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| FRS | RIN: 7100-AD47 | Publication ID: Fall 2010 |
| Title: Regulation E—Electronic Funds Transfers (Docket No. R-1377) | |
| Abstract: The Federal Reserve Board (Board) published in the Federal Register on April 1, 2010, final regulations to implement the gift card provisions in Title IV of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit Card Act), which amends the Electronic Fund Transfer Act. Consistent with the statute, the final regulation would prohibit any person from imposing dormancy, inactivity, or service fees with respect to gift certificates, store gift cards, and general-use prepaid cards, unless certain conditions were satisfied. These conditions were that: (1) There must be at least a one-year period of inactivity with respect to the certificate or card prior to the imposition of the fee; (2) not more than one fee per month; and (3) disclosures regarding dormancy, inactivity, or service fees are stated clearly and conspicuously on the certificate or card and given prior to purchase. The final rule also would provide that a gift certificate, store gift card, or general-use prepaid card may not be sold or issued unless the expiration date of the funds underlying the certificate or card is no less than five years after the date of issuance (in the case of a gift certificate) or five years after the date of last load of funds (in the case of a store gift card or general-use prepaid card). In addition, the final rule would exclude certain prepaid products from the definitions of gift certificate, store gift card, or general-use prepaid card, such as cards, codes, or other devices that are issued in connection with a loyalty, award, or promotional program, or that are reloadable and not marketed or labeled as a gift card or gift certificate. The Board also published in the Federal Register on August 17, 2010, an interim final rule to implement legislation recently passed by Congress to extend the effective date of certain gift card disclosure provisions in Title IV of the Credit Card Act. With respect to gift certificates, store gift cards, and general-use prepaid cards produced prior to April 1, 2020, the interim final rule delays the effective date of the disclosure requirements until January 31, 2011, provided that several specified conditions are met. The comment period on the interim final rule closes on September 16, 2010. A final rule will be issued shortly thereafter. | |
| Agency: Federal Reserve System(FRS) | Priority: Substantive, Nonsignificant |
| RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
| Major: No | Unfunded Mandates: No |
| CFR Citation: 12 CFR 205.20 | |
| Legal Authority: 15 USC 1693b | |
Legal Deadline:
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Timetable:
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| Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
| Federalism: No | |
| Included in the Regulatory Plan: No | |
| RIN Data Printed in the FR: No | |
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Agency Contact: Vivian Wong Senior Counsel Federal Reserve System Division of Consumer and Community Affairs, Washington, DC 20551 Phone:202 452-3667 |
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