H.B. 314 Summary

• Requires certificate issuers to redeem remaining gift certificate balances less than $5 for cash.

• Prohibits service fees including dormancy or inactivity fees; limits activation or issuance fees to the lesser of 10% of face value or $5.

• Extends expiration date requirement to five years after issuance for electronic cards and standard certificates; paper-only certificates expire after two years.

• Exempts gift certificates issued as awards, loyalty programs, promotional programs, or to non-profit charities from these requirements.

• Effective January 1, 2020.