§ 1301.6. Property held by business associations
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 72 P.S. Taxation and Fiscal AffairsEffective: June 22, 2018
Effective: June 22, 2018
72 P.S. § 1301.6
§ 1301.6. Property held by business associations
The following property held or owing by a business association is presumed abandoned and unclaimed:
1. The consideration paid for a gift certificate or gift card which has remained unredeemed for two (2) years or more after its redemption period has expired or after the minimum period specified in section 915(c) of the Consumer Credit Protection Act (Public Law 90-321, 15 U.S.C. § 1693l-1(c)), whichever occurs later, or for three (3) years or more from the date of issuance if no redemption period is specified. The provisions of this clause shall not apply to a qualified gift certificate.
(ii) If the owner does not receive communications from the holder by United States mail, the holder shall attempt to confirm the owner's interest in the property by sending the owner an electronic mail communication not later than two (2) years after the owner's last indication of interest in the property. If the holder receives notification that the electronic mail communication was not received or if the owner does not respond to the electronic mail communication within thirty (30) days after the communication was sent, the holder shall promptly attempt to contact the owner by first class United States mail. If the mail is returned to the holder undelivered by the United States Postal Service, the holder shall be deemed to have lost contact with the owner on the date of the owner's last indication of interest in the property.
Credits
1929, April 9, P.L. 343, No. 176, art. XIII.1, § 1301.6, added 1982, Dec. 9, P.L. 1057, No. 248, § 5, retroactive effective Jan. 1, 1982. Amended 2002, June 29, P.L. 614, No. 91, § 6, effective July 1, 2002; 2006, Nov. 9, P.L. 1335, No. 138, § 3, imd. effective; 2014, July 10, P.L. 1053, No. 126, § 5, imd. effective; 2018, June 22, P.L. 281, No. 42, § 4, imd. effective.
72 P.S. § 1301.6, PA ST 72 P.S. § 1301.6
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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