WASHINGTON - The Senate has passed an extension of the date for gift card disclosure requirements in the 2009 credit card transparency law (PL 111-24), Congressional Quarterly reports. The bill, HR 5502, now heads to President Obama for his signature.

The legislation extends the date for disclosure requirements from August 22, 2010 to January 31, 2011, for gift cards issued prior to April 1, 2010.

The gift card law prohibits dormancy fees, inactivity charges, or service fees on gift certificates, store gift cards, and general-use prepaid cards, while requiring consumers to receive a set of disclosures related to their cards and certificates.

The delay addresses concerns by companies about their existing inventory of gift cards. To be eligible for the extension, companies must agree to eliminate the cards' expiration dates, and consumers would be entitled to receive a free replacement card or certificate.

Gift cards previously printed without the new disclosure requirements could continue to be issued during the 2010 holiday season.