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 value is less than $1,500, is guilty of larceny. The penalties for this offense include a fine of up to $1,000 or imprisonment for up to one year, along with restitution for any person or entity defrauded. If the value exceeds $1,500, the penalties will follow the provisions outlined in existing larceny laws.

Additionally, the bill states that any person who, with intent to defraud, alters or tampers with a gift card is guilty of forgery and subject to penalties under existing forgery laws. If a person uses a gift card or gift card redemption information obtained in violation of the law for the purpose of obtaining money, goods, services, or anything else of value exceeding $1,500, they are also guilty of larceny, with penalties as provided in existing law. Furthermore, if the total value of all money, goods, services, and other things of value obtained in violation of this section exceeds $1,500 within any consecutive six-month period, the person shall be guilty of larceny and subject to the corresponding penalties.

The act will take effect upon passage.