§ 2701. Definitions

As used in this chapter:

(1) "Account" means a demand deposit or share draft (checking) account, savings account, or other comparable consumer asset account (other than an occasional or incidental credit balance in a credit plan) regularly maintained by the consumer at a financial institution or at a credit union.

(2) "Financial institution" means an institution as defined in subdivision 11101(32) of this title.

(3) "Gift certificate" means a record evidencing a promise made for consideration by the seller or issuer of the record that money, goods, or services will be provided to the holder of the record for the value shown in the record. A "gift certificate" includes a record that contains a microprocessor chip, magnetic strip, or other means for the storage of information that is prefunded and for which the value is decremented upon each use; a gift card; an electronic gift card; a prepaid access card or certificate; a store card; or a similar record or card. A gift certificate does not include an access device such as a debit card, code, or other means of access to a consumer's account regularly maintained at a financial institution or credit union that may be used by the consumer to access the funds in his or her account to initiate a withdrawal or to initiate an electronic funds transfer from the consumer's account.

(4) "Loyalty, award, or promotional gift certificate" means a gift certificate that is issued on a prepaid basis primarily for personal, family, or household purposes to a consumer in connection with a loyalty, award, or promotional program and that is redeemable upon presentation to one or more merchants for goods or services or that is usable at automated teller machines.

(5) "Paid value" means the value of any money or other thing of value given in exchange for a gift certificate.

(6) "Promotional value" means any value shown on a gift certificate in excess of the paid value of the gift certificate. (Added 2005, No. 39, § 1; amended 2011, No. 136 (Adj. Sess.), § 7, eff. May 18, 2012; 2019, No. 20, § 64.)