403 This bill provides that a gift certificate or gift card sold after the effective date of the bill will retain full unused value until presented in exchange for merchandise. ch. Washington, D.C. 20001 Adds §47-26-2a, relating to the pawn of gift cards; defines gift card; and limits the purchase pawn, receipt, sale or exchange of a gift card with a pawnbroker. g) Open Loop Gift Card- means a gift card that may be used to acquire goods or services in different establishments, other than an affiliated group, where the brand (Visa, Master Card, American Express, etc.) Business & Commerce Code Ann. 1375 A new law that goes into effect Sept. 1 will allow Texans to receive a cash refund on gift cards or certificates that have a balance of less than $2.50. § 1693l–1). H.B. The provisions of this chapter do not apply to open-loop prepaid cards for which the underlying funds do not expire and the records of the depository institution do not disclose the identity of the actual owner. 5473 S.B. 2108 5907 A gift certificate not clearly marked with an expiration date or for which the expiration date is not otherwise made available as provided in this section shall be redeemable in perpetuity. 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. 6574 Addresses unclaimed property law administration. H.B. Business & Commerce Code Ann. 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. Abandoned Property Law §1315 1057 Provides that unused gift cards become abandoned property. H.B. 4062 State Laws. S.B. Passed Assembly 6/16/15 f) Gift Card- means a prepaid card that is not rechargeable and has a specific monetary consideration entailing an agreement entered into with the issuer so that the cardholder may use it any time he/she chooses to acquire goods or services, up to the specified amount. (1) A gift certificate or a credit memo issued in the ordinary course of an issuer's business which remains unclaimed by the owner for more than three years after becoming payable or distributable is presumed abandoned. (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. Under the act, the card purchaser or person who increases or replenishes funds on the card (the customer) may: 1. get back the unused balance and the interest earned on the unused balance through a financial account linked to the card; 2. set an expiration date at least 90 days from the date of purchase or increasing or replenishing funds for the purpose of receiving a refund of any unused balance and any accrued interest on that balance; and 3. transfer the unused balance to a bank offering a higher yield and full insurance from the Federal Deposit Insurance Corporation until the funds are exhausted or the card expires, if the customer has a financial account linked to the card. (a) Except as provided by subsection (e) of this section, a gift certificate, merchant stored value card or a credit memo is deemed abandoned if the balance remaining is greater than $100 and it remains unredeemed for more than five years after the later of its issuance date or the last activity by its owner, including partial use, or in the case of a merchant stored value card, an increase in the card balance purchased by the owner. Activity initiated by the issuer of the certificate or card, including, but not limited to, assessing inactivity fees or similar service fees, does not constitute transaction processing activity for purposes of this subsection. S.B. Signed by governor 6/19/12, Chapter 270 Withdrawn 2/13/14 This bill prohibits a pawnbroker from purchasing, pawning, receiving, selling or exchanging a gift card with a balance of more than $100 or with more than $300 in the aggregate from any individual within a 30 day period. Denver, CO 80230 H.F. 2088 Washington Consumer Protection, Chapter 604 of the Texas Business & Commerce Code regulates the sale of "stored value cards," a term defined to include a "gift card or gift certificate" which can be either “inscribed on a tangible medium” or “stored in an electronic or other medium and is retrievable in perceivable form.”  Review Chapter 604, Subchapter B for information on permissible fees. Substituted 3/28/13 State park gift cards are issued under Texas unclaimed property laws; after three years, the … Business & Commerce Code Ann. H.B. A period of limitation may not be imposed on the owner's right to redeem the prefunded bank card. Utah 2235 9035 The Commission will consider an opinion request only from a person who seeks advice on how the law applies to that person in regard to a specific factual situation, either existing or hypothetical. 2235    A.B. H.B. Relates to unclaimed property; includes electronic gift cards in the definition of intangible property; extends the period for abandonment of gift certificates, electronic gift cards and credit memos. This bill regulates the sale and redemption of gift certificates, gift cards, and similar items (gift obligations). S.B. Qualifications. Sec. 6811 The value represented by the gift certificate belongs to the possessor, to the extent provided by law, and not to the issuer or seller. A.B. A.B. (3) the laws of the state or country where the person making the anatomical gift was domiciled, had a place of residence, or was a national at the time the document of gift was executed.

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