Text: SF02230 Text: SF02232 Text: SF02200 - SF02299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 556.9, subsection 2, Code Supplement
1 2 2003, is amended to read as follows:
1 3 2. An issuer of a gift certificate shall not deduct from
1 4 the face value of the gift certificate any charge imposed due
1 5 to the failure of the owner of the gift certificate to present
1 6 the gift certificate in a timely manner, unless a valid and
1 7 enforceable written contract exists between the issuer and the
1 8 owner of the gift certificate pursuant to which the issuer
1 9 regularly imposes such charges and does not regularly reverse
1 10 or otherwise cancel them. For purposes of this subsection,
1 11 "gift certificate" means a merchandise certificate or
1 12 electronic gift card conspicuously designated as a gift
1 13 certificate or electronic gift card, and generally purchased
1 14 by a buyer for use by a person other than the buyer.
1 15 EXPLANATION
1 16 This bill amends the definition of "gift certificate" to
1 17 include electronic gift cards with regard to disposition of
1 18 unclaimed property. The bill would prohibit an issuer of a
1 19 gift card from deducting a fee from a gift card that is not
1 20 presented for redemption in a timely manner where no valid
1 21 contract exists to deduct the fee.
1 22 LSB 6051SV 80
1 23 kk/pj/5
Text: SF02230 Text: SF02232 Text: SF02200 - SF02299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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