The bill introduces a new section to Iowa law addressing crimes related to gift cards, specifically focusing on theft, forgery, and fraud. It defines key terms such as "cardholder," "card issuer," "gift card," and "gift card redemption information." The legislation establishes that acquiring or retaining possession of a gift card or its redemption information without consent constitutes theft, classified as an aggravated misdemeanor. Additionally, altering or tampering with a gift card is also classified as forgery, carrying the same penalty.

Furthermore, the bill outlines various fraudulent practices involving gift cards, with penalties escalating based on the value of the property or services involved. For instance, if the value exceeds $5,000, it is classified as a class C felony, while amounts between $1,000 and $5,000 are classified as class D felonies. The bill also allows for the aggregation of retail merchandise value received in violation of the law over a six-month period for charging purposes. Penalties for misdemeanors and felonies are specified, with serious misdemeanors punishable by up to one year of confinement and fines, while class C felonies can result in up to ten years of confinement and substantial fines.