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The Franchise Memorandum

The Franchise Memorandum

Posts in Gift Cards.
Posted in Gift Cards

On May 22, 2009, President Obama signed into law the Credit Card Accountability Responsibility and Disclosure Act (Credit CARD Act of 2009), Public Law 111-24. Although the bulk of the new law impacts credit card notices, fees, and collections, Title IV of the Act, entitled Gift Cards, creates federal law prohibiting expiration dates of under five years and certain inactivity fees for electronic gift cards and prepaid stored value cards.

The Act amends the Electronic Funds Transfer Act (codified at 12 U.S.C. § 1693 et seq.) to impose new restrictions on dormancy fees, inactivity ...

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The Franchise Memorandum is a collection of postings on summaries of recent legal developments of interest to franchisors brought to you by Lathrop GPM LLP. 

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