Fwd: Gift Cards: New rules prevent unfair expiration dates, fees

---------- Forwarded message ----------
From: Rep. Joseph Preston, Jr. <RepPreston@pahouse.net>
Date: Tue, Mar 23, 2010 at 2:13 PM
Subject: Gift Cards: New rules prevent unfair expiration dates, fees
To: skwilliams@righteousbeginnings.com

Gift Cards: New rules prevent unfair expiration dates, fees   I am writing to share with you some good consumer news about gift cards sold by retailers and restaurants.   The Federal Reserve Board has issued new rules to restrict fees and expiration dates on gift cards, and also require that any terms and conditions be clearly stated on the cards.   The rules prohibit dormancy, inactivity and service fees on gift cards unless:  the consumer has not used the certificate or card for at least one year; no more than one such fee is charged per month; and the consumer is given clear and conspicuous disclosures about the fees. Additionally, expiration dates for funds underlying gift cards must be at least five years after the date of issuance, or five years after the date when funds were last loaded. The new rules take effect on August 22.   If you have further questions about this or any state-related matter, do not hesitate to contact me.

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Shimira Williams
Chief Educational Operator
Righteous Beginnings Learning Center - STARS 2
7712 Hamilton Avenue
Pittsburgh, PA 15208
T: 412.243.5058
F: 412.243.1547
E: skwilliams@righteousbeginnings.com

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