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Gift Card Fees in KentuckyKentucky currently has laws in place that regulate gift cards. This law covers all gift cards except for prepaid calling cards or cards that are linked to bank accounts and can be used at multiple retail outlets or ATMs where the bank card is accepted. The following rules for gift cards are currently applicable in Kentucky:
- Gift cards are prohibited from expiring for a period of one year after purchase.
- Gift cards are prohibited from having fees.
The current Kentucky law covering gift card fees will be superseded by the recently passed Credit Card Act of 2009 which dictates the minimum gift card requirements for all states if the federal law is stronger than the Kentucky state law. Any portion of the Kentucky gift card law which is stronger than the federal law will remain in effect. Gift cards issued in Kentucky will have to abide by the Credit Card Act of 2009 rules for gift cards when it takes effect in the summer of 2010.
The Credit Card Act of 2009 covers rules for both bank issued gift cards and store issued gift cards. The two main requirements are:
- Gift cards are prohibited from expiring for five years from the date that the gift card is purchased or from the last date any money was reloaded onto the gift card.
- Gift cards are prohibited from charging fees during the first 12 months from the time of purchase.
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