Kansas City, Mo. – May 21, 2024: Rouse Frets White Goss attorneys assisted clients in defending against the passage of proposed legislation introduced in both chambers of the State of Washington. The proposed legislation was designed to require the escheat of gift cards to Washington and to require retailers to provide cash back on gift cards when their balances were redeemed to $50.00.
These were significant changes in the gift card industry with national implications. The law firm’s lawyers prepared opposition position papers to the proposed bills and testified as a subject matter expert before four hearings of the legislative committees. The proposed bills were not reported out of the committees to either chamber’s legislative floor.
About the firm’s Payments group: The firm’s Payments and Prepaid Instruments group has a nationwide practice focused upon compliance with regulations governing the prepaid card industry, including consumer protection laws, unclaimed property laws, anti-money laundering regulations, licensing requirements, privacy rules, local taxation laws, and GAAP standards. The team’s work has touched billions of prepaid cards. The attorneys also assist with lobbying efforts regarding legislation, regulations, and standards impacting the industry. Their efforts include work on the federal CARD Act of 2009 and its implementing regulations, the Durbin Amendment to Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the FinCEN Regulations on Prepaid Access, the Revised Uniform Unclaimed Property Act, the GAAP standards set by Financial Accounting Standards Board (FASB), and the IFRS rules set by International Accounting Standards Board (IASB) along with work regarding laws in California, Kansas, Indiana, Maine, Michigan, New Jersey, New York, Oregon, Washington, and several Canadian provinces.
About the firm:
Rouse Frets White Goss Gentile Rhodes offers highly skilled lawyers in many practice areas with vast real world experience. Our clients benefit from blue-ribbon talent unencumbered by mega firm business models.
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