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Gift Card Fees in MichiganMichigan currently has laws in place that regulate gift cards. This law covers all gift cards except for prepaid calling cards and prepaid bank cards that can be used at multiple retailers where the bank card is accepted. The following rules for gift cards are currently applicable in Michigan:
- Gift cards are prohibited from expiring for a period of five years from the date the gift card is issued.
- Gift cards are prohibited from having fees except for an initial purchase fee.
The current Michigan law covering gift card fees will be superseded by the recently passed Credit Card Act of 2009 which dictates the minimum gift card requirements for all states if the federal law is stronger than the Michigan state law. Any portion of the Michigan gift card law which is stronger than the federal law will remain in effect. Gift cards issued in Michigan 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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