Are rebates exempt under Virginias Unclaimed Property Act?
No, not as the term rebate is commonly used because consideration (payment of retail or sale price of item) is usually given by the consumer to purchase the product that comes with a rebate, but it could be if both prongs of the two-part “promotional incentive” definition are met. Section 55-210.8:1(B) exempts “promotional incentives” not “rebates.” The rebate question arises because the word “rebate” is used in the definition of “promotional incentive” along with “coupon” or “other promotional device.” § 55-210.2 defines a “promotional incentive” to be a “coupon, rebate or other promotional device offered to induce a consumer to purchase goods, food or services and for which (i) no direct consideration is given by the consumer or (ii) the consideration given is less than the value of the goods, food or services to be received.” (Emphasis added). If the rebate check is not cashed within the five year dormancy period, the check is covered under the general rule in § 55-210.2:1 of Virgin
