The bill amends the existing "Gift Card Fraud" laws in Chapter 6-59 by introducing new definitions and penalties related to gift card offenses. Key insertions include definitions for terms such as "cardholder," "card issuer," "closed-loop gift card," "gift card redemption information," and "gift card seller." Additionally, the bill establishes that any person who acquires or retains possession of a gift card or its redemption information without consent, with the intent to defraud, is guilty of larceny if the value is less than $1,500. Penalties for such offenses include fines up to $1,000 or imprisonment for up to one year, along with restitution for the defrauded party.

Furthermore, the bill specifies that altering or tampering with a gift card constitutes forgery, subjecting the offender to penalties under existing forgery laws. It also outlines that using a gift card obtained through fraudulent means for transactions exceeding $1,500 will result in larceny charges. The bill replaces the previous reference to violations of the chapter with a specific reference to § 6-59-2, and it clarifies the penalties for violations, reinforcing the seriousness of gift card fraud. The act is set to take effect upon passage.