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MO HB1522
Bill
Status
1/6/2010
Primary Sponsor
J Kuessner
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AI Summary
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Repeals section 447.505 and enacts two new sections (407.1175 and 447.505) relating to gift certificates and abandoned property laws
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Prohibits selling gift certificates with expiration dates or any service fees, including dormancy and inactivity charges
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Exempts from the prohibition: certificates distributed free under awards/loyalty/promotional programs and certificates sold at volume discounts to employers or nonprofit organizations for fundraising with expiration dates at least 30 days after sale
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Excludes gift certificates from the abandoned property provisions in sections 447.500 to 447.595
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Classifies violations as unfair merchandising practices subject to penalties under section 407.020
Legislative Description
Prohibits any person or business entity from selling gift certificates that have an expiration date or any kind of service fee
Last Action
Referred: Financial Institutions (H)
5/14/2010