H.R.5502 - To amend the effective date of the gift card provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009.111th Congress (2009-2010)
|Sponsor:||Rep. Maffei, Daniel B. [D-NY-25] (Introduced 06/10/2010)|
|Committees:||House - Financial Services | Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||07/27/2010 Became Public Law No: 111-209. (TXT | PDF) (All Actions)|
|Roll Call Votes:||There has been 1 roll call vote|
This bill has the status Became Law
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.5502 — 111th Congress (2009-2010)All Information (Except Text)
Public Law No: 111-209 (07/27/2010)
(This measure has not been amended since it was introduced. The summary of that version is repeated here.)
Amends the Credit Card Accountability Responsibility and Disclosure Act of 2009 to state that, in the case of a gift certificate, store gift card, or general-use prepaid card produced before April 1, 2010, the effective date of certain disclosure requirements under the Electronic Funds Transfer Act pertaining to fees shall be delayed until January 31, 2011.
Requires the issuer of such a certificate or card, as a condition of such delayed effective date, to: (1) comply with a specified prohibition against and certain requirements for the imposition of any dormancy, inactivity, or service fees; (2) consider any such certificate or card for which funds expire to have no expiration date with respect to the underlying funds; (3) replace, at consumer request, any such certificate or card that has funds remaining at no cost to the consumer; and (4) comply with certain consumer rights disclosure requirements.