[§523A-3.5]  Gift certificates and gift
cards.  (a)  This part shall not apply to a gift certificate or gift card;
provided the gift certificate or gift card has no expiration date, no
expiration period, and no type of post-sale charge or fee (including but not
limited to service charges, dormancy fees, account maintenance fees, cash-out
fees, replacement card fees, and activation or reactivation charges).



(b)  This part shall not apply to a gift
certificate or gift card that has an expiration date, expiration period, or any
type of post-sale charge or fee, including but not limited to service charges,
dormancy fees, account maintenance fees, cash-out fees, replacement card fees,
and activation or reactivation charges if:



(1)  The gift certificate or gift card was issued
before January 1, 2010; and



(2)  It is the policy and practice of the issuer of
the gift certificate or gift card to:



(A)  Honor the gift certificate or gift card
after its expiration date or the end of its expiration period; and



(B)  Eliminate all post-sale charges and fees.



(c)  As used in this section, "gift
certificate" or "gift card":



(1)  Means a written promise or electronic payment
device that:



(A)  Is usable at a single merchant or an
affiliated group of merchants that share the same name, mark, or logo, or is
usable at multiple, unaffiliated merchants or service providers;



(B)  Is issued in a specific amount (which may
or may not be denominated on the gift certificate or gift card);



(C)  May or may not be increased in value or
reloaded;



(D)  Is purchased, or loaded, or both, on a
prepaid basis for the future purchase or delivery of any goods or services; and



(E)  Is honored upon presentation.



(2)  Shall not include:



(A)  An electronic payment device linked to a
deposit account, or prepaid telephone calling cards;



(B)  Flexible spending arrangements as defined
in section 106(c)(2) of the Internal Revenue Code (26 U.S.C. 106(c)(2));
flexible spending accounts subject to section 125 of the Internal Revenue Code
(26 U.S.C. 125), Archer MSAs as defined in section 220(d) of the Internal
Revenue Code (26 U.S.C. 129); dependent care reimbursement accounts subject to
section 129 of the Internal Revenue Code (26 U.S.C. 129); health savings
accounts subject to section 223(d) of the Internal Revenue Code (26 U.S.C.
223(d)), as amended by section 1201 of the Medicare Prescription Drug,
Improvement, and Modernization Act of 2003 (P.L. 108-173); or similar accounts
for which, under the Internal Revenue Code and its implementing regulations,
individuals may pay medical expenses, health care expenses, dependent care
expenses, or similar expenses on a pretax basis.  As used in this subparagraph,
"Internal Revenue Code" means the Internal Revenue Code of 1986, as
amended; and



(C)  Payroll cards or other electronic payment
devices that are linked to a deposit account and that are given in exchange for
goods or services rendered. [L 2008, c 55, pt of §1]