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RETAILERS: New Colorado Consumer Protection Law Requires Redemption of Gift Cards with a Cash Value of $5 or Less
On April 29, 2010, Colorado Governor Bill Ritter signed a consumer protection bill which requires gift card issuers to redeem the card, upon request, if the remaining value is $5 or less. In addition, it bans…
The Federal Reserve Board's Final Gift Card Rules for the CARD Act
Recently, the Federal Reserve Board announced the final rules that amend Regulation E to implement the gift card provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (“CARD Act”). The…
Federal Reserve Issues Gift Card Rules
Last week, the Federal Reserve Board announced final rules that restrict the application of fees and expiration dates to store gift cards, gift certificates, and general-use prepaid cards. The rules are issued under…
REMINDER: New Credit Card Regulations Take Effect Today; Gift and Debit Card Rules to Follow
Major provisions of a new law related to credit and gift cards take effect today. The Credit CARD Act, which was signed by President Obama in May 2009, marked the culmination of several legislative efforts to reform…
Skype Settles Class Action Over Expiration of Credits
Skype, a service that lets consumers make phone calls online, agreed to settle a class action that challenged the company's policy of expiring credits that were older than 180 days. While Skype is free for consumers…