New York Imposes New Rules On Gift Cards

Just as we head into fall, and get set for another holiday shopping season, New York state has issued new rules governing fees imposed on gift cards. How exactly does this effect you?

According to Syracuse.com, Gov. Andrew Cuomo signed a measure into law Monday prohibiting businesses from imposing user fees on the unused balances of gift cards until 25 months after issuance. Currently in New York, there was a law that allowed user fees after 13 months.

How else does this effect you? This new law requires gift cards to be valid for at least five years after the date of issuance. No more expiration dates right away. Keep that in mind when you stash these gift cards in your kitchen drawer and forget their existence.

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