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“Under a state law that takes effect Jan 1, 2008 retailers in California must be willing to redeem unused or partially used gift cards or certificates for cash when the value on the card is less than $10.
It applies to cards sold after Jan.1, 1997, by individual retailers such as Target or Home Depot. It does not apply to cards that can be used at multiple retailers, such as those issued by malls or ones with a card-company logo such as Visa, MasterCard, American Express or Discover. Federal law covers those.
The law amends California Civil Code section 1749.5, which prohibits expiration dates and service fees on gift cards sold in California, with certain exceptions. The law (PDF File) can be found at: links.sfgate.com/ZBUN.
According to Corbett’s office, only three other states require retailers to offer cash redemptions of low-value cards: Washington and Montana when the balance falls below $5, and Vermont on cards worth less than $1.”
The law amends California Civil Code section 1749.5, which prohibits expiration dates and service fees on gift cards sold in California, with certain exceptions. The law (in PDF format)can be found at: links.sfgate.com/ZBUN.
It also doesn’t apply to several other types of cards, such as those issued as part of an awards, loyalty or promotional program without any money changing hands, ones that are sold for less than the face value or donated to employers or nonprofit organizations, and ones for perishable food.”
The Source: Kathleen Pender. “Net Worth” column in SF Chronicle, Dec 16, 2007
www.sfgate.com.
