Legislation eyed to reform gift card protections for consumers

Dec 8, 2023 · The proposed legislation also addresses other consumer protections for gift cards, including: allowing consumers to cash out small amounts on gift cards or mobile apps; requiring big corporations to notify consumers about unspent gift cards; letting consumers reload gift …

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SCHUMER: SENATE APPROVES MAJOR CREDIT CARD REFORM …

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May 19, 2009 · Gift card sales have been brisk in recent years, and although sales are expected to decline this year, they will still account for a staggering $88.4 billion in sales. Yet despite gift …

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Combating Gift Card Fraud: How New Legislation And Innovative …

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The American Association of Retired Persons (AARP) estimates that up to 30% of people have received gift cards with no funds. To address this growing issue, Maryland has passed an …

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#MicroStrategy Hits 446,400 BTC Despite Stock Slump - YouTube

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MicroStrategy now holds 446,400 BTC worth $42B, doubling down on its Bitcoin strategy even as MSTR stock drops 36% from its all-time high. Will Saylor’s bold...

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FAQs about Legislation eyed to reform gift card protections for consumers Coupon?

Will a new state law affect gift card balances?

But this proposed change to state law would require consumers to provide personal contact information to the state when they receive a gift card — something that lawmakers must understand consumers are extremely uninterested in and are unlikely to do — resulting in gift card balances simply staying with the state as new revenue. ...

What are the new gift card rules?

New federal rules went into effect in 2010 that are designed to protect consumers by restricting gift card fees and gift card expiration dates. ...

What does the FTC do about gift cards?

The FTC has brought enforcement actions against several companies for deceptive marketing of gift cards. It also has information available for consumers about shopping for and using gift cards. What Shoppers Need to Know About Gift Cards Retail gift cards have become an increasingly popular way for consumers to buy things. ...

What happens if you buy a gift card from a retailer?

Retail gift cards have become an increasingly popular way for consumers to buy things. However, in light of the economic downturn, many consumers have been asking what they should do to protect themselves if they have purchased gift cards from a retailer, and that retailer later files for bankruptcy or goes out of businesses. ...

Should gift cards have a de facto expiration date?

“It is undoubtedly this sizable figure that most interests legislators who want to impose a de facto expiration date on your gift cards, classify unspent gift card balances as “abandoned” after this expiration date, and require the creation of a registry in order for consumers to reclaim them. ...

Will Maryland's first law protect against gift card draining work?

The Nation’s First Law Protecting Against Gift Card Draining Has Passed. Will It Work? Despite industry pushback, Maryland became the first state to require secure packaging for most gift cards sold at stores. “It will change packaging nationally,” one retail insider predicted. ProPublica is a nonprofit newsroom that investigates abuses of power. ...