Minnesota Law Keeps Your Gift Cards From Expiring
It's sometimes been said that Minnesota is 'the state where nothing is allowed,' due to all our laws, but this law can sure help protect your gift cards this holiday season.
Even though I'm a Wisconsin native, I've been a proud resident of the Land of 10,000 Lakes for going on 10 years now. And I'm a little ashamed to admit I didn't know that this law even existed, but I'm thankful that it's on the books here in Minnesota!
It's a law that says it's illegal for gift cards to have a specific expiration date. Did you know that was a thing here in Minnesota? I sure didn't, but I'm glad it IS the law here in the Bold North (and is THAT still a thing too-- can we still refer to Minnesota by that moniker or did it end after Super Bowl LII?)
Several surveys during this holiday season have said that close to 60-percent of us say gift cards are the number-one thing we have on our holiday wish list this season because it allows you to go out get the gift you REALLY want.
But if you're like me, you probably have several gift cards laying around were given to you previously, maybe even during the holidays last year or even the year before. Well, the good news is that they're most likely still valid-- because thanks to THIS Minnesota statute, it's against the law for them to have an expiration date.
This post from the Minnesota Attorney General explains how we're protected when it comes to gift cards. The AG says, "Minnesota law generally prohibits the sale of a gift card/gift certificate that has an expiration date or that is subject to any type of service fee (including a dormancy fee)," the site said.
There's also a federal law that covers gift cards, too. "Federal law prohibits gift cards and gift certificates from containing expiration dates that are less than five years after the date on which the card or certificate was issued, or the date that funds were last loaded onto the gift card (whichever is later)," the AG site noted.
Of course, there ARE a few exceptions to both laws, and you can check them out HERE. But, by and large, this is really good news if you're giving-- or getting-- gift cards this year! Happy Holidays!