New York Laws
Article 10 - Retail Instalment Sales Act
402A - Merchandise Certificates and Obligations Therefor.

(i) A legend in at least eight-point bold type stating that the buyer
may return unused merchandise certificates so purchased at any time and
that the seller will give the buyer credit for the full face amount of
any certificates so returned and credit for the pro rata credit service
charge if the same is one dollar or more;
(ii) A legend in at least eight point bold type reading substantially
as follows: If you wish to purchase, with merchandise certificates a
single item of goods or services of greater value than the merchandise
certificates you now hold, you may save credit service charge by
returning your unused merchandise certificates for credit and purchasing
new certificates; and
(iii) In the event the statements required by subparagraphs (i) and
(ii) hereof are set forth on the cover of a booklet in which the
merchandise certificates are bound, each certificate shall bear a
notice, "NOT GOOD IF DETACHED".
(b) If a retail seller issues merchandise gift certificates to a
retail buyer to be paid for in instalments (1) in good faith, and (2) in
reliance upon a retail buyers statement that the buyer intends to
transfer it to another as a gift, then such certificate need not set
forth the legends required by subparagraphs (i) and (ii) above; provided

the certificate shall bear the legend "GIFT CERTIFICATE" and the seller
shall give the buyer at the time of issuance of such certificate a
statement, or facsimile of such certificate, which shall identify such
certificate, and shall contain the legend required by subparagraphs (i)
and (ii) above.
6. Notwithstanding the provisions of subdivision three of section four
hundred three of this article, the buyer shall have the right to return
to the holder of a retail instalment obligation executed on or after
October first, nineteen hundred sixty-two, for merchandise certificates,
at any time all merchandise certificates which have not been exchanged
for goods and services, and the holder shall thereupon credit to the
obligation to the extent of the amount owing by the buyer thereon the
full face amount of such unused merchandise certificates returned and
the amount of the pro rata credit service charge thereon, which shall be
computed as of the date of issuance of the merchandise certificates so
returned. Where the amount of the refund of such credit service charge
is less than one dollar no refund need be made.