Longer expiration date, no inactivity fees add to gift card boom

Longer expiration date, no inactivity fees add to gift card boom | Business | Detroit City And Press
Prior to 2008, if a gift card went unclaimed past its expiration date, the retailer was required to report it as abandoned and the money went to the state as unclaimed property, Hallan said.
After 2008, laws said the gift cards no longer can have expiration dates of less than five years.
In addition, the retailers can't change the terms and conditions during that time period and can't charge inactivity fees or service fees, although Hallan said there can still be an activation fee.
In addition, retailers — not the state — retains the money if cards go unused for longer than five years.
"It's kind of a win-win for consumers and retailers," Hallan said.

From The Detroit News: http://www.detroitnews.com/article/20130105/BIZ/301050328#ixzz2H8rRMhrW