12 CFR 1005.20 - Requirements for gift cards and gift certificates

Cite as12 CFR 1005.20
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14 practice notes
  • Telemarketing Sales Rule
    • United States
    • Federal Register December 14, 2015
    • December 14, 2015
    ...not include any transaction that is: (1) An electronic fund transfer as defined in section 903 of the EFTA; (2) Covered by Regulation E, 12 CFR 1005.20, pertaining to gift cards; or (3) Subject to the Truth in Lending Act, 15 U.S.C. 1601 et seq. (g) Cash reload mechanism is a device, author......
  • Payday, Vehicle Title, and Certain High-Cost Installment Loans
    • United States
    • Federal Register November 17, 2017
    • November 17, 2017
    ...be expanded to include general-use prepaid cards, regardless of whether they are labeled and marketed as a gift card, as defined in 12 CFR 1005.20(a)(3). The Bureau recently finalized a separate rule creating comprehensive consumer protections for prepaid accounts, and in the process amende......
  • Arbitration Agreements
    • United States
    • Federal Register May 24, 2016
    • May 24, 2016
    ...collection under proposed Sec. 1040.3(a)(10). --------------------------------------------------------------------------- \471\ See 12 CFR 1005.20(a). --------------------------------------------------------------------------- The Bureau invites comment on proposed Sec. 1040.3(a)(6), includ......
  • Telemarketing Sales Rule
    • United States
    • Federal Register July 09, 2013
    • July 9, 2013
    ...not include any transaction that is (1) an electronic fund transfer as defined in section 903 of the EFTA; (2) covered by Regulation E, 12 CFR 1005.20, pertaining to gift cards; or (3) subject to the Truth in Lending Act, 15 U.S.C. 1601 et seq. For purposes of this definition, money transfe......
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3 cases
  • Brown v. Stored Value Cards, Inc., No. 18-35735
    • United States
    • United States Courts of Appeals. United States Court of Appeals (9th Circuit)
    • March 16, 2020
    ...CFPB’s official commentary to section 1693l -1 acknowledges that a subset of the population may constitute the general public. See 12 C.F.R. § 1005.20(b)(4) (Supp. I 2019). Whether current inmates as a subgroup constitute the general public is irrelevant. The release cards are issued to inm......
  • Cline v. Touchtunes Music Corp., 14 Civ. 4744 (LAK)
    • United States
    • United States District Courts. 2nd Circuit. United States District Courts. 2nd Circuit. Southern District of New York
    • September 29, 2016
    ...citations omitted)).34 DI 19 ¶ 64. Plaintiffs claim also that this failure violates federal regulations governing gift cards, 12 C.F.R. § 1005.20, which requires that expiration dates on gift cards and similar instruments be clearly marked and, generally, not less than five years. It is not......
  • Humphrey v. Stored Value Cards, Case No. 1:18-CV-1050
    • United States
    • United States District Courts. 6th Circuit. United States District Court of Northern District of Ohio
    • January 8, 2019
    ...added).30 Id. The 2006 rulemaking did promulgate specific rules covering payroll cards.31 15 U.S.C. § 1693l-1(a)(2)(D)(iv) ; 12 C.F.R. § 1005.20(b)(4).32 Consumer Financial Protection Bureau's Official Staff Commentary on Regulation E , FRRS 6-5480.74, 2012 WL 2563634, at *9.33 The Court no......
4 firm's commentaries
  • Don’t Look a Gift Card in the Mouth: Beware of Liability Under the Electronic Fund Transfers Act
    • United States
    • JD Supra United States
    • April 14, 2016
    ...§§ 401-403. 10 Id. at 1754, § 403 (the EFTA amendments become effective “15 months after the date of enactment” on May 22, 2009). 11 12 C.F.R. § 1005.20(g)(1) (“the requirements of this section apply to any gift certificate, store gift card, or general-use prepaid card sold to a consumer on......
  • CFPB Amendments To Prepaid Account Rule
    • United States
    • Mondaq United States
    • February 2, 2018
    ...from the definition of "prepaid account" for purposes of the Prepaid Account Rule if it is not marketed to the general public.[[NSee 12 C.F.R. § 1005.20(a)(4);Under Regulation E, in order to satisfy the Gift Card Rule's definition of "loyalty, award, or promotional gift card," the card must......
  • CFPB Releases Long-Awaited Proposal On Prepaid Account Products
    • United States
    • Mondaq United States
    • November 18, 2014
    ...(ii) redeemable upon presentation at multiple, unaffiliated merchants for goods or services, or usable at automated teller machines. 12 C.F.R. § 1005.20(a)(3). 9 Consumer Financial Protection Bureau, Prepared Remarks by Richard Cordray, Director of the Consumer Financial Protection Bureau, ......
  • CFPB Amends Prepaid Accounts Rule and Delays its Effective Date
    • United States
    • JD Supra United States
    • January 30, 2018
    ...The LAP card exclusion was previously tied to making the disclosures required for LAP cards under the Regulation E gift card rule (12 C.F.R. § 1005.20(a)(4)(iii)). The 2018 Amendments clarify that the Final Rule excludes prepaid accounts that otherwise satisfy the definition of “loyalty, aw......

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