SB461: relative to the regulation of gift certificates under the consumer protection act.

CHAPTER 228

SB 461 – FINAL VERSION

03/17/04 0869s

29Apr2004… 1265h

05/25/04 1641cofc

2004 SESSION

04-3174

05/01

SENATE BILL 461

AN ACT relative to the regulation of gift certificates under the consumer protection act.

SPONSORS: Sen. Gallus, Dist 1; Sen. Kenney, Dist 3; Rep. Guay, Coos 2

COMMITTEE: Public Affairs

AMENDED ANALYSIS

This bill prohibits expiration dates on gift certificates of $100 or less.

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

03/17/04 0869s 04-3174

29Apr2004… 1265h 05/01

05/25/04 1641cofc

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Four

AN ACT relative to the regulation of gift certificates under the consumer protection act.

Be it Enacted by the Senate and House of Representatives in General Court convened:

228:1 Regulation of Business Practices for Consumer Protection; Acts Unlawful; Expiration of Gift Certificates. Amend RSA 358-A:2, XIII to read as follows:

XIII. Selling gift certificates having a face value of [less than] $100 or less to purchasers which contain expiration dates. Gift certificates having a face value in excess of $100 [or more] shall expire when escheated to the state as abandoned property pursuant to RSA 471-C. Dormancy fees, latency fees, or any other administrative fees or service charges that have the effect of reducing the total amount for which the holder may redeem a gift certificate are prohibited. This paragraph shall not apply to season passes.

228:2 Unclaimed and Abandoned Property; Gift Certificates Exempt from Chapter. Amend RSA 471-C:16 to read as follows:

471-C:16 Gift Certificates and Store Credits. Notwithstanding any law to the contrary, gift certificates [under] of $100 or less, and store credits that were issued for store merchandise credit, regardless of when issued, shall not be property presumed abandoned and shall not be subject to RSA 471-C or any other past or present law. All gift certificates and store credits remitted to the state prior to January 1, 1998, and gift certificates and store credits that are properly determined to be reportable in any compliance audits initiated prior to January 1, 1998 and subsequently remitted, shall remain in the custody of the state unless and until returned to the owner. This section shall not apply to season passes or coupons that are nonrefundable and nonredeemable.

228:3 Effective Date. This act shall take effect 60 days after its passage.

(Approved: June 11, 2004)

(Effective Date: August 10, 2004)