BILL AMENDING EFFECTIVE DATE OF CARD ACT GIFT CARD PROVISIONS SENT TO PRESIDENT

The Senate by unanimous consent approved H.R. 5502, which was introduced on June 14, 2010 as the Environmentally Conscious Option Gift Card Act or ECO-Gift Card Act.

The bill gives gift card producers until January 31, 2011 to comply with several disclosure provisions of the Credit Card Accountability Responsibility and Disclosure Act (CARD Act) that originally were set to become effective on August 22, 2010.

According to the bill’s sponsor, Rep. Daniel B. Maffei, this extension of the deadline will give issuers and merchants a more reasonable transition period and prevent a significant amount of environmental waste because otherwise an estimated 100 million noncompliant gift cards would need to be destroyed and replaced.

The bill now goes to the President for his signature.

  • Judy Scheiderer