The Knesset doubled the validity of gift certificates and cards, but loosened consumer protections

The Economic Commission of the Knesset has approved the Department of Justice regulations on gift certificates and cards, removing some of the protections afforded to consumers by the Law on Payment Instruments.

The regulations reduce the issuing company’s liability to the gift voucher or card holder, as opposed to its liability to the credit/debit card holder. First of all, this applies to cases of loss of a certificate or card. In the case of a card, the reduction of liability applies to gift cards up to NIS 1,500.

Also, gift certificates and cards will not be subject to the part of the provisions of the Law on means of payment relating to the cancellation of the transaction or the cancellation of payment in the event of non-delivery of the goods.

At the same time, the validity of certificates (5 years) and cards (2 years) will be doubled.

By Editor

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