General-use prepaid cards, gift certificates, and store gift cards

In this section, the following definitions shall apply: The terms “dormancy fee” and “inactivity charge or fee” mean a fee, charge, or penalty for non-use or inactivity of a gift certificate, store gift card, or general-use prepaid card. The term “general-use prepaid card” means a card or other payment code or device issued by any person that is— The term “gift certificate” means an electronic promise that is— The term “store gift card” means an electronic promise, plastic card, or other payment code or device that is— The terms “general-use prepaid card”, “gift certificate”, and “store gift card” do not include an electronic promise, plastic card, or payment code or device that is— redeemable solely for admission to events or venues at a particular location or group of affiliated locations, which may also include services or goods obtainable— The term “service fee” means a periodic fee, charge, or penalty for holding or use of a gift certificate, store gift card, or general-use prepaid card. With respect to a general-use prepaid card, the term “service fee” does not include a one-time initial issuance fee. Except as provided under paragraphs (2) through (4), it shall be unlawful for any person to impose a dormancy fee, an inactivity charge or fee, or a service fee with respect to a gift certificate, store gift card, or general-use prepaid card. A dormancy fee, inactivity charge or fee, or service fee may be charged with respect to a gift certificate, store gift card, or general-use prepaid card, if— The disclosure requirements of this paragraph are met if— the gift certificate, store gift card, or general-use prepaid card clearly and conspicuously states— The prohibition under paragraph (1) shall not apply to any gift certificate— Except as provided under paragraph (2), it shall be unlawful for any person to sell or issue a gift certificate, store gift card, or general-use prepaid card that is subject to an expiration date. A gift certificate, store gift card, or general-use prepaid card may contain an expiration date if— The Bureau shall— In prescribing regulations under this subsection, the Bureau shall consult with the Federal Trade Commission. The regulations required by this subsection shall be issued in final form not later than 9 months after May 22, 2009.