The provisions of the bill do not apply to certain state−chartered financial institutions to the extent that federal law preempts or prohibits the application of the provisions of the bill to certain federally chartered financial institutions. "Gift certificate" means a written promise given in exchange for payment to provide merchandise in a specified amount or of equal value to the bearer of the certificate. Many states place looser limits on gifts from friends and family than gifts from lobbyists or others with an interest in influencing a legislator. (b) A general-use prepaid card shall not include an expiration date relative to the underlying funds that are redeemable through the use of the applicable card, code or device. “Gift certificate” means a record evidencing a promise, made for consideration, by the seller or issuer of the record that goods or services will be provided to the owner of the record to the value shown in the record and includes, but is not limited to, a record that contains a microprocessor chip, magnetic stripe or other means for the storage of information that is prefunded and for which the value is decremented upon each use, a gift card, an electronic gift card, stored-value card or certificate, a store card, or a similar record or card, but “gift certificate” does not include prepaid calling cards regulated under §42-370, prepaid commercial mobile radio services, as defined in 47 CFR 20.3 or general-use prepaid cards, as defined in §42-460a. Provides that the term "gift certificate" includes a credit slip issued by a store to a consumer who returns goods that enables the consumer to receive other goods of similar value in exchange for the returned goods. Wyoming Provides that gift certificates and store credits shall not contain expiration dates, except in limited circumstances where they are issued for promotional purposes without value being given by the consumer; makes certificates or credit with an expiration date redeemable in cash or replaceable by a certificate or credit without an expiration date. 5543 H.B. The bill makes this provision applicable only after a three-year time frame has elapsed from the date of issuance of the gift certificate, for gift certificates issued on or after July 1, 2012. Mandates that gift cards and certificates be redeemable at full value in perpetuity; places requirements on establishments accepting store gift cards. Tex. H.F. 2171 A prefunded bank card must provide value from multiple merchants. 1960 §604.051. 1962 4273 S.B. 3) May or may not be increased in value or reloaded. Business & Commerce Code Ann. "Gift obligation" means an obligation of a business association arising from a transaction between the business association and a consumer to provide goods or services at a future date. The box allows you to conduct a full text search or use the dropdown menu option to select a state. Due to the unlimited redemption period, the division of taxation shall not escheat the funds paid for those unredeemed gift certificates. Requires that gift certificates, gift cards, or store credits have no expiration or diminution in value over time. "Gift certificate" means a merchandise certificate conspicuously designated as a gift certificate, and purchased by a buyer for use by a person other than the buyer. Prohibits the sale of gift certificates and gift cards that diminish in value due to dormancy; and prohibits surcharges and fees on gift certificates and gift cards. Chapter 604 of the Texas Business & Commerce Code, stored in an electronic or other medium and is retrievable in perceivable form, 15 U.S. Code § 1693l–1(a)(2)(B) and 1693l-1(a)(2)(C), section 1693l-1 of Title 15 of the U.S. Code. Failed to pass pursuant to Senate Joint Resolution 1 4/13/16 7467 H.B. The bill also excludes prepaid telecommunications and technology cards from the definition of gift certificate under the Consumer Protection Act. 2984 Terms regarding expiration date must be disclosed as specified. Rhode Island This bill requires a gift card with a balance under $10 to be redeemed for cash at the card holder's request. Gift cards have become an extremely popular method of gift-giving. "Gift certificate" means a record evidencing a promise made for consideration by the seller or issuer of the record that money, goods, or services will be provided to the holder of the record for the value shown in the record. The term “stored value card” includes, but is not limited to the following items: paper gift certificates, records that contain a microprocessor chip, magnetic stripe or other means for the storage of information, gift cards, electronic gift cards, rebate cards, stored-value cards or certificates, store cards, and similar records or cards. 4971 This bill relates to amounts which the issuer of a gift certificate may deduct from the face value of the certificate based on the failure of the owner to present the certificate for payment in a timely manner. 