SB1829 Summary

• Amends the Electronic Fund Transfer Act to add definitions for "general use reloadable card," "issuer," and related terms for prepaid cards that can be reloaded after initial purchase and used at multiple merchants or ATMs

• Requires issuers of general use reloadable cards to disclose card purchase fees, monthly maintenance fees, ATM cash withdrawal fees, reload fees, and balance inquiry fees before purchase on card packaging or online

• Mandates disclosure on the card itself of expiration date and a toll-free number or website for consumers to obtain fee information and request replacement cards after expiration

• Requires issuers to disclose additional fees imposed after purchase that were not disclosed pre-purchase, including variable fees and conditions for imposition

• Provides that compliance with federal Electronic Fund Transfer Act regulations regarding general use reloadable card disclosures satisfies state requirements, effective for cards sold on or after January 1, 2015