123STA T . 1 75 3 PUBLIC LA W 111 – 2 4—M A Y 22 , 2 0 0 9‘ ‘ (A)ther eh asb ee n n o a c t iv it yw ith res p ect to the certi f icate or car d in the 12-m onth period endin g on the date on which the charge or fee is imposed
‘‘( B ) the disc l os u re re q uirements of paragraph ( 3 ) have been met; ‘‘( C ) not more than one fee may be charged in any given month; and ‘‘( D ) any additional requirements that the Board may establish through rulema k ing under subsection (d) have been met . ‘‘(3) D ISCLO S URE RE Q UIRE M E NT S. —T he disclosure require- ments of this paragraph are met if— ‘‘(A) the gift certificate , store gift card, or general- use prepaid card clearly and conspicuously states— ‘‘(i) that a dormancy fee, inactivity charge or fee, or service fee may be charged; ‘‘(ii) the amount of such fee or charge; ‘‘(iii) how often such fee or charge may be assessed; and ‘‘(iv) that such fee or charge may be assessed for inactivity; and ‘‘(B) the issuer or vendor of such certificate or card informs the purchaser of such charge or fee before such certificate or card is purchased, regardless of whether the certificate or card is purchased in person, over the I nternet, or by telephone. ‘‘( 4 ) EX CLUSION.—The prohibition under paragraph (1) shall not apply to any gift certificate— ‘‘(A) that is distributed pursuant to an award, loyalty, or promotional program, as defined by the Board; and ‘‘(B) with respect to which, there is no money or other value e x changed. ‘‘(c) P RO H I B ITION ON SA LEO FG IFT CAR D S W ITH EX P IRATION DATES.— ‘‘(1) IN G ENERAL.—Except as provided under paragraph (2), it shall be unlawful for any person to sell or issue a gift certificate, store gift card, or general-use prepaid card that is sub j ect to an expiration date. ‘‘(2) EXCEPTIONS.—A gift certificate, store gift card, or gen- eral-use prepaid card may contain an expiration date if— ‘‘(A) the expiration date is not earlier than 5 years after the date on which the gift certificate was issued, or the date on which card funds were last loaded to a store gift card or general-use prepaid card; and ‘‘(B) the terms of expiration are clearly and conspicu- ously stated. ‘‘(d) ADDITIONAL R ULEMA K ING.— ‘‘(1) IN GENERAL.—The Board shall— ‘‘(A) prescribe regulations to carry out this section, in addition to any other rules or regulations required by this title, including such additional requirements as appro- priate relating to the amount of dormancy fees, inactivity charges or fees, or service fees that may be assessed and the amount of remaining value of a gift certificate, store gift card, or general-use prepaid card below which such charges or fees may be assessed; and Regulations.
