Read without ads and support Scribd by becoming a Scribd Premium Reader.
See Premium Plans
 
AMENDED IN ASSEMBLY JUNE 14, 2010AMENDED IN SENATE MAY 28, 2010AMENDED IN SENATE APRIL 5, 2010
SENATE BILL  No. 885
Introduced by Senator Corbett(Coauthors: Senators Hancock and Liu)
January 19, 2010An act to amend Section 1749.5 of the Civil Code, relating to giftcerti
f
cates.
legislative counsel
’
s digest
SB 885, as amended, Corbett. Gift certi
f
cates: redemption.Existing law provides that a gift certi
f
cate sold after January 1, 1997,is redeemable in cash or subject to replacement with a new giftcerti
f
cate. Existing law also provides that a gift certi
f
cate with a cashvalue of less than $10 may be redeemed in cash, as de
f
ned, for its cashvalue. Existing law prohibits the sale of a gift certi
f
cate that containsa dormancy fee, subject to speci
f
ed exceptions.This bill would require that a gift certi
f
cate
sold after January 1,2012,
contain a statement that any gift certi
f
cate with a cash value of less than $10 may be redeemed in cash for its cash value. This bill wouldalso delete the exceptions to the prohibition on the sale of a giftcerti
f
cate that contains a dormancy fee.
Vote:   majority. Appropriation:   no. Fiscal committee:   no.State-mandated local program:   no.
96
 
The people of the State of California do enact as follows:
12345678910111213141516171819202122232425262728293031323334353637SECTION 1. Section 1749.5 of the Civil Code is amended toread:1749.5. (a)  It is unlawful for any person or entity to sell a giftcerti
f
cate to a purchaser that contains any of the following:(1)  An expiration date.(2)  A service fee, including, but not limited to, a service fee fordormancy.(b)  (1)  Any gift certi
f
cate sold after January 1, 1997, isredeemable in cash for its cash value, or subject to replacementwith a new gift certi
f
cate at no cost to the purchaser or holder.(2)  Notwithstanding paragraph (1), any gift certi
f
cate with acash value of less than ten dollars ($10) is redeemable in cash forits cash value.(3)  A statement shall be printed on the gift certi
f
cate in at least
(3)
 
A gift certi
f
cate sold after January 1, 2012, shall be printed with a statement in at least 
10-point font stating that any giftcerti
f
cate with a cash value of less than ten dollars ($10) isredeemable in cash for its cash value. The statement may appearon the front or back of the gift certi
f
cate, but shall appear in alocation where it is visible to any purchaser prior to the purchaseof the gift certi
f
cate.(c)  A gift certi
f
cate sold without an expiration date is validuntil redeemed or replaced.(d)  This section does not apply to any of the following giftcerti
f
cates issued on or after January 1, 1998, provided theexpiration date appears in capital letters in at least 10-point fonton the front of the gift certi
f
cate:(1)  Gift certi
f
cates that are distributed by the issuer to aconsumer pursuant to an awards, loyalty, or promotional programwithout any money or other thing of value being given in exchangefor the gift certi
f
cate by the consumer.(2)  Gift certi
f
cates that are donated or sold below face valueat a volume discount to employers or to nonpro
f
t and charitableorganizations for fundraising purposes if the expiration date onthose gift certi
f
cates is not more than 30 days after the date of sale.(3)  Gift certi
f
cates that are issued for perishable food products.
96
—
 
2
 
—
SB 885
Search
Search History:
Searching...
Result 00 of 00
00 results for result for
  • p.
    • Notes
    Load more