Senate Study Bill 3069 SENATE FILE BY (PROPOSED COMMITTEE ON COMMERCE BILL BY CHAIRPERSON BEHN) Passed Senate, Date Passed House, Date Vote: Ayes Nays Vote: Ayes Nays Approved A BILL FOR 1 An Act relating to fees charged for delayed redemption of 2 electronic gift cards. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 6051SC 80 5 kk/pj/5 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 6051SC 80 1 23 kk/pj/5 1 24 1 25 1 26 1 27 1 28 1 29 1 30 1 31 1 32 1 33 1 34 1 35