The proposed legislation aims to establish the criminal offense of gift card fraud in Arkansas, introducing a new section to the Arkansas Code Title 5, Chapter 37, Subchapter 2. This section defines key terms related to gift cards, including "card holder," "card issuer," "gift card," and "gift card redemption information." It outlines the actions that constitute gift card fraud, such as acquiring or retaining possession of a gift card with the intent to defraud, obtaining gift card information through deception, and knowingly using such information for unlawful gain. The bill categorizes the offense into varying degrees of felonies and misdemeanors based on the value of the gift card or information involved, with penalties ranging from Class A misdemeanors to Class B felonies.

Additionally, the bill includes an emergency clause, emphasizing the urgent need to address the growing issue of gift card fraud, which negatively impacts both businesses and consumers in the state. The act is deemed immediately necessary for the preservation of public peace, health, and safety, and will take effect upon approval by the Governor or under specified conditions if not acted upon.