The proposed legislation, General Assembly Raised Bill No. 460, mandates the Treasurer to conduct a study on the feasibility, advantages, and disadvantages of classifying unredeemed gift certificates as abandoned property that would escheat to the state after a specified period. The study aims to evaluate the potential benefits and drawbacks of this approach, and the Treasurer is required to submit a report to the relevant joint standing committee of the General Assembly by January 1, 2027. This report will include the findings of the study and any recommendations for necessary statutory changes.

The bill introduces new legal language that establishes the requirement for the study and the reporting timeline, while there are no deletions from existing law as this is a new section being added. The intent of the bill is to explore the implications of treating unclaimed gift certificates as unclaimed property, which could potentially impact state revenue and consumer rights.