SUMMARY: The Board is amending Regulation E, which implements the Electronic
Fund Transfer Act, and the official staff commentary to the regulation,
which interprets
the requirements of Regulation E. The final rule restricts a person’s
ability to impose
dormancy, inactivity, or service fees for certain prepaid products,
primarily gift cards.
The final rule also, among other things, generally prohibits the sale or
issuance of such
products if they have an expiration date of less than five years. The
amendments
implement statutory requirements set forth in the Credit Card Accountability
Responsibility and Disclosure Act of 2009.
DATES: The rule is effective August 22, 2010.
http://www.federalreserve.gov/newsevents/press/bcreg/bcreg20100323a1.pdf
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BJ Freeman <http://bjfreeman.elance.com>
Strategic Power Office with Supplier Automation
<http://www.businessesnetwork.com/automation/viewforum.php?f=52>
Specialtymarket.com <http://www.specialtymarket.com/>
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