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

The bill specifies 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, in an amount 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 in existing larceny laws.

Additionally, any person who, with intent to defraud, alters or tampers with a gift card is guilty of a misdemeanor and subject to a fine of up to $1,000 and/or imprisonment for up to one year. Furthermore, any person who uses a gift card or gift card redemption information obtained in violation of the aforementioned provisions for the purpose of obtaining money, goods, services, or anything else of value in an amount exceeding $1,500 is guilty of larceny and subject to the penalties outlined in existing larceny laws.

The bill also establishes that violations of the posting requirements related to gift cards will incur a civil penalty of up to $250. This legislation aims to enhance protections for consumers against gift card fraud and ensure that offenders face appropriate legal consequences.