CFPB To Review Maine, Tenn. Gift Card Seizure Laws

Law360, New York (August 17, 2012, 2:19 PM EDT) -- The Consumer Financial Protection Bureau is reviewing whether Maine and Tennessee statutes allowing the states to seize unused funds from consumer gift cards after two years measure up to federal law, it said Thursday, asking the public to weigh in on the issue.

The federal Electronic Fund Transfer Act and the CFPB's own regulation outlaw gift cards that expire fewer than five years after funds were last added to the card, but laws in the two states classify certain types of gift cards as unclaimed property...
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