Michigan Governor Jennifer Granholm has signed into law a new legislation that prohibits businesses from selling gift cards or certificates that will expire less than five years after they are issued.
As reported previously, the law will take effect Nov. 1 and also provides the following protection to consumers:
- Michigan retailers can’t alter the terms or conditions of a gift card or certificate after it’s issued.
- Inactivity fees and other charges can’t be applied.
- Stores can’t refuse to accept cards or certificates during sales, close-outs or liquidations.
- Retailers can’t refuse gift cards or certificates as partial payment for items that cost more than the remaining balances on them.
Kudos to Michigan for taking such a bold step to protect consumers.