Sec. 310. Protection of gift card purchasers
204 words·~1 min read·
/bill/118/hr/9985/ih/section-310·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 101(a) of title 11, United States Code, is amended by inserting after paragraph
(26)the following: The term gift card means a paper or electronic promise, plastic card, or other payment code or device that is— redeemable at— a single merchant; or an affiliated group of merchants that share the same name, mark, or logo; issued in a specified amount, regardless of whether that amount may be increased in value or reloaded at the request of the holder; purchased on a prepaid basis in exchange for payment; and honored by the single merchant or affiliated group of merchants described in subparagraph
(A)upon presentation for goods or services. . Section 507(a) of title 11, United States Code, is amended by striking paragraph
(7)and inserting the following: Seventh, allowed unsecured claims of individuals, to the extent of $1,800 for each such individual, arising from the deposit, before the commencement of the case, of money in connection with— the purchase, lease, or rental of property; the purchase of services, for the personal, family, or household use of such individuals, that were not delivered or provided; or the purchase of a gift card with respect to which funds exist that have not been redeemed. .