Fiscal impact reports (FIRs) are prepared by the Legislative Finance Committee (LFC) for standing finance
committees of the NM Legislature. The LFC does not assume responsibility for the accuracy of these reports
if they are used for other purposes.
Current FIRs (in HTML & Adobe PDF formats) are a vailable on the NM Legislative Website (legis.state.nm.us).
Adobe PDF versions include all attachments, whereas HTML versions may not. Previously issued FIRs and
attachments may be obtained from the LFC in Suite 101 of the State Capitol Building North.
F I S C A L I M P A C T R E P O R T
SPONSOR Rawson
ORIGINAL DATE
LAST UPDATED
2/15/2007
HB
SHORT TITLE Gift Certificate Sales and Redemption
SB 1030
ANALYST Schuss
APPROPRIATION (dollars in thousands)
Appropriation
Recurring
or Non-Rec
Fund
Affected
FY07
FY08
NFI
(Parenthesis ( ) Indicate Expenditure Decreases)
Duplicates HB 127/ HJCS
SOURCES OF INFORMATION
LFC Files
SUMMARY
Synopsis of Bill
Senate Bill 1030 regulates the sale and redemption of gift certificates, establishes penalties and
amends a section of the unclaimed property act. Gift certificate, in this section, means writing
identified as a gift certificate that is not redeemable in cash and is usable in its face amount in
lieu of cash in exchange for goods or services supplied by a seller, but does not include a gift
certificate useable with multiple unaffiliated sellers or goods or services. “Gift certificate"
includes an electronic card with a banked dollar value, a merchandise credit, a certificate where
the issuer has received payment for the full face value for the future purchase or delivery of
goods or services and any other medium that evidences the giving of consideration in exchange
for the right to redeem the certificate, electronic card or other medium for goods or services of at
least an equal value.
FISCAL IMPLICATIONS
The Attorney General’s Office states that the bill requires the Attorney General to investigate
and prosecute all violations of this act, but provides no appropriation for additional staff, which
may impact the agency’s other performance based budget targets