5615 NCSL is unable to answer questions or provide guidance to citizens or businesses regarding gift cards and gift certificate laws and practices. CARD Act) into law. Notwithstanding the provisions of this subsection, a general-use prepaid card may include an expiration date with regard to such card, code or device, provided: (1) The following disclosures are made, in writing, on such card, code or device: (A) That such card, code or device expires, but that the underlying funds do not expire and that the consumer may contact the issuer for a replacement card, code or device; and (B) a toll-free telephone number and an Internet web site address, if one is maintained, that a holder of a general-use prepaid card may use to obtain a replacement card, code or device after such card, code or device expires, provided the remaining balance is not otherwise returned to the holder; (2) no fee or charge is imposed on such holder for replacing the card, code or device or for providing such holder with the remaining balance in some other manner, provided the card, code or device has not been lost or stolen; and (3) the seller of the card, code or device has established policies and procedures to provide consumers a reasonable opportunity to purchase a card, code or device that has not less than five years remaining until the card, code or device expires. (15 U.S.C. (1) The amount unclaimed is 60 percent of the gift obligation's or stored-value card's face value. 128 4) Is purchased or loaded on a prepaid basis for the future purchase or delivery or goods or services. Withdrawn 2/13/14 Similar to the Credit CARD … Once an expiration date has been reached, the issuer of the gift certificate shall not be subject to §7. (2) In the case of a gift certificate, the amount presumed abandoned is the price paid by the purchaser for the gift certificate. Prohibits any pawnbroker from purchasing, selling or trading gift certificates, as defined in §3-56a of the general statutes. Amends the definition of a gift certificate to be a writing identified as a gift certificate or a credit backed or bank issued gift card, purchased by a buyer for use by a person other than the buyer not redeemable in cash and usable in its face amount in lieu of cash in exchange for goods or services supplied by the seller. A.B. The bill prohibits the following: 1) failing to honor a valid gift obligation; 2) selling a gift obligation that is subject to an expiration date; 3) reducing the value of a gift obligation except for the sale price of goods or services provided to the bearer; and 4) reducing the value of a gift obligation as a condition of disclosing the value of the gift obligation. FRAUD. State Laws. 'Gift certificate' means a written promise that is usable at a single merchant or an affiliated group of merchants that share the same name, mark, or logo; is issued in a specified amount and cannot be increased in value on the face thereof; is purchased on a prepaid basis by a consumer in exchange for payment; and is honored upon presentation for goods or services by such single merchant or affiliated group of merchants that share the same name, mark, or logo. If an employee does not designate a financial institution for direct deposit, employers can choose to pay via pay card. Signed by governor 4/10/14, Chapter 1089 Gift cards with an initial balance of more than $5 that have a balance of less than $5 may be redeemed for cash. Prohibits expiration dates on gift certificates. 6052 If you find these statutes difficult to understand, you may want to view the … Provides that if an issuer of a gift card does not have an address for the owner of a gift card, the value of the gift card presumed abandoned is subject to custody of this state if purchase, issuance or last transaction by the owner of the gift card occurred in this state. A.B. "Gift certificate" shall mean a written promise which is: usable and honored upon presentation at a single merchant or an affiliated group of merchants that share the same name, mark or logo, or usable at multiple, unaffiliated merchants or service providers for the future purchase or delivery of any goods or services; and(ii) issued in a specific prepaid amount and may or may not be increased in value or reloaded. The Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009, Public Law 111-24. A.B. The Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009. 1551 1458 8550 | • If a gift card is unredeemed, it will be escheatable to a state unless there is an exemption. 5564 (2) Subsection (1)(d) of this section does not apply to: (a) Gift cards that have been given for free or less than full consideration to a person or entity as a donation or as part of a promotional offer; (b) Gift cards issued by an entity that provides services that are subject to the federal Communications Act of 1934 (47 U.S.C. 7523 4771 However, they are also easy to forget about. (3) In the case of a gift certificate or gift card, the owner is presumed to be a gift recipient of the gift certificate or gift card, and the amount presumed abandoned is the price paid by the purchaser for the gift certificate or gift card, less the total of any purchases or fees assessed against the certificate or card. Relates to fees on gift cards and gift certificates issued by merchants for goods and services. 