COLUMBUS—State Representative Marlene Anielski (R-Walton Hills) applauded the passage of Substitute House Bill 353 by the Ohio House. The bill would alter Ohio law regarding open-loop gift cards, protecting banks and potential customers.


Under the bill, Ohio’s Unclaimed Funds Law would not apply to certain open-loop prepaid cards and rewards cards, but would allow for the use of electronic prepaid cards. An open-loop card is a gift card that is accepted at any point-of-sale location and may be branded with Visa, MasterCard, Discover, and more. Current law requires funds on these cards that go unclaimed after five years to be remitted to the state.


The current state of the Ohio Revised Code puts Ohio at a competitive disadvantage, as businesses that offer open-loop gift card products will not partner with an Ohio-based bank to do so. Instead, the economic benefits of the products go to states without restrictive escheatment laws. Sub. House Bill 353 would give the state access to a growing prepaid market, increasing revenue to community banks and benefiting employees, businesses, and customers.


“I am proud to support legislation that will help Ohio remain competitive in the American and global economies,” said Rep. Anielski. “I will continue to work to make sure that Ohio has the best possible climate for business and employment.”


Sub. House Bill 353 now awaits consideration by the Ohio Senate.

 
 
 
  
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