Thursday, February 24, 2011

Pending Legislation: Tennessee Gift Card Redemption and Missouri B2B Provisions

We continue our roundup of pending legislation here at Eschatable with pending bills in Tennessee and Missouri.

Tennessee -- House Bill 370 -- This bill would require that any gift card with a remaining balance of $10 less be redeemable in cash.  The bill is currently pending before the House Consumer & Employee Affairs Committee.  An identical bill is working its way through the state senate as Senate Bill 275.

Missouri -- House Bill 401 -- This bill would add a "business to business exemption" (or "B2B") to the Missouri Unclaimed Property Act and provide a time limit after which the Administrator could no longer file and action or proceeding to enforce the Act.  The B2B provision would exempt any "intangible property due or owed by a business association . . . to a business association resulting from a transaction occurring in the normal and ordinary course of business" from the reporting and remittance provisions of the Missouri Act.  The proposed limitation of action provision provides that the State Treasurer would be barred from bringing an action to enforce the Act more than 3 years after the holder filed a report with the Treasurer or gave some other notice of a dispute concerning the reportability of the property.

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