The bill amends existing laws related to "Gift Card Fraud" by introducing new definitions and penalties for offenses involving gift cards. It defines key terms such as "cardholder," "card issuer," "closed-loop gift card," "forgery," "gift card," "gift card redemption information," "gift card seller," "open-loop gift card," and "value."

The bill establishes that any person who, with intent to defraud, acquires or retains possession of a gift card or its redemption information without the consent of the cardholder, card issuer, or gift card seller, and the amount is less than $1,500, is guilty of larceny and subject to a fine of up to $1,000 and/or imprisonment for up to one year. If the value exceeds $1,500, the person is subject to penalties as provided under existing larceny laws.

Additionally, the bill specifies that any person who, with intent to defraud, alters or tampers with a gift card is guilty of a misdemeanor, punishable by a fine of up to $1,000 and/or imprisonment for up to one year. It also states that using a gift card or gift card redemption information obtained through fraudulent means for transactions exceeding $1,500 constitutes larceny, subject to the same penalties outlined in the larceny statutes.

The act is set to take effect upon passage, enhancing the legal framework surrounding gift card fraud and providing greater protections for consumers.