55-210.8:1 - Gift certificates and credit balances - Virginia Statutes

§ 55-210.8:1. Gift certificates and credit balances.

A. Except as described in subsection B, a gift certificate or credit balanceissued in the ordinary course of the issuer's business that has remainedunclaimed by the owner for more than five years after becoming payable ispresumed abandoned.

B. The following property is exempt from the provisions of this chapter andshall not be assessed by the administrator as unclaimed property: (i) creditbalances payable to a business association, (ii) outstanding checks resultingfrom or attributable to the sale of goods or services to a businessassociation, (iii) promotional incentives, and (iv) credits, giftcertificates, coupons, layaways, and similar items, provided such credits,gift certificates, coupons, layaways, and similar items are redeemable inmerchandise, in services, or through future purchases.

(1983, c. 190; 1988, cc. 595, 643; 2000, cc. 733, 745.)