CT HB05298

Prohibits holders of general-use prepaid cards and linked prepaid cards from imposing dormancy charges, inactivity fees, abandoned property fees, or similar penalties for inactivity on the underlying funds.

Requires written disclosures on prepaid cards and packaging stating that the card expires but the underlying funds do not, with toll-free numbers and website addresses for obtaining replacement cards and comprehensive fee information.

Mandates that no fees be charged for replacing an expired prepaid card or returning the remaining balance, provided the card has not been lost or stolen.

Requires sellers to establish policies providing consumers a reasonable opportunity to purchase prepaid cards with at least five years remaining before expiration.

Effective October 1, 2016, amending sections 42-460a and 3-65c of the general statutes.