Subdivision 1 defines "gift certificate" for purposes of the bill.

Subdivision 2 makes it unlawful for any person to sell a gift certificate that has an expiration date or a service fee of any kind.

Subdivision 3 exempts from the bill gift certificates:

• distributed to a consumer for loyalty or promotional purposes without money or consideration being given in exchange;

• sold below face value to employers or nonprofit organizations for fundraising purposes;

• that are bank debit cards; or

• that are stored value cards sold primarily for redemption by the purchaser that can be used at multiple sellers, provided the expiration date is printed on the card and fees are disclosed.

Subdivision 4 allows a holder to receive the balance in cash from the issuer if the remaining value of the gift certificate is $5 or less.

Subdivision 5 provides that the value of a gift certificate may be applied to debt the holder of the certificate owes to the issuer.

Subdivision 6 provides that the remedies of Minnesota Statutes, section 8.31, apply to violations of this section.

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