Knowledge Base

Florida’s regulations regarding gift certificates and credit memos:

1. Gift Certificates and Credit Memos:

   • A gift certificate refers to a certificate, gift card, stored value card, or similar instrument purchased for monetary consideration. It is redeemable for merchandise, food, or services, regardless of whether any cash may be paid to the owner during redemption.
   • A credit memo is issued in exchange for returned merchandise. It can be a certificate, card, stored value card, or similar instrument redeemable for merchandise, food, or services.
   • Notably, this definition excludes tickets specified in s. 717.1355 and manufacturer or retailer discounts and coupons1.

2. Expiration Dates and Fees:

   • Gift certificates purchased or credit memos issued in Florida may not have an expiration date, expiration period, or any type of postsale charge or fee. This includes service charges, dormancy fees, account maintenance fees, or cash-out fees.
   • However, there are exceptions:
     • Charitable Contribution: Gift certificates provided as a charitable contribution may have an expiration date of not less than 3 years.
     • Employee-Incentive Program: If provided as a benefit pursuant to an employee-incentive program, the expiration date may be not less than 1 year.
     • Promotional Programs: Gift certificates provided as part of a loyalty or promotional program (where no separate identifiable charge is paid) or in conjunction with limited-duration events (e.g., conventions, conferences, vacations, or fine arts events) may have an expiration date.
   • Issuers may honor expired gift certificates that existed before the effective date of this act1.

3. Exceptions:

   • The above rules do not apply to gift certificates or credit memos sold or issued by financial institutions or money services businesses if they are redeemable by multiple unaffiliated merchants.
   • Enforcement of this section follows the provisions in s. 501.142 (3), (4), and (5) for violations1.

In summary, Florida law ensures that gift certificates remain valid for a reasonable duration, protecting consumers from unnecessary fees and expiration dates. ????