[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 3549 Introduced in Senate (IS)]

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.

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

SECTION 1. DELAY OF EFFECTIVE DATE.

    Title IV of the Credit Card Accountability Responsibility and 
Disclosure Act of 2009 (Public Law 111-24) is amended by striking 
section 403 and inserting the following:

``SEC. 403. EFFECTIVE DATE.

    ``(a) In General.--Except as provided under subsection (b), this 
title and the amendments made by this title shall become effective 15 
months after the date of enactment of this Act.
    ``(b) Exception.--
            ``(1) In general.--In the case of a gift certificate, store 
        gift card, or general-use prepaid card that was produced prior 
        to April 1, 2010, the effective date of the disclosure 
        requirements described in sections 915(b)(3) and (c)(2)(B) of 
        the Electronic Funds Transfer Act shall be January 31, 2011, 
        provided that an issuer of such a certificate or card shall--
                    ``(A) comply with paragraphs (1) and (2) of section 
                915(b) of such Act;
                    ``(B) consider any such certificate or card for 
                which funds expire to have no expiration date with 
                respect to the underlying funds;
                    ``(C) at a consumer's request, replace such 
                certificate or card that has funds remaining at no cost 
                to the consumer; and
                    ``(D) comply with the disclosure requirements of 
                paragraph (2) of this subsection.
            ``(2) Disclosure requirements.--The disclosure requirements 
        of this subsection are met by providing notice to consumers, 
        via in-store signage, messages during customer service calls, 
        Web sites, and general advertising, that--
                    ``(A) any such certificate or card for which funds 
                expire shall be deemed to have no expiration date with 
                respect to the underlying funds;
                    ``(B) consumers holding such certificate or card 
                shall have a right to a free replacement certificate or 
                card that includes the packaging and materials, 
                typically associated with such a certificate or card; 
                and
                    ``(C) any dormancy fee, inactivity fee, or service 
                fee for such certificates or cards that might otherwise 
                be charged shall not be charged if such fees do not 
                comply with section 915 of the Electronic Funds 
                Transfer Act.
            ``(3) Period for disclosure requirements.--The notice 
        requirements in paragraph (2) shall continue until January 31, 
        2013.''.
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