Wednesday, August 20, 2008

Michigan’s governor implements new laws for gift cards

According to this article at Manage Smarter, Michigan Governor Jennifer M. Granholm has implemented new laws on gift cards and gift certificates throughout the state of Michigan. The laws will take effect November 1, protecting card users this holiday season.

Some of the rules going into effect in Michigan are:

-- Prohibit retailers from refusing to accept a certificate during a sale, closeout or liquidation
-- Charging an inactivity fee or other service fee to the consumer for using or possessing a gift certificate
-- Selling a gift certificate that expires less than five years after being issued

Things will be changing for retailers too:

--Retailers are not allowed to restrict the holder of a certificate from using it in a manner consistent with the stated terms of the certificate
--Alter any terms or conditions after issue
--Refuse to accept the gift certificate as a portion of the payment where the purchase is greater than the balance remaining on the certificate
--Consider cards abandoned property after five years.

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