News - Local
Gift cards fees would be banned under Colorado bill
Posted: Dec 22, 2009 7:02 AM by Associated Press
Gift cards could have more value in Colorado starting next year. Fees that chip away at the value of gift cards would be banned under a bill two state lawmakers plan to introduce in the next Legislative session, which starts in January.
The legislation is being drafted by Sen. Lois Tochtrop and Rep. Debbie Benefield, both Democrats, and has the backing of Gov. Bill Ritter.
It would bar companies from charging fees for using cards or not using them, as well fees for checking card balances and activatingncards. Card holders would also be able to get cash back when their balance drops below $5.
The bill 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.
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