New law on gift certificates

[TERRIBLETOM]

I was listening to the local news channel and they were stating that there is now a new law on gift certificates, I'm not sure on the particulars but all gift certificates are now good for seven years from date of purchase and if they are not dated they are good indefinitely. I tried to catch more on it but they didn't repeat it. I also am not sure if it's based on a state or national level. Maybe some of you know more about it.

[mojo]

in california it's been a law for a while that they're good forever and must be redeemed for cash upon request.

[Hunny]

Originally posted by mojo
in california it's been a law for a while that they're good forever and must be redeemed for cash upon request.


Is this Gift Certificates in general?....7 years would be cool with me....but is there a law on credits when you exchange something.......
I change things all the time in stores...some stores will only give you a credit and its only good for a year...some stores will make you spend that credit to the penny without giving cash back...they just keep on issuing you a new credit....a few times I've have actually had a credit expire past the year exp. and they refused to take it....
So...it'd be nice if they came up with laws on that...

[mojo]

Originally posted by Hunny
Is this Gift Certificates in general?....7 years would be cool with me....but is there a law on credits when you exchange something.......
I change things all the time in stores...some stores will only give you a credit and its only good for a year...some stores will make you spend that credit to the penny without giving cash back...they just keep on issuing you a new credit....a few times I've have actually had a credit expire past the year exp. and they refused to take it....
So...it'd be nice if they came up with laws on that... i'm not sure how it applies to stuffs that's given by the store...like them stupid amazon gift certs that they used to give out when they fugged up a price thing but that also happened to expire roughly 42 seconds after you receive them. but if you actually go to a store and buy one, it's good forever or until the sto is no mo. it actually equals cash because it's assigned a value when you buy it.

i believe iirc that it came about because some lawyer went to redeem one after the supposed expiration date and proceeded to argue the matter in court.

[WhiskeyPapa]

Oh good - more laws. Now, I'm not saying it's a "bad" idea to have a gift certificate last 7 years (or forever), but I think the free market should determine that, not the government.

A company should be able to have a sucky gift certificate policy - the market will take care of them, since people won't buy their sucky certificates. We don't need big brother protecting us! :rolleyes: