A bill to protect suppliers of property in trade and commerce with respect to credit card promotions.

Summary

Provides that a card issuer engaging in credit card promotion is liable to a supplier for the reasonable value of property supplied or furnished for use as a part of any credit card promotion unless: (1) the supplier has expressly, in writing, released the card issuer from all liability for payment of the reasonable value of such property; or (2) the card issuer retains for a period of six months from the date of the final mailing or solicitation with respect to such credit card promotion, for the benefit of the supplier of the property used as a part of such credit card promotion, 80 percent of all money collected from the sale of such property, if no demand is made, in writing, upon the card issuer by the supplier for payment of the reasonable value of such property within such six-month period. Provides that, if such demand is made by the supplier within such six-month period, then the card issuer shall, within thirty days after the date of such demand, pay the supplier the reasonable value of such property. States that, if conflicting demands are made, in writing, upon the card issuer for such money, then the card issuer shall initiate interpleader actions in a court of record between all claimants and immediately deposit such money with such court subject to disposition by such court.

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Documents

1 official file

• Introduced in House

  summary · EN · 11 January 1973

  Open at official source

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