Leawood, Kan. – October 12, 2022: At the close of the 2022 legislative session, New York Senate Bill 145B (“SB145B”) and the twin bill Assembly Bill 266A (“AB266A”; together, the “Twin Bills”) have passed both the Assembly and the Senate. The Twin Bills rest in the legislature while the Governor’s office reviews the Twin Bills before delivery to the Governor’s desk for signature. If signed, upon signature, the Twin Bills would become effective and require the posting of signage within 180 days.
As you may recall the Twin Bills would require signage at the point-of-sale warning of potential scams involving gift cards. Specifically the Twin Bills require [case been revised]: “No person, firm, partnership, association or corporation shall sell a gift certificate to a purchase unless the seller displays a conspicuous notice at or near where the gift certificate is displayed or at or near the physical location where the sale occurs, that (I) cautions that purchaser about prepaid card scams, and (II) instructs the purchaser on what to do if they suspect they might be potential victim of such a scam.” 2022 NY Senate-Assembly Bill S145B, A266A § 1. Card Compliant will continue to monitor this bill and provide updates on the disposition of the bill.
About the Compliance Libraries:
The Compliance Libraries provide a one stop location for comprehensive information on the laws, rules and standards regulating gift cards. Its range includes federal and state laws, GAAP accounting standards and tax rules along with other helpful items.
For more information visit www.compliancelibraries.com.
The Compliance Libraries are a service of Card Issuance & Management, Inc., a subsidiary of Card Compliant, LLC.