News - Local
Colorado lawmakers consider ending gift card fees
Posted: Feb 15, 2010 10:45 AM by Associated Press
Retailers wouldn't be able to charge fees on gift cards under a proposal being considered by state lawmakers.
The measure is up for its first hearing at the Capitol on Monday.
It would bar issuers of gift cards from charging fees for using cards or not using them. Card holders would also be able to redeem the cards for cash when their balance drops below $5.
The bill doesn't apply to gift cards issued at banks that can be used anywhere like debit cards.
It also won't stop cards from expiring because a new proposed federal rule would give consumers at least five years to use gift cards before they expire. The Federal Reserve rule is set to take effect in August. That's also when the Colorado limits would start if the bill passes.
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