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 larceny exceeds $1,500, the penalties will follow the provisions outlined in existing law.

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 as provided in existing law. It also addresses the use of fraudulently obtained gift cards, stating that if a person uses such a card or redemption information to obtain money, goods, services, or anything of value exceeding $1,500, they are guilty of larceny and subject to the penalties provided in existing law.

Furthermore, if the total value of all money, goods, services, and other things of value obtained through violations of this section exceeds $1,500 within any consecutive six-month period, the individual will be guilty of larceny and face penalties as outlined in existing law.

The act will take effect upon passage.