PRESS RELEASE – Senator David Carlucci (D-Rockland/Westchester) greeted shoppers at the Palisades Mall to promote a new consumer friendly gift card law resulting from legislation that was passed and signed earlier this year. The new law delays the point in which fees may be charged for unused gift cards, and prevents an expiration of less than 5 years from the date it was issued.
“Many consumers are unaware of hidden fees associated with gift cards. This law will help unknowing consumers save money,” Senator Carlucci explained.
The new law, which was signed in September, will specifically:
• Extend the time period in which fees can be charged to unused card balances from 13 to 25 months.
• Waive any monthly service fees that are applied after 25 months if the gift card is used within 3 years of the date it was issued.
• Prevents gift cards from having an expiration date of less than 5 years from the date it was issued.
“It is especially important to make consumers aware of their rights during the holiday season when there are so many unfortunate scams out there designed to deceive shoppers,” Carlucci concluded.