Bill Text: CT SB01078 | 2011 | General Assembly | Comm Sub
Bill Title: An Act Enhancing Community Bank Competitiveness And Fraud Prevention On Certain Products.
Spectrum: Bipartisan Bill
Status: (Engrossed - Dead) 2011-05-19 - Tabled for the Calendar, House [SB01078 Detail]
Download: Connecticut-2011-SB01078-Comm_Sub.html
General Assembly |
Substitute Bill No. 1078 | |
January Session, 2011 |
*_____SB01078BA____031511____* |
AN ACT ENHANCING COMMUNITY BANK COMPETITIVENESS AND FRAUD PREVENTION ON CERTAIN PRODUCTS.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. (NEW) (Effective October 1, 2011) (a) As used in this section, "general-use prepaid card" has the same meaning given to that term in 12 CFR 205.20(a)(3), as from time to time amended.
(b) A general–use prepaid card shall not include an expiration date relative to the underlying funds that are redeemable through the use of the applicable card, code or device. Notwithstanding the provisions of this subsection, a general-use prepaid card may include an expiration date with regard to such card, code or device, provided: (1) The following disclosures are made, in writing, with equal prominence and in close proximity to the expiration date on such card, code or device: (A) That such card, code or device expires, but that the underlying funds do not expire and that the consumer may contact the issuer for a replacement card, code or device; and (B) a toll-free telephone number and an Internet web site address, if one is maintained, that a holder of a general-use prepaid card may use to obtain a replacement card, code or device after such card, code or device expires; (2) no fee or charge is imposed on such holder for replacing the card, code or device or for providing such holder with the remaining balance in some other manner, provided the card, code or device has not been lost or stolen; and (3) the seller of the card, code or device has established policies and procedures to provide consumers a reasonable opportunity to purchase a card, code or device that has not less than five years remaining until the card, code or device expires.
(c) For purposes of complying with the disclosure requirements of subdivision (1) of subsection (b) of this section, the issuer of the general-use prepaid card may provide disclosures that are consistent with the applicable provisions of 12 CFR 205.20(e), as from time to time amended.
Sec. 2. Subdivision (5) of section 3-56a of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2011):
(5) "Gift certificate" means a record evidencing a promise, made for consideration, by the seller or issuer of the record that goods or services will be provided to the owner of the record to the value shown in the record and includes, but is not limited to, a record that contains a microprocessor chip, magnetic stripe or other means for the storage of information that is prefunded and for which the value is decremented upon each use, a gift card, an electronic gift card, stored-value card or certificate, a store card, or a similar record or card, but "gift certificate" does not include prepaid calling cards regulated under section 42-370, [or] prepaid commercial mobile radio services, as defined in [47 C.F.R. Sec. 20.3] 47 CFR 20.3 or general-use prepaid cards, as defined in section 1 of this act;
This act shall take effect as follows and shall amend the following sections: | ||
Section 1 |
October 1, 2011 |
New section |
Sec. 2 |
October 1, 2011 |
3-56a(5) |
Statement of Legislative Commissioners:
In section 1(a), "12 CFR Section 205.20(a)(3)" was changed to "12 CFR 205.20(a)(3)" for consistency in citation form to federal regulations. In section 1(b)(3), "card, code or device expiration date expires" was changed to "card, code or device expires" for consistency and clarity. In section 2(5) "47 C.F.R. Sec. 20.3" was changed to "47 CFR 20.3" for consistency in citation form to federal regulations.
BA |
Joint Favorable Subst.-LCO |