For purposes of this chapter, the following terms shall have the meaning stated below:\n(a) Bank.— Means a commercial bank organized and authorized to do business in the Commonwealth of Puerto Rico under §§ 1 et seq. of Title 7, better known as the 'Banking Law'.\n(b) Maintenance fees.— Means the costs charged by the company or business with juridical personality that issues the card in order to keep the card active.\n(c) Department.— Means the Department of Consumer Affairs.\n(d) Affiliate business.— Means a company or business with juridical personality controlling, controlled by or under the common control with other company or business with juridical personality.\n(e) Inactivity period.— Means the period of time during which a gift card has not been used, regardless of the length thereof.\n(f) Gift card.— Means a prepaid card that is not rechargeable and has a specific monetary consideration entailing an agreement entered into with the issuer so that the cardholder may use it any time he/she chooses to acquire goods or services, up to the specified amount. This term includes, but is not limited to a tangible card, an electronic card or similar instrument that contains a t any time he/she chooses to acquire goods or services, up to the specified amount. This term includes, but is not limited to a tangible card, an electronic card or similar instrument that contains a microprocessor chip, magnetic strip, or other data storage medium.\n(g) Open loop gift card.— Means a gift card that may be used to acquire goods or services in different establishments, other than an affiliated group, where the brand (Visa, Master Card, American Express, etc.) is accepted.\n(h) Rechargeable gift card.— Means a card, code, or other device that allows the cardholder to add funds after the initial purchase or issue, according to the terms and conditions thereof.\nHistory —Mar. 19, 2015, No. 31, § 2.
Puerto Rico Legal Code