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4-88-704. Exclusions.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-88-704. Exclusions.
The prohibitions and requirements of this subchapter shall not apply to gift certificates, store gift cards, or general use prepaid cards that:
(1) Are distributed pursuant to an award, loyalty, or promotional program and for which there is no money or other value exchanged;
(2) Expire not later than thirty (30) days after the date they are sold and are sold below the face value of the gift certificate, the store gift card, or the general use prepaid card to an employer or to a nonprofit or charitable organization for fundraising purposes; or
(3) Are usable with multiple, unaffiliated sellers of goods or services and are issued by a financial institution under § 4-88-702(3).
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-88-704
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:4-88-704
Source file: gov.ar.code.title.04.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 8ce6fd154cc1d45db8da8897f15cefcb1d21ec2e1b3185c2b1b3cfc80e61f9ec
Source location: content.xml paragraph 34825
Stored source content
4-88-704. Exclusions.
The prohibitions and requirements of this subchapter shall not apply to gift certificates, store gift cards, or general use prepaid cards that:
(1) Are distributed pursuant to an award, loyalty, or promotional program and for which there is no money or other value exchanged;
(2) Expire not later than thirty (30) days after the date they are sold and are sold below the face value of the gift certificate, the store gift card, or the general use prepaid card to an employer or to a nonprofit or charitable organization for fundraising purposes; or
(3) Are usable with multiple, unaffiliated sellers of goods or services and are issued by a financial institution under § 4-88-702(3).
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Arkansas Code — all titles (historical 2020) · legal_authorities
4-88-702. Definitions.
As used in this subchapter:
(1) “Debit card” means any card issued by a financial institution to a consumer for use in initiating an electronic fund transfer from the account of the consumer at the financial institution for the purpose of transferring money between accounts or obtaining money, property, labor, or services;
(2) “Dormancy fee” or “inactivity charge or fee” means a fee, a charge, or a penalty for nonuse or inactivity of a gift certificate, a store gift card, or a prepaid general use card;
(3) “Financial institution” means a state or national bank, a state or federal savings and loan association, a mutual savings bank, a state or federal credit union, or any other person that, directly or indirectly, holds a transaction account belonging to a consumer;
(4)(A) “General use prepaid card” means a card or other electronic payment device issued by a bank or financial institution that is:
(i) Usable at multiple, unaffiliated merchants or service providers or at automated teller machines;
(ii) Issued in a requested amount whether or not that amount may be, at the option of the issuer, increased in value or reloaded if requested by the holder;
(iii) Purchased or loaded on a prepaid basis; and
(iv) Honored, upon presentation, by merchants for goods or services or at automated teller machines.
(B) “General use prepaid card” does not include:
(i) A debit card that is linked to a demand deposit account or a share draft account; and
(ii) A written promise, plastic card, or other electronic device that is:
(a) Used solely for telephone services; or
(b) Associated with a demand deposit account, checking account, savings account, or similar account in the name of the individual at a bank or financial institution that provid
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-88-702
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 4-88-702. This identifies an authority to review, not proof of applicability.