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 or imprisonment for up to one year, along with restitution for any defrauded party. If the value exceeds $1,500, the penalties will align with existing larceny laws.

Additionally, the bill establishes penalties for forgery related to gift cards, stating that any person who, with intent to defraud, alters or tampers with a gift card is guilty of forgery and subject to penalties as outlined in existing law. It also addresses the use of fraudulently obtained gift cards or redemption information, with penalties for amounts exceeding $1,500.

The act is set to take effect upon passage, aiming to enhance protections for consumers against gift card-related crimes.