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." The bill outlines specific 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 information involved. A Class B felony applies when the value is $25,000 or more, while a Class C felony applies for values between $5,000 and $25,000, and a Class D felony for values between $1,000 and $5,000. If the value is less than $1,000, it is classified as a Class A misdemeanor. Additionally, the bill includes an emergency clause, stating that the act is necessary to combat the widespread issue of gift card fraud and will take effect immediately upon approval by the Governor or after the veto period.