Is it illegal for gift cards to expire in New York?

Legislation S. 3467-B/A. 4629-C prohibits fees and expiration dates on gift cards and gift certificates. Many gift cards are sold with a variety of fees attached that can significantly reduce their value.

What are the rules for gift cards?

Bank gift cards, which carry the logo of a payment card network (e.g., Visa, MasterCard), are also subject to Credit CARD Act protections and can be used wherever the brand is accepted. Under the law, a gift card cannot expire until at least five years from the date it was activated.

Which states require gift cards to be redeemed for cash?

At least ten other states currently have a provision in their respective gift-card laws that requires an issuer to redeem a card for cash upon request in certain circumstances. Those states include Colorado, Maine, Massachusetts, Montana, New Jersey, Oregon, Rhode Island, Texas, Vermont, and Washington.

How long are gift cards good for in NY?

five years
All terms and conditions for a card must be disclosed directly on it and gift cards cannot expire within the first five years after purchase. New York law provides that gift cards cannot be assessed a monthly service fee against the balance prior to two years or the 25th month of inactivity.

Is it legal for gift cards to expire?

In California, for example, it’s against the law for store gift certificates and gift cards to have an expiration date or dormancy fees (except under certain circumstances), and if the balance on the card is less than $10, you can redeem it for cash. (Cal. Civil Code § 1749.5).

Is it illegal to not accept gift cards?

State Laws In California, for example, it’s against the law for store gift certificates and gift cards to have an expiration date or dormancy fees (except under certain circumstances), and if the balance on the card is less than $10, you can redeem it for cash.

Are gift cards regulated?

The law provides that gift cards cannot expire within five years from the date they were activated and generally limits inactivity fee on gift cards except in certain circumstances, such as if there has been no transaction for at least 12 months.

What gift cards Cannot be exchanged for cash?

No. Though Visa®, Mastercard® and other bank-issued gift cards are accepted at a wide range of places–online, in stores, over the phone–they cannot be sold for cash at a Gift Card Exchange kiosk.

Are gift cards allowed to expire?

A. Under federal law, a gift card cannot expire in less than five years after the date of purchase. But if it’s not used within 12 months, fees for inactivity, dormancy or service can be charged to the card each month, diminishing its value.