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Gift Card Fees in North CarolinaNorth Carolina currently has laws in place that regulate gift cards. This law covers all gift cards including prepaid calling cards with the exception of bank gift cards which may be used at multiple unaffiliated merchants. The following rules for gift cards are currently applicable in North Carolina:
- The gift card is prohibited from charging fees the first year from the time of purchase. If the gift card has any fees after this time period, these fees must be conspicuously disclosed on card at the time of purchase.
The current North Carolina law covering gift card fees will be superseded by the recently passed Credit Card Act of 2009 which dictates the minimum gift card requirements for all states if the federal law is stronger than the North Carolina state law. Any portion of the North Carolina gift card law which is stronger than the federal law will remain in effect. Gift cards issued in North Carolina 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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