Leawood, Kan. – March 24, 2023: Earlier this month, the Connecticut Joint Committee on Banking held a public hearing regarding Senate Bill 1018 (SB 1018). The bill would increase the cash redemption amount from less to $3 to less than $5 and delete the requirement that the consumer present a proof-of-purchase receipt for the gift card when seeking to redeem the gift card for cash. 2023 CT S.B. 1018 § 1. If enacted in its current form, SB 1018 would become effective on October 1, 2023. Id.
Next, SB 1018 moves to the full Senate for consideration. Card Compliant will continue to monitor the bill.
To read Connecticut Senate Bill 1018 click here: Connecticut SB 1018.
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