Law extends gift card protections in NY from 5 years to 9 years
The law also allows for gift cards to be exchanged for cash if they have a remaining balance of less than $5.
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Dec 21, 2022, 10:47 PM
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Updated 583 days ago
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4h agoA new law is adding some protections for gift cards just ahead of the holidays.
Any gift cards bought in New York after Dec. 10 will be valid for nine years - four years longer than the previous rule.
The law also prevents gift cards from declining in value by forbidding fees, except a one-time activation fee that can't exceed $9.
"Now you don't have to worry when you find that gift card in your drawer, that it is still good, it is still good, and you can use it," says Sen. Shelley Mayer.
The law also allows for gift cards to be exchanged for cash if they have a remaining balance of less than $5.
