|
Senate Delays Gift Card Rules |
|
|
|
 The U.S. Senate Tuesday approved legislation delaying the implementation of some of the provisions of the Credit Card Accountability Responsibility and Disclosure Act, that would have outlawed millions of unsold but manufactured gift cards.
The bill applies to gift cards produced before April 1, and delays a requirement that such cards prominently display expiration dates and other information on the actual card.
The Network Branded Prepaid Card Association had sought the delay, arguing that requirements pertaining to the display of expiration dates would result in more than a hundred million gift cards having to being scrapped.
Other gift card requirements established by the Federal Reserve, per the CARD Act will still go into effect Aug. 22 as planned.
|
