II 

111TH CONGRESS 

2D SESSION S. 3549 

To amend the effective date of the gift card provisions of the Credit Card 

Accountability Responsibility and Disclosure Act of 2009. 

IN THE SENATE OF THE UNITED STATES 

JUNE 29, 2010 

Mr. TESTER (for himself, Mr. BENNETT, Mr. BAYH, and Mr. VITTER) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 

A BILL 

To amend the effective date of the gift card provisions of 

the Credit Card Accountability Responsibility and Disclosure Act of 2009. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. DELAY OF EFFECTIVE DATE. 

4 Title IV of the Credit Card Accountability Responsi5 bility and Disclosure Act of 2009 (Public Law 111–24) 

6 is amended by striking section 403 and inserting the fol7 lowing: 


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•S 3549 IS

1 ‘‘SEC. 403. EFFECTIVE DATE. 

2 ‘‘(a) IN GENERAL.—Except as provided under sub3 section (b), this title and the amendments made by this 

4 title shall become effective 15 months after the date of 

5 enactment of this Act. 

6 ‘‘(b) EXCEPTION.— 

7 ‘‘(1) IN GENERAL.—In the case of a gift certifi8 cate, store gift card, or general-use prepaid card 

9 that was produced prior to April 1, 2010, the effec10 tive date of the disclosure requirements described in 

11 sections 915(b)(3) and (c)(2)(B) of the Electronic 

12 Funds Transfer Act shall be January 31, 2011, pro13 vided that an issuer of such a certificate or card 

14 shall— 

15 ‘‘(A) comply with paragraphs (1) and (2) 

16 of section 915(b) of such Act; 

17 ‘‘(B) consider any such certificate or card 

18 for which funds expire to have no expiration 

19 date with respect to the underlying funds; 

20 ‘‘(C) at a consumer’s request, replace such 

21 certificate or card that has funds remaining at 

22 no cost to the consumer; and 

23 ‘‘(D) comply with the disclosure require24 ments of paragraph (2) of this subsection. 

25 ‘‘(2) DISCLOSURE REQUIREMENTS.—The disclo26 sure requirements of this subsection are met by proVerDate Mar 15 2010 05:58 Jun 30, 2010 Jkt 089200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S3549.IS S3549

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•S 3549 IS

1 viding notice to consumers, via in-store signage, 

2 messages during customer service calls, Web sites, 

3 and general advertising, that— 

4 ‘‘(A) any such certificate or card for which 

5 funds expire shall be deemed to have no expira6 tion date with respect to the underlying funds; 

7 ‘‘(B) consumers holding such certificate or 

8 card shall have a right to a free replacement 

9 certificate or card that includes the packaging 

10 and materials, typically associated with such a 

11 certificate or card; and 

12 ‘‘(C) any dormancy fee, inactivity fee, or 

13 service fee for such certificates or cards that 

14 might otherwise be charged shall not be 

15 charged if such fees do not comply with section 

16 915 of the Electronic Funds Transfer Act. 

17 ‘‘(3) PERIOD FOR DISCLOSURE REQUIRE18 MENTS.—The notice requirements in paragraph (2) 

19 shall continue until January 31, 2013.’’. 

Æ 


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