2026 -- H 8264 | |
======== | |
LC005990 | |
======== | |
STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2026 | |
____________ | |
A N A C T | |
RELATING TO COMMERCIAL LAW -- GENERAL REGULATORY PROVISIONS -- | |
UNFAIR SALES PRACTICES | |
| |
Introduced By: Representatives Phillips, Batista, J. Brien, Casey, Corvese, Noret, and | |
Date Introduced: March 11, 2026 | |
Referred To: House Corporations | |
It is enacted by the General Assembly as follows: | |
1 | SECTION 1. Chapter 6-13 of the General Laws entitled "Unfair Sales Practices" is hereby |
2 | amended by adding thereto the following section: |
3 | 6-13-12.2. Money received for gift certificates. |
4 | (a) Any money, payment, or other monetary consideration received by any person, firm or |
5 | corporation who or that sells any gift certificate for any product or merchandise sold by the person, |
6 | firm or corporation, hereinafter referred to as a “retailer,” shall place the funds or consideration |
7 | received for the gift certificate in a separate account. Funds shall be held in this separate account |
8 | until the gift certificate is used or redeemed. Upon redemption of the gift certificate, in whole or in |
9 | part, the funds in the separate account may be transferred to the retailer’s business account or such |
10 | other account as where the retailer keeps funds collected in the usual course of the retailer’s |
11 | business, in an amount equal to the amount of the gift certificate which has been redeemed. |
12 | Provided, a gift certificate that is distributed to a consumer pursuant to a rewards, loyalty, or |
13 | promotional program without any money or other thing of value being given in exchange for the |
14 | gift certificate by the consumer, shall be exempt from the provisions of this section. |
15 | (b) As used herein, the term “retailer” shall have the same meaning as defined in § 6-13- |
16 | 12. |
| |
1 | SECTION 2. This act shall take effect upon passage. |
======== | |
LC005990 | |
======== | |
| LC005990 - Page 2 of 3 |
EXPLANATION | |
BY THE LEGISLATIVE COUNCIL | |
OF | |
A N A C T | |
RELATING TO COMMERCIAL LAW -- GENERAL REGULATORY PROVISIONS -- | |
UNFAIR SALES PRACTICES | |
*** | |
1 | This act would require that retailers retain money received for gift certificates in a separate |
2 | account, until the gift certificate is used or redeemed. |
3 | This act would take effect upon passage. |
======== | |
LC005990 | |
======== | |
| LC005990 - Page 3 of 3 |