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Inside Washington (07/14/2010)
* WASHINGTON (7/15/10)--Rep. Dan Maffei’s (D-N.Y.) gift card bill, which will delay the effective date by which retailers must replace gift cards to make them compliant with new regulations in the Credit Card Accountability, Responsibility and Disclosures Act, passed the House Tuesday night. Maffei’s bill requires gift cards to be printed to reflect the CARD Act changes by Jan. 31 instead of the original August 2010 date. “Had retailers been required to destroy all gift cards in stock and reprint new cards by August 2010, they would have destroyed approximately 100 million cards, the equivalent of eight football fields filled 12 feet deep with plastic cards,” Maffei said. “By delaying the effective date until after the 2010 holiday season, we’re giving retailers a chance to clear out their stock while still protecting consumers with the new rules.” Retailers are required to inform consumers that they will not be charged dormancy fees and cards cannot expire, according to a statement on Maffei’s website ...


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