On Monday, the Consumer Financial Protection Bureau ("CFPB") announced that it is now accepting complaints regarding prepaid cards, including gift cards and payroll cards, if consumers have disputes, relating to expiration dates, fees, and issuer marketing practices. The CFPB is intended to be a watchdog agency, advocating for consumers in the marketplace.
This month, Hawaii was the latest to allow employers to use prepaid cards to pay employee wages. The employer cannot mandate continued use of the card and must give the employee the option to receive wages via direct deposit or paper check. If the employee decides to switch from the pay card, the employer must honor this request within two pay cycles.
Pennsylvania legislators have been making noise for several months about amending dormancy periods, to help balance the current budget issues in the state. Last week, we finally got to see the proposed bill when the Senate amended House Bill 278. Generally speaking, the dormancy periods would change from five years to three years.
Update: The bill was signed by Governor Markell on June 30, 2014
The Delaware House passed Senate Bill 228 yesterday and it now awaits Governor Markell's signature. SB 228 has several key provisions for holders, including a confidentiality requirement and a limit on penalties. It also would extend the Secretary of State VDA program by one year.
The New York State Comptroller is currently advertising for two new abandoned property senior auditors. The positions' job is to perform "audits and reviews in accordance with applicable standards to ensure that holders are in compliance with the New York Abandoned Property Law." Specifically, the jobs duties description says that the auditor:
The Delaware Senate has passed a resolution that would create a task force to study unclaimed property. The resolution, Senate Concurrent Resolution Number 59, says that a significant number of companies domiciled in Delaware have not met their responsibilities under law to escheat unclaimed property to the State.