Tax & Accounting Blog

Oregon SB 756 Amends Existing Gift Card Law

Alerts, Unclaimed Property June 27, 2011

Oregon SB 756 relating to gift cards was signed by the Governor on June 22, 2011, with an effective date of January 1, 2012. It amends their existing gift card law by adding the following restrictions:

A person may not sell a gift card …

D) that does not give the cardholder the option to redeem the card for cash when the face value of the card has declined to an amount less than $5 and the card has been used for at least one purchase. For purposes of this paragraph, “cash” means money or check.
This section (D) does not apply to:

A)  gift cards that have been given for free or less than full consideration to a person or entity as a donation or as part of a promotional offer;
B)  gift cards issued by an entity that provides services that are subject to the Federal  Communications Act of 1934 (47 U.S.C. 151 ET SEQ.); and
C)  cards redeemed to an online account for the purchase of goods or services.