CT SB00912

Repeals and replaces Section 42-460a of Connecticut General Statutes effective October 1, 2013, establishing new regulations for general-use prepaid cards and introducing a new category called "linked prepaid cards"

Defines "general-use prepaid card" by reference to 12 CFR 1005.20(a)(3) but excludes linked prepaid cards and certain other devices specified in federal regulations

Defines "linked prepaid card" as a general-use prepaid card allowing consumers to receive unexpended balances and accrued interest through a linked financial account, set expiration dates of at least 90 days, and transfer balances to higher-yield FDIC-insured accounts

Prohibits expiration dates on underlying funds for both general-use and linked prepaid cards, but allows expiration dates on the physical card itself if required disclosures are made, no replacement fees are charged, and sellers offer cards with at least 5 years remaining validity

Requires written disclosures on cards including notification that funds don't expire and providing toll-free numbers and website addresses for obtaining replacement cards at no cost