Update: SB 756 was signed by the govener on June 14, 2011 and will be effective starting Januray 1, 2012.
I wrote about the Oregon Senate Bill 756 in late March. To recap, there were two ways the proposed legislation would impact Oregon gift card law:
1. It would require merchants to provide cash/check refunds for all gift cards with a balance of $10 or less (provided the gift card had been used at least once).
2. All gift card sold, must also be reloadable.
We loved number one, but thought the number two was missing the boat (original post here).
New, Improved, Passed
The Oregon Senate has passed a new version of SB 756; it's next stop is the House. There were some significant changes to the bill. Here is a quick rundown:
1. The minimum value for cash-back was reduced form $10 or less to $5 or less. This puts Oregon's cash-back law on par with Maine, Montana, Washington and Colorado. While $10 would have given Oregon a better State Law Grade, $5 is step in the right direction.
2. The wording requiring all gift cards sold must also be reloadable was completely removed. Cheers to the Oregon lawmakers for omitting the requirement and focusing on what will really benefit consumers: cash-back. Today the Oregon Senate is shining bright just like the Western Meadowlark's belly (pictured right). Let's hope the House does the same and passes SB 756.
FYI, if SB 756 passes as is, Oregon's Sate Law Grade will improve from an C to a B.
Also, ScripSmart has a list of states with cash-backlaws for gift cards and we may soon be adding Oregon to the list!