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2007 SESSION
078530300Be it enacted by the General Assembly of Virginia:
1. That §§ 59.1-530 and 59.1-531 of the Code of Virginia are amended and reenacted and that the Code of Virginia is amended by adding a section numbered 59.1-530.1 as follows:
§ 59.1-530. Definitions.
As used in this chapter, unless the context clearly requires otherwise:
"Gift certificate" or "certificate" means
a certificate, electronic card, or other medium issued by a
merchant in the Commonwealth that evidences
the giving of consideration in exchange for the right to redeem the
certificate, electronic card, or other medium for goods, food, services,
credit, or money of at least an equal value, including (i) any
electronic card issued by a merchant with a banked
dollar value where the issuer has received payment for the full banked dollar
value for the future purchase, or delivery, of goods or services,
(ii) a record that contains a microprocessor chip, magnetic strip or other
storage medium that is prefunded and for which the
value is adjusted upon each use, (iii) prepaid long distance telephone service
that is activated by a prepaid card that
required dialing an access
number or an access code in addition to dialing the telephone number to which the user
of the prepaid card seeks to connect,
and (iv) any certificate issued by a merchant where the issuer has received payment for the
full face value of the certificate for future purchases, or delivery, of goods
or services.
"Issuer" means the person issuing a gift certificate.
"Merchant" means an owner or operator of
any mercantile establishment or any agent, employee, lessee, consignee,
officer, director, franchisee, or independent contractor of such owner or
operator.
§ 59.1-530.1. Prohibited practices.
An issuer shall not:
1. Charge a fee, including a maintenance fee, service fee, or inactivity fee, on a gift certificate that it has issued; or
2. Place an expiration date or otherwise limit the time for the redemption of a gift certificate, or issue a gift certificate that diminishes in value over time, unless the gift certificate was (i) issued pursuant to an awards or loyalty program where no money or thing of value was given in exchange for the gift certificate or (ii) donated to a charitable organization without any money or other thing of value being given in exchange for the gift certificate.
§ 59.1-531. Required disclosures.
A. Each gift certificate issued by a merchant in
the Commonwealth that has an expiration date or otherwise limits the
time for the redemption as permitted pursuant to subdivision 2 of §
59.1-530.1 shall include either (i) a statement of the expiration
date of the certificate or (ii) a telephone number or Internet address where
the holder of the certificate may obtain information regarding the expiration
date of the certificate.
B. Each gift certificate issued by a merchant in
the Commonwealth that diminishes in value over time as
permitted pursuant to subdivision 2 of § 59.1-530.1 shall include
a telephone number or Internet address where the holder of the certificate may
obtain information regarding the diminution in the value of the certificate
over time.
C. The information required by this section shall be clearly and permanently imprinted on the certificate.