Congress Extends Transition Deadline For Gift Card Rules

Congress Extends Transition Deadline For Gift Card Rules - TheStreet
The Network Branded Prepaid Card Association (NBPCA) applauds Congress for passing H.R. 5502, the ECO-Gift CARD Act, which will avoid the needless destruction of over 100 million plastic cards and ensure consumer access to these popular gifts during the busy holiday shopping season. The act extends the August 22nd gift card implementation deadline, as mandated by Federal Reserve regulations pursuant to the 2009 Credit Card Accountability Responsibility and Disclosure (CARD) Act, to Jan. 31, 2011. This would allow the industry to sell existing gift cards, gift certificates, store gift cards and general-use prepaid cards produced prior to April 1, 2010, provided they comply with new rules regarding five year expiration of funds, conspicuous disclosures and fees.