§15-796. Definitions.
238 words·~1 min read·
/ok/title-15-contracts/15-796A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
As used in the Gift Certificate and Gift Card Disclosure Act:
1. “Gift card” shall mean a plastic card or other electronic payment device which is:
a. issued in a predenominated amount or in an amount
requested by the consumer,
b. usable to purchase goods and/or services only at a
single merchant or group of merchants that are
affiliated through common corporate ownership or
control, and
c. purchased by a consumer on a prepaid basis in exchange
for payment;
2. “Gift certificate” shall mean a written promise which is:
a. issued in a specified amount, indicated on its face,
and cannot be increased in value,
b. usable to purchase goods and/or services only at a
single merchant or a group of merchants that are
affiliated through common corporate ownership or
control, and
c. purchased by a consumer on a prepaid basis in exchange
for payment;
3. “Issuer” shall mean a person or entity engaged in the business of offering goods and/or services for sale at retail who sells gift certificates or gift cards to consumers; and
4. “Prepaid service arrangement” shall mean a method to purchase specific services in advance and which enables the use of the service through a unique access number or authorization code provided manually or electronically to the service provider.
Added by Laws 2005, c. 233, § 2, eff. Nov. 1, 2005. Amended by Laws 2006, c. 59, § 1, eff. Nov. 1, 2006.