S.3549 - A bill 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:||Sen. Tester, Jon [D-MT] (Introduced 06/29/2010)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||06/29/2010 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
|Notes:||For further action, see H.R.5502, which became Public Law 111-209 on 7/27/2010.|
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- Finance and Financial Sector
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Summary: S.3549 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in Senate (06/29/2010)
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 the 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.