Section 35-12-24.1

Exemptions.

(a) Electric cooperatives organized under Chapters 6 and 7 of Title 37, as amended, shall be exempted from all provisions of the Uniform Disposition of Unclaimed Property Act, which act is codified in Sections 35-12-20 through 35-12-48, as amended.

(b) A gift certificate, gift card, or in-store merchandise credit issued or maintained by any person engaged primarily in the business of selling tangible personal property at retail shall not be considered tangible or intangible property covered by this chapter.

(c) Any person engaged primarily in the business of selling tangible personal property at retail may by contract with the customer charge, and deduct from the property otherwise subject to this chapter, a reasonable administrative and restocking fee of not more than twenty-five dollars ($25) with respect to items purchased under a layaway or similar agreement the terms of which are not fulfilled by the customer and the items are returned to inventory.

(Acts 1984, 1st Ex. Sess., No. 84-814; p. 247; Act 99-588, p. 1343, §1.)