CHAPTER 357

H.P. 737 - L.D. 1084

An Act Concerning Gift Obligations, Stored-value Cards and

Prefunded Bank Cards

Be it enacted by the People of the State of Maine as follows:

Sec. 1. 33 MRSA §1952, sub-§4-A, as enacted by PL 2003, c. 339, §1, is amended to read:

4-A. Face value. "Face value" means the original purchase price or original issued value of a gift obligation, prefunded bank card or stored-value card if unused or, if partially used, the remaining balance prior to the deduction of any service charges, fees or dormancy charges when not prohibited.

Sec. 2. 33 MRSA §1952, sub-§§10-A and 12-A are enacted to read:

10-A.__Multiple merchants.__"Multiple merchants" means all merchants of goods or services, not just those associated with the issuer of a prefunded bank card or a particular business or group of businesses, that accept electronic transactions.

12-A.__Prefunded bank card.__"Prefunded bank card" means a device issued by a financial organization that enables the holder to transfer the underlying funds to multiple merchants at the merchants' point-of-sale terminals.__For purposes of this subsection, "underlying funds" means the funds received by the financial organization that issued the card in exchange for the issuance of the card.__A prefunded bank card must provide value from multiple merchants.