Report Title:

Gift Certificates

Description:

Requires that gift certificates have no expiration date; provides that a fee of $1 may be deducted from the value of a gift certificate every two years.

HOUSE OF REPRESENTATIVES

H.B. NO.

2073

TWENTY-SECOND LEGISLATURE, 2004

 

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

relating to gift certificates.

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. Section 481B-13, Hawaii Revised Statutes, is amended by amending subsection (a) and (b) to read as follows:

"(a) Any restaurant or person engaged in the business of offering services or goods for sale at retail may allow customers to purchase gift certificates; provided that the certificate issuer shall honor the certificate [for a period of at least two years from] at any future time after the date of issuance[.]; further provided that a fee of $1 may be deducted from the value of the gift certificate every two years after the date of issuance.

(b) A certificate issuer shall not include [the] an expiration date on the face of any gift certificate [that has an expiration date]."

SECTION 2. Section 523A-14, Hawaii Revised Statutes, is amended to read as follows:

"[[]§523A-14[]] [Gift certificates and credit] Credit memos. (a) A [gift certificate or a] credit memo issued in the ordinary course of an issuer's business [which] that remains unclaimed by the owner for more than five years after becoming payable or distributable is presumed abanoned.

(b) [In the case of a gift certificate, the amount presumed abandoned is the price paid by the purchaser for the gift certificate. In the case of a credit memo, the] The amount presumed abandoned is the amount credited to the recipient of the memo."

SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.

SECTION 4. This Act shall take effect upon its approval.

INTRODUCED BY:

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