LANSING Mich. Restaurants and other retailers in Michigan will be required by a law enacted this week to provide at least a five-year lifespan for any gift card they sell after Nov. 1.
The measure also prohibits gift card sellers from charging “inactivity fees,” or maintenance charges for cards that are not being used.
Merchants will be required to accept the remaining value on a card as partial payment toward a purchase, and to mention the terms and conditions to which the card is subject. The information has to be disclosed at the time of purchase, and an alert that terms and conditions exist has to be included in advertising.
Anumber of states have considered legislation intended to safeguard the purchasers of gift cards, which have soared in popularity during recent years.
Michigan’s legislation was signed into law Tuesday by Gov. Jennifer M. Granholm.