The state of Nebraska recently enacted legislation impacting any companies that deal with unclaimed property.  Previosuly, retailers were required by law to remit funds from any unused Nebraska gift cards/certificates (if $100 or under in value) to the state treasurer once they crossed a three-year threshold.

But after L.B. 688 (enacted March 10, 2008), regulations are now changed so that any unused gift cards/certificates which are over $100 in value and don’t contain any post-sale finance charges or fees are exempt from becoming unclaimed property.

One important note: If a gift card has an expiration date or fees associated with it, businesses are still required to report it as unclaimed property after 3 years of inactivity (regardless of the amount). The exemption only qualifies for cards/certificates without fees or exemption dates.