A bill that will regulate gift cards was introduced in the PEI legislature today.
“Gift cards have become a very popular option for consumers,” said Attorney General Doug W. Currie. “They are convenient to purchase and allow the recipient to exercise a certain amount of choice in selecting a gift. However, with their popularity there have also been some concerns, including expiry dates and extra fees.”
In the fall of last year, the province issued a consultation paper on a proposed Gift Cards Act, inviting the public to comment on proposed legislation. “It is clear from the consultation that Islanders are in favour of regulating gift cards,” said Attorney General Currie.
The Gift Cards Act, which was introduced in the legislature today, will prohibit expiry dates on most gift cards, prohibit most administration fees and require clear disclosure of all fees and other terms and conditions. The new legislation will apply to gift cards, gift certificates or any other voucher sold with a monetary value attached. Some exemptions will be made for cards issued for marketing or promotional purposes, cards issued for charitable purposes or to gift cards for a specific good or service, for example, a gift card for a round of golf.
“I’m very proud of initiatives undertaken by my department to improve protections for Island consumers,” said Minister Currie. “We will continue to work hard to protect the financial interests of all members of our One Island Community.”