Okla. Stat. tit. 15, § 15-797

– Dormancy fees - Refunds.

A. It is unlawful for any person or entity to sell a gift

certificate or gift card whenever to a purchaser that contains any

of the following:

1. An expiration date that expires less than sixty (60) months

from the date of purchase; and

2. A service fee including, but not limited to, a service fee

for dormancy, except as provided in subsection E of this section.

B. A gift certificate or gift card sold without an expiration

date is valid until redeemed or replaced.

C. This section does not apply to any of the following gift

certificates or gift cards issued on or after November 1, 2005,

provided the expiration date appears in capital letters in at least

ten-point font on the front of the gift certificate or gift card:

1. Gift certificates or gift cards that are distributed by the

issuer to a consumer pursuant to an awards, loyalty, or promotional

program without any money being given in exchange for the gift

certificate or gift card by the consumer;

2. Gift certificates or gift cards that are sold below face

value at a volume discount to employers or to nonprofit and

charitable organizations for fundraising purposes if the expiration

date on those gift certificates or gift cards is not more than

thirty (30) days after the date of sale; and

3. Gift certificates or gift cards that are issued for a food

product.

D. Paragraph 2 of subsection A of this section does not apply

to a dormancy fee on a gift card or gift certificate that meets all

of the following criteria:

1. The remaining value of the gift card or gift certificate is

Five Dollars ($5.00) or less each time the fee is assessed;

2. The fee does not exceed One Dollar ($1.00) per month;

3. There has been no activity on the gift card or gift

certificate for twenty-four (24) consecutive months including, but

not limited to, purchases, the adding of value, or balance

inquiries;

4. The holder may reload or add value to the gift card or gift

certificate; and

5. A statement is printed on the gift card or gift certificate

in at least ten-point font stating the amount of the fee, how often

the fee will occur, that the fee is triggered by inactivity of the

gift card or gift certificate, and at what point the fee will be

charged. The statement may appear on the front or back of the gift

Oklahoma Statutes - Title 15. Contracts Page 201

card or gift certificate, but shall appear in a location where it is

visible to any purchaser prior to the purchase thereof.

E. An issuer of gift certificates or gift cards may accept

funds from one or more contributors toward the purchase of a gift

certificate or gift card intended to be a gift for a recipient,

provided that each contributor is provided with a full refund of the

amount that person paid toward the purchase of the gift certificate

or gift card upon the occurrence of all of the following:

1. The funds are contributed for the purpose of being redeemed

by the recipient by purchasing a gift certificate or gift card;

2. The time in which the recipient may redeem the funds by

purchasing a gift certificate or gift card is clearly disclosed in

writing to the contributors and the recipient; and

3. The recipient does not redeem the funds within the time

described in paragraph 2 of this subsection.