§523A-3.5 Gift certificates and gift cards. (a) This part shall not apply to a gift certificate or gift card; provided the gift certificate or gift card has no expiration date, no expiration period, and no type of post-sale charge or fee (including but not limited to service charges, dormancy fees, account maintenance fees, cash-out fees, replacement card fees, and activation or reactivation charges).
(b) This part shall not apply to a gift certificate or gift card that has an expiration date, expiration period, or any type of post-sale charge or fee, including but not limited to service charges, dormancy fees, account maintenance fees, cash-out fees, replacement card fees, and activation or reactivation charges if:
(1) The gift certificate or gift card was issued before January 1, 2010; and
(2) It is the policy and practice of the issuer of the gift certificate or gift card to:
(A) Honor the gift certificate or gift card after its expiration date or the end of its expiration period; and
(B) Eliminate all post-sale charges and fees.
(c) As used in this section, "gift certificate" or "gift card":
(1) Means a written promise or electronic payment device that:
(A) Is usable at a single merchant or an affiliated group of merchants that share the same name, mark, or logo, or is usable at multiple, unaffiliated merchants or service providers;
(B) Is issued in a specific amount (which may or may not be denominated on the gift certificate or gift card);
(C) May or may not be increased in value or reloaded;
(D) Is purchased, or loaded, or both, on a prepaid basis for the future purchase or delivery of any goods or services; and
(E) Is honored upon presentation.
(2) Shall not include:
(A) An electronic payment device linked to a deposit account, or prepaid telephone calling cards;
(B) Flexible spending arrangements as defined in section 106(c)(2) of the Internal Revenue Code (26 U.S.C. 106(c)(2)); flexible spending accounts subject to section 125 of the Internal Revenue Code (26 U.S.C. 125), Archer MSAs as defined in section 220(d) of the Internal Revenue Code (26 U.S.C. 129); dependent care reimbursement accounts subject to section 129 of the Internal Revenue Code (26 U.S.C. 129); health savings accounts subject to section 223(d) of the Internal Revenue Code (26 U.S.C. 223(d)), as amended by section 1201 of the Medicare Prescription Drug, Improvement, and Modernization Act of 2003 (P.L. 108-173); or similar accounts for which, under the Internal Revenue Code and its implementing regulations, individuals may pay medical expenses, health care expenses, dependent care expenses, or similar expenses on a pretax basis. As used in this subparagraph, "Internal Revenue Code" means the Internal Revenue Code of 1986, as amended; and
(C) Payroll cards or other electronic payment devices that are linked to a deposit account and that are given in exchange for goods or services rendered. [L 2008, c 55, pt of §1]