FOR IMMEDIATE RELEASEMONDAY, DEC. 21, 2009 CONTACTSGeorge Merritt, 303.918.1071, george.merritt@state.co.usHolly Shrewsbury, 303.866.2863, holly.shrewsbury@state.co.usAbigail Vacanti, 303.866.4882, abigail.vacanti@state.co.usGOV. RITTER, LAWMAKERS ANNOUNCE NEW GIFT-CARDPROTECTIONS FOR COLORADO CONSUMERS With just a few days of holiday shopping left, gift cards remain one of the mostpopular items to give friends and family. But hidden fees and rules can diminishthe value of a gift card, and that’s why Gov. Ritter and lawmakers are proposingnew protections that will make cards even more valuable for Colorado consumers. “Gifts cards make an excellent gift to give or receive,” Gov. Ritter said. “If youbuy a $25 gift card today, it should still be a $25 gift card a year or two fromnow. Unfortunately for consumers, under current law that isn’t the case. Giantcard companies and merchants are able to quietly chip away at the value bydeducting fees and costs for non-use. It’s time to stand up for Colorado consumersand put an end to gift card fees and penalties.”Under a proposed new law that will be introduced in the 2010 legislative session,often-hidden fees that can drain a card’s value will be largely banned inColorado. No more charges for not using a card, or for using it, for checking thebalance or for the simple act of activating the card. With this law, gift cardswill retain their full value over time. In addition, consumers will be able to receive cash back when their card balancegoes below $5, putting cash in the pockets of Colorado consumers. An estimated $5billion of money that well-meaning gift-givers put into cards will go unspent andthen revert back to the originating companies. This new statute would giveColorado consumers the right to keep their share.“Particularly during this tough economy, we need to protect Colorado consumers,”said Senate co-sponsor Lois Tochtrop. “During the holiday season many of us willbe buying gift cards and certificates for our friends and family members as tokensof love and appreciation. This bill will make sure consumers are entitled to the
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