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," "gift card redemption information," and "value." 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 fraudulently obtained gift card information for personal gain.

The bill categorizes gift card fraud into various degrees of felonies and misdemeanors based on the value of the gift card or redemption information involved. Specifically, it establishes penalties ranging from a Class A misdemeanor for amounts less than $1,000 to a Class B felony for amounts of $25,000 or more. Additionally, the bill includes an emergency clause, stating that the prevalence of gift card fraud necessitates immediate action to protect consumers and businesses, allowing the act to take effect as soon as it is approved by the Governor or upon the expiration of the veto period.