Sen. Charles Schumer (D-NY) has introduced the Fair Gift Card Act, a bill he says will protect consumers from unfair practices at the hands of gift card issuers. Among other things, the bill would prohibit gift card issuers from imposing a dormancy or service fee, unless the card has less than $5 remaining on it after 24 consecutive months of inactivity. Fees could not exceed $1 per month. The bill also requires that gift cards remain valid for five years.

Whlie there is almost no chance the Schumer legislation will make it into law in the current Congressional session, reintroduction in the new Congress, which takes office in January, is likely.