It is enacted by the General Assembly as follows:

SECTION 1. Section 6-13-12 of the General Laws in Chapter 6-13 entitled "UNFAIR SALES PRACTICES" is hereby amended to read as follows:

6-13-12 Sales of gift certificates. -- Any person, firm, or corporation that sells gift certificates for any product or merchandise sold by such person, firm, or corporation, shall be required to record the sales and keep an accurate and complete record of each of these gift certificates for a period of two (2) years from the date of the sale. Such record shall include the date of sale, the full value of the certificate, the identification number assigned by the retailer to the certificate, and the state in which the sale of the certificate took place. The retailer shall further be required to give to the purchaser of gift certificates exceeding fifty dollars ($50.00) a written and numbered receipt evidencing the sale of the certificate. It shall be unlawful for any restaurant or eating establishment of any kind to limit the time for the redemption of a gift certificate or to place an expiration date upon the gift certificate. Any person, firm, or corporation that shall violate the provisions of this section shall be punished by a fine of not more than two hundred dollars ($200). {ADD Due to the unlimited redemption period, the division of taxation shall not escheat the funds paid for those unredeemed gift certificates. ADD}

SECTION 2. This act shall take effect upon passage.