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Sponsors
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History
- Referred to consumer protection
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Provides that certain gift certificates may be used by the holder to pay down a debt owed to a merchant
In Assembly Committee · Consumer Affairs And Protection · Sponsor Harvey Weisenberg
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the general business law and the abandoned property law, in relation to requiring a merchant to accept a gift certificate issued by such merchant as payment for credit extended by the merchant to the holder of the gift certificate
Purpose
This bill would amend the general business law and the abandoned property law to allow gift certificates issued by a single merchant or affiliated group of merchants to be used to pay down debt owed to or any credit card issued by such merchant or affiliated group of merchants.
Summary of provisions
Section 1, subdivision 1 of section 396-i of the general business law is amended to add paragraph (v) which allows gift certificates issued by a single merchant or an affiliated group of merchants that share the same name, mark or logo, to be used to pay down any debt owed to or any credit card issued by such merchant or affiliated group of merchants. Section 396-i of the general business law is also amended by adding a new subdivision 3-d which states no single merchant or affiliated group of merchants shall restrict a holder of a gift certificate or store credit from using such to pay down any debt owed to or any credit card issued by such merchant or affiliated group of merchants. Subdivision (g) of section 103 of the abandoned property law is amended by adding paragraph (v) stating gift certificates issued by a single merchant or affiliated group of merchants may be used to pay down any debt owed to or credit card issued by such merchant or affiliated group of merchants.
Justification
This bill enables recipients of a gift card or gift certificate of a business to pay down debt owed to that specific business accumulated on a store credit card. This legislation is intended to accommodate those individuals who have outstanding credit owed to a particular store (e.g. Best Buy or Macy's credit card which can only be used at that particular store) and who are given a gift card or gift certificate to that store, to be able to utilize the gift card or gift certificate to pay down the debt owed to the store in lieu of purchasing goods or services sold by that store.
Legislative history
Chapter 170 of the laws of 2004
Fiscal implications
None.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.