S.3636 - Gift Card Consumer Protection Act of 2012

A bill to provide increased consumer protections for gift cards. view all titles (2)

All Bill Titles

  • Official: A bill to provide increased consumer protections for gift cards. as introduced.
  • Short: Gift Card Consumer Protection Act of 2012 as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
11/26/12
 
 
 
 
 
 
 

Official Summary

Gift Card Consumer Protection Act of 2012 - Amends the Electronic Fund Transfer Act to repeal the exclusion from, and so include within, the definitions of \"general-use prepaid card,\" \"gift certificate,\" and \"store gift card\" a loyalty, award, or promotional gift card (thus extending

Official Summary

Gift Card Consumer Protection Act of 2012 - Amends the Electronic Fund Transfer Act to repeal the exclusion from, and so include within, the definitions of \"general-use prepaid card,\" \"gift certificate,\" and \"store gift card\" a loyalty, award, or promotional gift card (thus extending to the latter the same consumer protections). Repeals exceptions to the prohibitions against:
(1) imposition of a dormancy fee, an inactivity fee, or a service fee in connection with a gift certificate, store gift card, or general-use prepaid card; and
(2) the sale of gift cards with expiration dates. (Thereby renders such fees and expiration dates unlawful without exception.) Makes it unlawful for a person that has filed for federal bankruptcy protection to either sell, resell, issue, or reissue a gift certificate or store gift card. Amends federal bankruptcy law to declare that the filing of a petition in bankruptcy shall not operate as a stay against the presentation or redemption of a gift certificate or store gift card at full value. Requires the trustee in bankruptcy, if the debtor's business is authorized to be operated, unless the court orders otherwise, to:
(1) honor at full value a gift certificate or store gift card issued by the debtor, and
(2) treat the gift certificate or gift card the same as cash.

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