• Gift Cards: State Law Pre-Emption - Simon Property Group Case, The OTS Gift Card Guidance, The FTC Order
  • October 29, 2007
  • Law Firm: Chapman and Cutler LLP - Chicago Office
  • Shoppers love to give gift cards. In fact, they are giving them at such a rate that there is even a secondary market -- websites where consumers can trade a gift card they do not want for one they can use (traded at a discount and for a fee, of course). Because the growth of gift cards does not appear to be slowing down, it is important for banks to be aware of legal and regulatory changes that may affect the operation of their gift card programs. Some recent key rulings that may interest you are highlighted below . . .