Thursday, May 5, 2011
SB 756 builds on state legislation passed in 2007 "prohibiting cards that automatically draw down balances without a consumer's consent," an Oregon Senate statement said. The statement added that similar gift card regulation has been enacted in California, Massachusetts, Washington, Maine and Montana.
In 2007, the California legislature passed a bill that requires merchants to reimburse consumers for the unused remainder of gift cards with a balance of $10 or less. The provision went into effect in January 2008. Boston-based consultancy and research firm TowerGroup said $8 billion in leftover funds rested on unused gift cards, as of 2008.
SB 756 now goes to the Oregon House of Representatives for consideration.
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