On May 9, 2024, MD LEG reported governor approved bill as Chapter 463.
On Apr. 8, MD LEG passed bill to ensure third parties keep records.
MD LEG passed Senate bill SB 760, HB 896 re open and closed-loop gift card records.
Titled Gift card scams prevention act 2024; amends MD LEG 13-301, unfair/ deceptive practices, and repeals and reenacts MD LEG 14-4601 through 14605, gift card fraud.
Key Provisions
Define open-loop gift card as card, code, device issued to consumer on prepaid basis.
Made for specified amount and may be increased or reloaded in exchange for payment.
Require third-party gift card seller of said gift cards to keep records for at least three years including transaction date, buyer and seller information, card identifier/number.
Define closed-loop cards redeemable at single merchant or affiliated merchant group.
Packaging requirements and enforcement mechanism if requirement violated.
Legislative History
On Feb. 1, 2024, bill introduced in Senate; on Mar. 14, 2024, bill passed in the Senate.
On Mar. 15, 202, bill introduced in the House; on Apr. 8, 2024, bill passed the House.
Effectiveness
Section 2 provisions effective Oct. 1, 2025; all other provisions in force Jun. 1, 2025.
May. 2024 MD LEG Governor Approval
On May 9, 2024, MD LEG reported governor approved bill as Chapter 463.
