Signed by Governor Bill Ritter, Jr.

Vote Smart's Synopsis:

Vote to concur with House amendments and pass a bill that requires an issuer to redeem the gift card for cash when the value on the card is under five dollars and eliminates fees in connection with the issuance of the card.

Highlights:

-Defines a "gift card" as: "a prefunded, tangible, or electronic record of a specific monetary value; this includes, but is not limited to, a tangible card, electronic card, stored-value card, or certificate, all of which contain a microprocessor chip, magnetic chip, or other means for the storage of information" (Sec. 1). -Prohibits the sale of a gift card that contains a service fee, a dormancy fee, an inactivity fee, a maintenance fee, or any other type of fee (Sec. 1). -Specifies that any violation of this section shall be deemed a deceptive trade practice (Sec. 2). -Excludes any card that is issued by any government agency, one that is issued only on paper, a prepaid telecommunications or technology card, a card or certificate for awards, loyalty, or promotional programs that has no monetary value, or a card that is donated or sold below face value at a volume discount to an employer or charitable organization for fundraising purposes (Sec. 1). -Specifies that this section does not apply to gift cards that are usable with multiple sellers of goods or services (Sec. 1).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that requires an issuer to redeem the gift card for cash when the value on the card is under five dollars and eliminates fees in connection with the issuance of the card.

Highlights:

-Defines a "gift card" as: "a prefunded, tangible, or electronic record of a specific monetary value; this includes, but is not limited to, a tangible card, electronic card, stored-value card, or certificate, all of which contain a microprocessor chip, magnetic chip, or other means for the storage of information" (Sec. 1). -Prohibits the sale of a gift card that contains a service fee, a dormancy fee, an inactivity fee, a maintenance fee, or any other type of fee (Sec. 1). -Specifies that any violation of this section shall be deemed a deceptive trade practice (Sec. 2). -Excludes any card that is issued by any government agency, one that is issued only on paper, a prepaid telecommunications or technology card, a card or certificate for awards, loyalty, or promotional programs that has no monetary value, or a card that is donated or sold below face value at a volume discount to an employer or charitable organization for fundraising purposes (Sec. 1). -Specifies that this section does not apply to gift cards that are usable with multiple sellers of goods or services (Sec. 1).

Full Bill Text