The General Law Committee today favorably reported out a bill that would eliminate the escheat provision on gift certificates from Connecticut statutes. Current law considers gift certificates not redeemed after three years to be abandoned and thus escheats their value to the state. State Senator David Cappiello (R-Danbury), the Ranking Member on the General Law Committee, has pursued this issue after successfully leading an effort to change a variety of laws pertaining to gift certificates last session.

"I am pleased to see that many of my fellow Committee member understand that eliminating this provision only helps consumers," said Senator Cappiello. "Last year we were able pass legislation that both prevented gift cards from decreasing in value after predetermined periods of time and prohibited businesses from establishing expiration on gift certificates they issue. But this session we need to get rid of this escheat provision, which only serves to create a de-facto expiration date of three years on gift certificates."