§ 66‑67.5. Requirementsfor maintenance fees for gift cards.
(a) Disclosure. Theseller or issuer of a gift card must conspicuously disclose any maintenance feecharges at the time of purchase. The disclosure must be visible on the giftcard itself. No person, firm, or corporation engaged in commerce shall chargeany maintenance fee on a gift card for one calendar year following the date ofthe purchase of the gift card.
(b) Penalty. A selleror issuer of a gift card who violates this section commits an unfair tradepractice under G.S. 75‑1.1 and is subject to a civil penalty inaccordance with G.S. 75‑15.2.
(c) Definitions. Asused in this section, the following terms mean:
(1) Gift card. Arecord evidencing a promise, made for monetary consideration, by a seller orissuer that goods or services will be provided to the owner of the record tothe value shown in the record. A gift card includes a record that contains amicroprocessor chip, magnetic strip, or other storage medium that is prefundedand for which the value is adjusted upon each use, a gift certificate, a stored‑valuecard or certificate, a store card, or a prepaid long‑distance telephoneservice that is activated by a prepaid card that required dialing an accessnumber or an access code in addition to dialing the phone number to which theuser of the prepaid card seeks to connect.
(2) Maintenance fee. Anyfee that the owner of the gift card is subject to when the gift card isredeemed, including a service or inactivity fee.
(d) Limitation. Theprovisions of this section shall not apply to gift cards that are issued by afinancial institution or its operating subsidiary and that are usable atmultiple unaffiliated sellers of goods or services. (2007‑363, s. 1.)
§ 66‑67.5. Requirementsfor maintenance fees for gift cards.
(a) Disclosure. Theseller or issuer of a gift card must conspicuously disclose any maintenance feecharges at the time of purchase. The disclosure must be visible on the giftcard itself. No person, firm, or corporation engaged in commerce shall chargeany maintenance fee on a gift card for one calendar year following the date ofthe purchase of the gift card.
(b) Penalty. A selleror issuer of a gift card who violates this section commits an unfair tradepractice under G.S. 75‑1.1 and is subject to a civil penalty inaccordance with G.S. 75‑15.2.
(c) Definitions. Asused in this section, the following terms mean:
(1) Gift card. Arecord evidencing a promise, made for monetary consideration, by a seller orissuer that goods or services will be provided to the owner of the record tothe value shown in the record. A gift card includes a record that contains amicroprocessor chip, magnetic strip, or other storage medium that is prefundedand for which the value is adjusted upon each use, a gift certificate, a stored‑valuecard or certificate, a store card, or a prepaid long‑distance telephoneservice that is activated by a prepaid card that required dialing an accessnumber or an access code in addition to dialing the phone number to which theuser of the prepaid card seeks to connect.
(2) Maintenance fee. Anyfee that the owner of the gift card is subject to when the gift card isredeemed, including a service or inactivity fee.
(d) Limitation. Theprovisions of this section shall not apply to gift cards that are issued by afinancial institution or its operating subsidiary and that are usable atmultiple unaffiliated sellers of goods or services. (2007‑363, s. 1.)
§ 66‑67.5. Requirementsfor maintenance fees for gift cards.
(a) Disclosure. Theseller or issuer of a gift card must conspicuously disclose any maintenance feecharges at the time of purchase. The disclosure must be visible on the giftcard itself. No person, firm, or corporation engaged in commerce shall chargeany maintenance fee on a gift card for one calendar year following the date ofthe purchase of the gift card.
(b) Penalty. A selleror issuer of a gift card who violates this section commits an unfair tradepractice under G.S. 75‑1.1 and is subject to a civil penalty inaccordance with G.S. 75‑15.2.
(c) Definitions. Asused in this section, the following terms mean:
(1) Gift card. Arecord evidencing a promise, made for monetary consideration, by a seller orissuer that goods or services will be provided to the owner of the record tothe value shown in the record. A gift card includes a record that contains amicroprocessor chip, magnetic strip, or other storage medium that is prefundedand for which the value is adjusted upon each use, a gift certificate, a stored‑valuecard or certificate, a store card, or a prepaid long‑distance telephoneservice that is activated by a prepaid card that required dialing an accessnumber or an access code in addition to dialing the phone number to which theuser of the prepaid card seeks to connect.
(2) Maintenance fee. Anyfee that the owner of the gift card is subject to when the gift card isredeemed, including a service or inactivity fee.
(d) Limitation. Theprovisions of this section shall not apply to gift cards that are issued by afinancial institution or its operating subsidiary and that are usable atmultiple unaffiliated sellers of goods or services. (2007‑363, s. 1.)
