The bill amends the Organized Retail Crime Act by adding a new section, Sec. 3a, which introduces definitions related to gift cards. It defines terms such as "closed-loop gift card," which refers to prepaid cards redeemable at a single merchant or affiliated merchants, and "open-loop gift card," which can be used at multiple unaffiliated merchants. Additionally, the bill outlines definitions for "gift card redemption information," "issuer," "seller," and "value," providing clarity on the economic loss associated with gift cards.

The enactment of this bill is contingent upon the passage of House Bill No. 4598 and will take effect 90 days after it is enacted into law. The inclusion of these definitions aims to enhance the understanding and regulation of gift cards within the context of organized retail crime, thereby potentially aiding in the prevention of fraud and theft associated with these financial instruments.

Statutes affected:
House Introduced Bill: 752.1081, 752.1087