as an addendum to the Credit CARD Act of 2009 directs the federal government to create consumer-friendly standards pertaining to gift cards. Most notably, the new regulations prohibit retailers from setting expiration dates unless they are at least five years after the card's date of issue or the date on which funds were last added to the card. In addition, retailers are no longer able to assess dormancy, inactivity, or service fees unless the card has been inactive for at least 12 months, and if fees are added after that period, the details of such fees must be clearly disclosed on the card. Additionally, retailers are unable to levy more than one fee per month. The new provisions took effect on 22 August 2010. Open loop cards are governed by rules of the Comptroller of the Currency; however, oversight has been criticized. Closed loop gift cards are subject to rules set by different state regulations, and issuing authorities vary widely in the rules they set for the consumer. Moreover, rules can be changed by the issuer without notifying the consumer. See also Rebate card Token money References Exonumia Debit cards Giving Payment systems Personal finance Retail financial services 1994 introductions 1996 introductions American inventions