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CU System
CUs are exempt from Michigans new gift card law
NORTHVILLE TOWNSHIP, Mich. (7/22/08)--Credit unions are exempt from a new gift card legislation signed into law July 10 by Gov. Jennifer Granholm, says the Michigan Credit Union League. House Bill 4680, introduced by State Rep. Michael Sak (D-Grand Rapids), is now Public Act 209 of 2008. It prohibits retailers from assessing inactivity fees against gift cards or gift certificates (Michigan Monitor July 21). It also establishes a minimum five-year expiration period from the date of issue on the gift card. Financial institutions that use multi-use gift cards, including credit unions, are exempt, said the league.
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