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House passes bill banning short expiration periods on many gift certificates; financial institutions carved out
Summary
First Substitute House Bill 261 passed 43–30 after an amendment excluding financial institutions and narrowing covered certificates to those involving consideration (cash or equivalent). Sponsor said the change aligns consumer protection with the five-year unclaimed-property rule.
The Utah House on Feb. 25 passed First Substitute House Bill 261, a consumer-protection measure that limits short expiration periods on many gift certificates and similar instruments. Representative McCartney, the bill sponsor, said the bill keeps the consumer’s cash valid for up to five years in line with current unclaimed-property practice and that the amendment he offered explicitly excludes financial institutions and their affiliates from the bill’s coverage.
"All my bill does is say a business may not have a gift certificate expire within that 5 year…
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