The bill introduces a new section, 714.2D, to Iowa law that specifically addresses crimes involving gift cards, establishing penalties for theft, forgery, and fraud related to these financial instruments. It defines key terms such as "cardholder," "card issuer," "gift card," and "gift card redemption information." The legislation stipulates that individuals who acquire or retain possession of a gift card or its redemption information without consent, or who alter or tamper with a gift card, commit theft or forgery, both classified as aggravated misdemeanors. Additionally, it outlines various fraudulent practices related to obtaining gift cards through deceitful means, with penalties ranging from serious misdemeanors to class C felonies based on the value involved.

The bill further specifies that using a gift card or redemption information obtained unlawfully also constitutes theft, with penalties aligned to the value of the property stolen. The value of retail merchandise received in violation of the law can be aggregated over a six-month period for charging purposes. The penalties for misdemeanors and felonies are clearly defined, with serious misdemeanors carrying a maximum of one year in confinement and fines between $430 and $2,560, while class C felonies can result in up to ten years of confinement and fines ranging from $1,370 to $13,660.