Assembly Bill 2466 (Goldsmith-1996)
Chapter 933, Statutes of 1996
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According to the analysis prepared by the Senate Committee on Judiciary for the bill as amended on May 9, 1996, the purpose of Assembly Bill 2466 was:
. . . to prohibit retailers from selling gift certificates which state on their face that they will not be honored after a certain date, and to require retailers to honor gift certificates after the gift certificates have expired.
(See Exhibit A, #7, page 2)
The Office of Senate Floor Analyses prepared a Special Consent Calendar analysis of the July 16, 1996 version of Assembly Bill 2466 that summarized the bill as follows:
. . . Existing law regulates the issuance and redemption of trading stamps and premium coupons, but there is no regulation of the issuance and redemption of gift certificates.
This bill makes it unlawful, as of 1/1/97, for any person or entity to sell a gift certificate which contains an expiration date. Any gift certificate sold after that date shall be redeemable in cash for its cash value or subject to replacement with a new gift certificate at no cost to the holder of the certificate.
The bill provides that a gift certificate sold without an expiration date is valid continuously except when refunded or replaced with a new gift certificate.
The bill does not apply to gift certificates that are distributed to a consumer for promotional purposes without any money or other thing of value being given in exchange for the gift certificate by the consumer.
(See Exhibit A, #11c, pages 1 and 2)
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