Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for CS for SB 1638
Barcode 093400
CHAMBER ACTION
Senate House
.
.
1 Comm: RCS .
04/18/2007 06:38 PM .
2 .
.
3 .
.
4 ______________________________________________________________
5
6
7
8
9
10 ______________________________________________________________
11 The Committee on General Government Appropriations (Aronberg)
12 recommended the following amendment:
13
14 Senate Amendment (with title amendment)
15 Delete everything after the enacting clause
16
17 and insert:
18 Section 1. Section 501.95, Florida Statutes, is
19 created to read:
20 501.95 Gift certificates and credit memos.--
21 (1) As used in this section, the term:
22 (a) "Credit memo" means a certificate, card, stored
23 value card, or similar instrument issued in exchange for
24 returned merchandise when the certificate, card, or similar
25 instrument is redeemable for merchandise, food, or services
26 regardless of whether any cash may be paid to the owner of the
27 certificate, card, or instrument as part of the redemption
28 transaction.
29 (b) "Gift certificate" means a certificate, gift card,
30 stored value card, or similar instrument issued in exchange
31 for monetary consideration when the certificate, card, or
1
7:19 PM 04/16/07 s1638.ga27.001
Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for CS for SB 1638
Barcode 093400
1 similar instrument is redeemable for merchandise, food, or
2 services regardless of whether any cash may be paid to the
3 owner of the certificate, card, or instrument as part of the
4 redemption transaction.
5 (2)(a) A gift certificate or credit memo sold or
6 issued for consideration in this state may not have an
7 expiration date, expiration period, or any type of postsale
8 charge or fee imposed on the gift certificate or credit memo,
9 including, but not limited to, service charges, dormancy fees,
10 account maintenance fees, or cash-out fees. However, a gift
11 certificate may have an expiration date of not less than 3
12 years if it is provided as a charitable contribution when no
13 consideration is given to the issuer by the consumer, or not
14 less than 1 year if it is provided as a benefit pursuant to an
15 employee-incentive program, consumer-loyalty program, or
16 promotional program when no consideration is given to the
17 issuer by the consumer, and the expiration date is prominently
18 disclosed in writing to the consumer at the time it is
19 provided. In addition, a gift certificate may have an
20 expiration date if it is provided as part of a larger package
21 related to a convention, conference, vacation, or sporting or
22 fine arts event having a limited duration so long as the
23 majority of the value paid by the recipient is attributable to
24 the convention, conference, vacation, or event. An issuer may
25 honor a gift certificate that has expired on or before the
26 effective date of this act.
27 (b) Paragraph (a) does not apply to a gift certificate
28 or credit memo sold or issued by a financial institution, as
29 defined in s. 655.005, or by a money transmitter, as defined
30 in s. 560.103, if the gift certificate or credit memo is
31 redeemable by multiple unaffiliated merchants.
2
7:19 PM 04/16/07 s1638.ga27.001
Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for CS for SB 1638
Barcode 093400
1 Section 2. Section 717.1045, Florida Statutes, is
2 created to read:
3 717.1045 Gift certificates and similar credit
4 items.--Notwithstanding s. 717.117, an unredeemed gift
5 certificate or credit memo as defined in s. 501.95 is not
6 required to be reported as unclaimed property.
7 (1) The consideration paid for an unredeemed gift
8 certificate or credit memo is the property of the issuer of
9 the unredeemed gift certificate or credit memo.
10 (2) An unredeemed gift certificate or credit memo is
11 subject only to any rights of a purchaser or owner thereof and
12 is not subject to a claim made by any state acting on behalf
13 of a purchaser or owner.
14 (3) It is the intent of the Legislature that this
15 section apply to the custodial holding of unredeemed gift
16 certificates and credit memos.
17 (4) However, a gift certificate or credit memo
18 described in s. 501.95(3)(b) shall be reported as unclaimed
19 property. The consideration paid for such a gift certificate
20 or credit memo is the property of the owner of the gift
21 certificate or credit memo.
22 Section 3. This act shall take effect upon becoming a
23 law.
24
25
26 ================ T I T L E A M E N D M E N T ===============
27 And the title is amended as follows:
28 Delete everything before the enacting clause
29
30 and insert:
31 A bill to be entitled
3
7:19 PM 04/16/07 s1638.ga27.001
Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for CS for SB 1638
Barcode 093400
1 An act relating to gift certificates and
2 similar credit items; creating s. 501.95, F.S.;
3 defining the terms "credit memo" and "gift
4 certificate"; prohibiting a gift certificate or
5 credit memo sold or issued for consideration in
6 this state from having an expiration date,
7 expiration period, or any type of postsale
8 charge or fee imposed on the gift certificate
9 or credit memo; providing certain exceptions;
10 creating s. 717.1045, F.S.; providing that the
11 holder of an unredeemed gift certificate or
12 credit memo is not required to report the
13 unredeemed gift certificate or credit memo as
14 unclaimed property to the Department of
15 Financial Services; providing that the
16 consideration paid for an unredeemed gift
17 certificate or credit memo is the property of
18 the issuer, subject only to any rights of a
19 purchaser or owner, and is not subject to a
20 claim made by any state acting on behalf of a
21 purchaser or owner; requiring that a gift
22 certificate or credit memo be reported as
23 unclaimed property; providing legislative
24 intent; providing the consideration paid for
25 the gift certificate or credit memo is the
26 property of the owner of the gift certificate
27 or credit memo; providing an effective date.
28
29
30
31
4
7:19 PM 04/16/07 s1638.ga27.001