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Gift Card fees in MontanaMontana currently has laws in place that regulate gift cards. This law covers all gift cards except for prepaid telecommunication and technology cards, or gift certificates that can be used at multiple retailers. The following rules for gift cards are currently applicable in Montana:
- Gift cards are prohibited from expiring.
- Gift cards are prohibited from having fees.
- If the value of gift card was more than $5 when purchased and after use the remaining value is less than $5, the gift card can be redeemed for cash.
The current Montana law covering gift card fees will be superseded by the recently passed Credit Card Act of 2009 which dictates the minimum gift card requirements for all states if the federal law is stronger than the Montana state law. Any portion of the Montana gift card law which is stronger than the federal law will remain in effect. Gift cards issued in Montana 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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