Page:United States Statutes at Large Volume 123.djvu/1771

 123STA T . 1 75 1 PUBLIC LA W 111 – 2 4—M A Y 22, 2 0 0 9(1)STUDY.—TheComptr o l ler G e n er a lo f the U n i te d State s shall , from time to time, re v ie w the reports s ub mitted b yc redi - tors under section 1 27 (r) of the Truth in L endin gA ct, as added by this section, and the mar k eting practices of creditors to determine the impact that college affinity card agreements and college student card agreements have on credit card debt. (2) REPOR T.—Upon completion of any study under para- graph (1), the Comptroller General shall periodically submit a report to the Congress on the findings and conclusions of the study, together with such recommendations for administra- tive or legislative action as the Comptroller General determines to be appropriate. TI T LE I V—G I F T CARDSSEC.401 . G E N E RAL-U SE P REPA ID CARDS , GI FT CERTIFICATES, AND ST O RE GIFT CARDS. The E lectronic F und Transfer Act (1 5 U.S.C. 1 693 et se q .) is amended— (1) by redesignating sections 915 through 921 as sections 916 through 922, respectively and (2) by inserting after section 91 4 the following

‘SEC. 9 1 5 . GENERAL-USE PREPAID CARDS, GIFT CERTIFICATES, AND STORE GIFT CARDS. ‘ ‘(a) D E FIN ITION S .— I n this section, the following definitions shall apply: ‘‘(1) DOR MA N C Y FEE; INACTI V ITY C H AR G E OR FEE.—The terms ‘dormancy fee ’ and ‘inactivity charge or fee’ mean a fee, charge, or penalty for non-use or inactivity of a gift certifi- cate, store gift card, or general-use prepaid card. ‘‘(2) GENERA L USE PREPAID CARD, GIFT CERTIFICATE, AND STORE GIFT CARD.— ‘‘(A) GENERAL-USE PREPAID CARD.—The term ‘general- use prepaid card’ means a card or other payment code or device issued by any person that is— ‘‘(i) redeemable at multiple, unaffiliated merchants or service providers, or automated teller machines; ‘‘(ii) issued in a requested amount, whether or not that amount may, at the option of the issuer, be increased in value or reloaded if requested by the holder; ‘‘(iii) purchased or loaded on a prepaid basis; and ‘‘(iv) honored, upon presentation, by merchants for goods or services, or at automated teller machines. ‘‘( B ) GIFT CERTIFICATE.—The term ‘gift certificate’ means an electronic promise that is— ‘‘(i) redeemable at a single merchant or an affili- ated group of merchants that share the same name, mark, or logo; ‘‘(ii) issued in a specified amount that may not be increased or reloaded; ‘‘(iii) purchased on a prepaid basis in e x change for payment; and 15USC 1 693l– 1 . 15 USC 1693 note, 1693 m –1693 r .