryland. It would not surprise me to see this bill pop up again next year….

Posted by Dave at 12:16 pm
Filed under: Maryland | Comments (4)

4 Responses to “MD: Dems Want Your Money Anyway They Can Get It”

  1. JimBo says:

    If you don’t like the politics of Maryland, then get the hell out……….

  2. gnasher says:

    ^That’s a stupid comment- and I’m a Dem!

    I didn’t read the bill, but if they’re trying to make the corporations redeem the money to the State, then I’m all for it. From the cut and paste and the post from Wissing, I would assume that’s the case- I would also assume that you think they’re asking for the individuals to redeem the leftover balance to the State.

    Companies sell gift cards and make TONS of money on them because A LOT of them go unredeemed. MANY companies actually put a time limit on them, so the consumer gets burned. Cash is paid for them, and cash doesn’t expire, so why should a gift card?

  3. Dave Wissing says:

    gnasher,

    Regardless of whether you think corporations are making “tons of money” off of unused cards, why on earth should the state be entitled to the unused money if the cards go unredeemed? What did the state do to be entitled to this money?