|
|
|
Gift Card Fees in NevadaNevada currently has laws in place that regulate gift cards. This law covers only gift cards good at a single retailer. It doesn't include not prepaid telecommunications or technology gift cards. The following rules for gift cards are currently applicable in Nevada:
- Gift cards may only expire if the expiration is properly disclosed to the purchaser.
- Gift cards may only have fees if the fees are properly disclosed to the purchaser. Gift cards are not allowed to have fees in first year and no gift card fees after that may exceed $1 per month. Gift card dormancy fees aren't allowed before 3 continuous years of nonuse.
The current Nevada law covering gift card fees will be superseded by the recently passed Credit Card Act of 2009 which dictates the minimum gift card requirements for all states if the federal law is stronger than the Nevada state law. Any portion of the Nevada gift card law which is stronger than the federal law will remain in effect. Gift cards issued in Nevada 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.
|
|
Home
Forums
Newsletter