RI H8264

Retailers must place all money received from gift certificate sales into a separate account, holding funds until the gift certificate is redeemed

Upon full or partial redemption, retailers may transfer the corresponding amount from the separate account to their regular business account

Gift certificates distributed through rewards, loyalty, or promotional programs at no cost to the consumer are exempt from these requirements

Amends Chapter 6-13 of the Rhode Island General Laws (Unfair Sales Practices) by adding new section 6-13-12.2

Takes effect upon passage