We began this afternoon with the Complying with State Consumer Protection Laws Session presented by Donald Mosher, Partner, SCHULTE ROTH & ZABEL and Elish Meyers, Legal Representative, RETAIL GIFT CARD ASSOCIATION.
Definition of gift cards, paper certificates, online bar codes, payroll cards,...
Laws are different for open, closed and semi-open on a local, state, and federal level and they are constantly changing. One law change can effect your program somewhere else as well as your partnerships.
Gift cards' unredeemed balances are recognized as unclaimed property in many states and must be reported and remitted to the state.
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Federal Card Act became effective in August 2010. Generally prohibits exp. dates of less than 5 years and fees for inactivity less than 12 months. Also look at applicable state laws.
Nine states have issued cash back rules consumer protection rules: CA, CO, ME, MA, MT, OR, RI, VT and WA.
Valerie M. Russo is a Senior Social Media Strategist at IIR USA with a technology, anthropology, marketing and publishing business acumen. She will be attending Prepaid Expo USA 2012 and covering the event live via Twitter and the Prepaid Expo Blog. She is a published poet and also maintains a literary blog. She may be reached atvrusso@iirusa.com. Follow her @Literanista.
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