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 cards. It defines key terms such as "cardholder," "card issuer," "gift card," and "gift card redemption information." The legislation stipulates 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 associated with gift cards, detailing the penalties based on the value involved in the fraudulent activity. 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, and so forth down to serious misdemeanors for amounts of $500 or less. The bill allows for the aggregation of retail merchandise value received in violation of the law over a six-month period for charging purposes. Penalties for these offenses range from fines and confinement based on the severity of the crime, with serious misdemeanors carrying a maximum of one year in confinement and class C felonies up to ten years.