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Gift Card Fees in OklahomaOklahoma currently has laws in place that regulate gift cards. This law covers gift cards for a single retailer or other stores that are affliated with the retailer where the gift card was purchased. The law does not cover prepaid calling cards or any prepaid service. The following rules for gift cards are currently applicable in Oklahoma:
- The gift card is prohibited from having an expiration date for the first five years from the date of purchase.
- The gift card is prohibited from having fees for the first five years with the exception of a $1 per month fee for gift cards in instances wherethe gift card has a balance of $5 or less, has been unused for a 24 month period, is reloadable and the $1 fee has been properly disclosed at the time of purchase.
The current Oklahoma law covering gift card fees will be superseded by the recently passed Credit Card Act of 2009 which dictates the minimum gift card requirements for all states if the federal law is stronger than the Oklahoma state law. Any portion of the Oklahoma gift card law which is stronger than the federal law will remain in effect. Gift cards issued in Oklahoma 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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