Every year, consumers purchase about $80 billion in gift cards, only to lose $8 billion loaded on those cards because of expiration dates and service fees that deplete the value of the cards. State legislators have tried to protect consumers by passing laws that would prohibit or limit the use of gift-card expiration dates and service fees, but the National Bank Act has undercut such laws. The federal law allows national banks to charge fees and impose expiration dates on the cards they issue. Because the National Bank Act is a federal law that preempts any conflicting state laws, state gift-card laws have no effect on gift cards issued by national banks. As a result, federal preemption allows gift-card issuers to circumvent state consumer protection laws by issuing their gift cards in conjunction with a national bank. Two recent cases heard in the circuit courts have, this Note argues, incorrectly allowed this consumer protection loophole created through the National Bank Act and the actions of some enterprising gift-card issuers because neither court considered congressional intent or that state gift-card laws are laws of general applicability to be applied to national banks. This Note proposes that Congress remove the loophole by passing a version of the Fair Gift Card Act that ensures consumers receive the full value of the gift cards they own.
News & Events
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Volume 97 Lead Piece Profiled in New York Times
The Volume 97 Lead Piece, a study of how the Supreme Court treats business interests by distinguished legal scholars Lee Epstein, William M. Landes, and Richard A. Posner, was profiled in the May 5, 2013 edition of the New York Times. The story, titled Corporations Find a Friend in the Supreme Court, [...]
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Volume 98 Spring Submissions Closed
The Minnesota Law Review has closed the spring submissions period for Volume 98. Submissions for Volume 98 will reopen on Thursday, August 1. Please see the submissions page for more details.
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Volume 98 Submissions Will Open Feb. 15
The Minnesota Law Review will begin accepting submissions for Volume 98 on Friday, February 15, 2013. Please see this page for more details.
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Minnesota Law Review Announces Volume 98 Editorial Board
The Minnesota Law Review is pleased to announce its Volume 98 editorial board, headed by Editor in Chief Jake Vandelist.
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Minnesota Law Review Announces 2013 Symposium Topic
The Minnesota Law Review is pleased to announce that its 2013 symposium will address the legal and political issues facing organized labor in the United States. The symposium will be held at the University of Minnesota Law School on October 25, 2013.
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