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Adoption of Rules Implementing the Gift Card Provisions of the Credit Card Act by Susan E. Wells
Jaburg & Wilk, P.C. - Phoenix Office
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May 4, 2010
On March 23, 2010, the Federal Reserve System announced final rules to restrict the fees and expiration dates that apply to gift cards, gift certificates and general-use prepaid cards (collectively, “Gift Cards”). Issuers of Gift Cards are prohibited from imposing expiration dates or dormancy, inactivity or service charges that do not comply with the new regulations.
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