ALBANY, N.Y. (AP) — New York state has new rules governing fees imposed on gift cards.
Gov. Andrew Cuomo signed a measure into law Monday prohibiting businesses from imposing user fees on the unused balances of gift cards until 25 months after issuance. The old rules allowed user fees after 13 months.
In addition, the new law requires gift cards to be valid for at least five years after the date of issuance.
Cuomo, a Democrat, says the new rules will help ensure consumers “get their money’s worth” out of gift cards.