Gift Cards Are Redeemable For Cash (in 6 States)

For anyone who’s ever gotten a gift card from someplace they’ll never shop, seen the “Gift cards are not returnable or redeemable for cash except in states where required by law” disclaimer on the back, and pondered, aloud or otherwise, if they live in one of those lucky states, I *think* this is your list, but information is sparse online.

“Most states have money transmitter laws, which govern entities that issue checks, traveler’s checks, money orders and electronic equivalents. A small number (Virginia, Maryland, Illinois, Massachusetts, Minnesota and California) have taken the position that GC issuers are money transmitters. The federal government and other states have not yet determined whether gift card issuers are money transmitters.”

Jeffrey Knowles via this article