HI HB2108

Creates a new chapter in Hawaii Revised Statutes establishing that gift cards constitute value held in trust by the issuer on behalf of the beneficiary, with the card value belonging to the beneficiary rather than the issuer.

Requires issuers to maintain a separate trust account for funds used to purchase gift cards.

Mandates that issuers continue to honor gift cards issued before bankruptcy filing, treating the card value as trust property of the beneficiary that cannot be invalidated by bankruptcy proceedings.

Requires annual reporting to the Director of Consumer Protection on or before March 31, including issuer identification, principal business address, beneficiary names, monetary amounts held in trust, and depository information.

Takes effect January 1, 2015.