It is lawful to issue, and to enforce against the bearer, a gift card containing a dormancy or inactivity charge if:

     (1) A statement is printed on the gift card in at least six-point font stating the amount of the charge, how often the charge will occur, and that the charge is triggered by inactivity of the gift card. The statement may appear on the front or back of the gift card, but shall appear in a location where it is visible to any purchaser before the purchase of the gift card;

     (2) The remaining value of the gift card is five dollars or less each time the charge is assessed;

     (3) The charge does not exceed one dollar per month;

     (4) The charge can only be assessed when there has been no activity on the gift card for twenty-four consecutive months, including but not limited to, purchases, the adding of value, or balance inquiries;

     (5) The bearer may reload or add value to the gift card; and

     (6) After a dormancy or inactivity charge is assessed, the remaining value of the gift certificate is redeemable in cash on demand.

[2004 c 168 § 5.]