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Gift Card Fees in New MexicoNew Mexico currently has laws in place that regulate gift cards. This law covers gift cards issued by single retailers or gift cards that may be used at affiliated merchants to the original retailer. The law does not cover prepaid calling cards or gift cards associated with a bank for debiting such account. The following rules for gift cards are currently applicable in New Mexico:
- Gift cards may not expire for a period of five years from the initial purchase of the gift card.
- Gift cards may not have any fees except for an initial purchase charge.
The current New Mexico law covering gift card fees will be superseded by the recently passed Credit Card Act of 2009 which dictates the minimum gift card requirements for all states if the federal law is stronger than the New Mexico state law. Any portion of the New Mexico gift card law which is stronger than the federal law will remain in effect. Gift cards issued in New Mexico 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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