36 (Bribery, Gift, and Honorarium laws) or Chapter 39 (Misuse of Government Resources) of the Penal Code. This act permits a one year expiration date on gift certificates cards which are donated. H.B. Requires that a gift certificate cannot have a service fee, unless each of the following is printed plainly and conspicuously on the front or back of the gift certificate in at least 10-point font and in such a manner that the print is readily visible to the buyer of the gift certificate before the buyer purchases the gift certificate: (1) The amount of the service fee; (2) The event or events that will cause the service fee to be imposed; (3) The frequency with which the service fee will be imposed; and (4) If the service fee will be imposed on the basis of inactivity, the duration of inactivity, which must not be less than three continuous years of nonuse, that will cause the service fee to be imposed. (2) A gift obligation or stored‐value card sold on or after Dec. 31, 2011 is not presumed abandoned if the gift obligation or stored‐value card was sold by a single issuer who in the past calendar year sold no more than $250,000 in face value of gift obligations or stored‐value cards. New York 15 USC 1693l-1 (c) states that “ [A] gift certificate, store gift card, or general-use prepaid card may contain an expiration date if … the expiration date is not earlier than 5 years after the date on which the gift certificate was issued, or the date on which card funds were last loaded to a store gift card or general-use prepaid card.” Signed by governor 2/5/15, Chapter 982 4689 1871 This bill: defines terms; prohibits application of an expiration date or a service fee, including a dormancy fee, to a gift certificate; and makes technical changes. Signed by governor 3/4/15, Chapter 127 Maine In the case of a credit memo, the amount presumed abandoned is the amount credited to the recipient of the memo. No dormancy fee shall be assessed on a gift card/certificate within 24 months of the date of sale or within 24 months of the most recent activity or transaction. If you have questions regarding issuing or redeeming a gift card or gift certificate or a retailer's practices, please contact the Office of the Attorney General in your state. Includes selling or issuing a gift card or gift certificate as those terms are defined that contains an expiration date, a period of time after which the gift card or gift certificate expires or any type of postsale charge or fee, including, but not limited to, a service charge, dormancy fee or activation fee in the definition of an unfair trade practice. "Gift certificate" means a written promise given in exchange for full or discounted payment, or without any money or other thing of value being given in exchange, to provide merchandise in a specified amount or of equal value to the bearer of the certificate. A.B. Washington Provides that gift certificates and cards shall not expire or contain dormancy fees. Texas Business and Commerce Code. Directs the commissioner of Environmental Conservation to create gift cards for hunting and fishing licenses. Ethics laws generally restrict gifts to legislators as a means of preventing the possibility that a gift could appear to improperly influence official action. PENAL CODE. H.B. 200A, §1 et seq. Violations of the laws in this chapter carry criminal penalties, and complaints alleging such violations are handled by local prosecutors, not by the Texas Ethics Commission. Puerto Rico Requires that gift certificates, gift cards, or store credits have no expiration or diminution in value over time. In this chapter: (1) "Financial institution" means a bank, trust company, insurance company, credit union, building and loan association, savings and loan association, investment trust, investment company, or any other organization held out to the public as … The law provides that gift cards cannot expire within five years from the date they were … S.B. H.B. A.B. 151 et seq. Thus, this bill creates a gift certificate or gift card that never expires nor has a dormancy fee charged against it. Once an opinion is issued by the Commission, the opinion is an open 2793 a. 923 Although some states had laws protecting gift card users, there was no federal law offering nationwide consumer protections. (b) The certificate, card, or memo was used or claimed one or more times without exhausting its full value, but subsequently was not claimed or used for an uninterrupted period of five years. Authorizes the commissioner of motor vehicles to establish gift cards for distinctive and special number license plates. (2) For purposes of subsection (1), a gift certificate or gift card is considered to have been claimed or used if there is any transaction processing activity on the gift certificate or gift card including, but not limited to, redeeming, refunding, or adding value to the certificate or card. Unlike Texas law, federal law does contain restrictions on expiration dates. 6691 It does not include reloadable phone cards, cards given instead of an admission ticket, business gift cards, or gift cards purchased for business use.