New York
The New York State Division of Consumer Protection has published that all gift cards or certificates purchased in the state, on or after December 10, 2022, will remain valid for a minimum of nine years from the date of purchase.
Gift cards and gift certificates cannot expire within nine years, their value will not decrease due to various fees, and they can be redeemed for cash if the remaining value is less than $5.
All fees are prohibited under the new law, which will prevent gift cards and certificates from diminishing in value. The law specifically prohibits the imposition of any “activation fees, retroactive fees, redemption fees, service fees, inactivity fees, latency fees, administrative fees, handling fees, access fees, periodic fees, renewal fees, recharge or any other fee. A gift card or certificate that can be redeemed at multiple unaffiliated merchants or service providers may charge a one-time activation fee, not to exceed $9.
Posted on December 08, 2022
