HB4702 Summary

• Amends the Consumer Fraud and Deceptive Business Practices Act to add requirements for gift certificates issued on or after January 1, 2011.

• Gift certificate holders with a remaining balance of less than $10 must be given the option to receive that balance in cash.

• Establishes that "gift certificate" includes cards, electronic gift cards, and stored-value certificates, but excludes telecommunications cards, technology cards, and multi-seller gift certificates.

• Maintains existing protections including prohibition on expiration dates before 5 years after issuance and prohibition on post-purchase fees for certificates issued after January 1, 2008.

• Takes effect January 1, 2011.