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Assembly Bill A1541

2009-2010 Legislative Session

Requires retailers issuing gift certificates to hold the amount equal to the issued gift certificate in escrow to be paid out upon closing of such retailer

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Archive: Last Bill Status - In Assembly Committee

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2009-A1541 (ACTIVE) - Details

Current Committee:
Assembly Consumer Affairs And Protection
Law Section:
General Business Law
Laws Affected:
Add §396-ii, amd §396-i, Gen Bus L
Versions Introduced in 2011-2012 Legislative Session:
A3525

2009-A1541 (ACTIVE) - Summary

Requires retailers issuing gift certificates to hold the amount equal to the issued gift certificate in escrow to be paid out upon closing of such retailer.

2009-A1541 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  1541

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 7, 2009
                               ___________

Introduced  by  M.  of  A.  REILLY, MARKEY, JAFFEE, BENEDETTO, DelMONTE,
  TOWNS, ROSENTHAL, PEOPLES, MAISEL, J. RIVERA -- Multi-Sponsored by  --
  M.  of  A. BOYLAND, BROOK-KRASNY, GALEF, GLICK, GREENE, KOON, LUPARDO,
  MAYERSOHN, McENENY, WEISENBERG  --  read  once  and  referred  to  the
  Committee on Consumer Affairs and Protection

AN  ACT  to  amend  the  general  business law, in relation to requiring
  retailers to hold in escrow the value of gift certificates issued

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The general business law is amended by adding a new section
396-ii to read as follows:
  S 396-II. GIFT CERTIFICATE ESCROW ACCOUNT. 1. FOR THE PURPOSES OF THIS
SECTION,  "GIFT CERTIFICATE" IS DEFINED BY SECTION THREE HUNDRED NINETY-
SIX-I OF THIS ARTICLE.
  2. ANY PERSON, FIRM, PARTNERSHIP, ASSOCIATION OR  CORPORATION  WHO  OR
WHICH  ISSUES GIFT CERTIFICATES MUST DEPOSIT AND HOLD FUNDS EQUAL TO THE
FACE VALUE OF SUCH ISSUED GIFT CERTIFICATE IN AN ESCROW ACCOUNT.
  3. UPON THE CLOSING OR BANKRUPTCY OF ANY  PERSON,  FIRM,  PARTNERSHIP,
ASSOCIATION  OR  CORPORATION HAVING ISSUED GIFT CERTIFICATES, THE HOLDER
OF A GIFT CERTIFICATE SHALL BE ENTITLED TO REIMBURSEMENT IN  THE  AMOUNT
EQUAL  TO  THE FACE VALUE OF THE GIFT CERTIFICATE FROM THE FUNDS HELD IN
ESCROW AS PRESCRIBED IN SUBDIVISION TWO OF THIS SECTION.
  4. THE TERMS AND CONDITIONS OF THE  GIFT  CERTIFICATE  ESCROW  ACCOUNT
SHALL  BE  CLEARLY  AND  CONSPICUOUSLY STATED IN ACCORDANCE WITH SECTION
THREE HUNDRED NINETY-SIX-I OF THIS ARTICLE. TERMS AND  CONDITIONS  SHALL
INCLUDE  THE  EXISTENCE  OF  THE GIFT CERTIFICATE ESCROW ACCOUNT AND THE
EVENTS UPON WHICH  A  HOLDER  OF  A  GIFT  CERTIFICATE  IS  ENTITLED  TO
REIMBURSEMENT  FROM  SUCH  ACCOUNT AS PRESCRIBED IN SUBDIVISION THREE OF
THIS SECTION.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03747-01-9

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