As part of the Credit Card Accountability Responsibility and Disclosure Act of 2009, Congress took aim at many of the practices surrounding gift cards purchased by consumers. If your business issues gift certificates or gift cards, you will want to be familiar with the rules which took effect August 22, 2010.

In this short video, I explain the major provisions of the new gift card rules.

To read the final rule, as issued by the Federal Reserve, click here (opens as .pdf.)

Text Summary:

Signed into law on June 4, 2008 by Governor Mark Sanford, the South Carolina Illegal Immigration Reform Act (“SC Immigration Act”) began on July 1, 2009 for private employers with 100 or more employees. All businesses that have employees – even as few as one – must begin to abide by the provisions of the act by July 1, 2010.

To insure compliance with the SC Immigration Act, the South Carolina Department of Labor, Licensing and Regulation will perform audits of employers. It will also investigate complaints against employers. In addition for being required to notify Federal and State agencies responsible for the enforcement of immigration law, there are stiff monetary penalties for failure to abide by the provisions of the law. If an employer fails to follow proper procedures for verifying worker eligibility, they will be fined a minimum of $100 and a maximum of $1,000 – per employee. If you are a small business who cycles through a fairly large amount of workers, this could become quite costly. If an employer knowingly or intentionally employs an illegal alien may get his license suspended or revoked. During the period that the license is suspended or revoked, the employer is not allowed to employ any employees. As you can see, this law can quickly put you out of business if you fail to abide by its provisions.

There has been a lot of misinformation out there related to the new 3.8% medicare tax on home sales that is in the new health care reform bill. In this short video, I clarify who it affects and to what degree.

If you have any questions or comments, please let me know.

I just got through reading an interesting post on BigGovernment.com from my Senator,  Jim DeMint, warning us of the latest power grab from Washington.  The proposed financial regulation bill runs more than 1,500 pages and is yet another in a series of massive freedom crushing pieces of legislation that are being shoved down the throats of the American people.

A major problem with the bill is that it is so far reaching.  It goes far beyond regulating companies such as AIG and Goldman Sachs.  As the bill is currently written will require any business that asses late fees OR allows customers to make payments in more than four installments to be treated under the same terms as AIG, Freddie Mac and Goldman Sachs.    This could have huge ramifications for small businesses – many of whom assess late fees on their past due receivables or who offer payment arrangements for their customers.  Given all of the other increased tax and regulatory burdens bearing down on small business – this is yet another that we do not need.    Not only is this going to be an increased burden on virtually every business in America, it will create yet another government bureaucracy that will give taxpayers a very poor return on the tax dollars it waste to establish and maintain the monstrosity.

According to Senator DeMint, one of the hardest areas to be hit will be healthcare – particularly orthodontists and their patients.  Currently, the cost of braces are typically done through a payment plan with the orthodontist.  Under the proposed law, this payment plan will come under the jurisdiction of yet another government bureaucracy – the new Consumer Financial Protection Agency which is slated to regulate all of these transactions.

Senator DeMint states that “the banking regulation bill was supposed to crack down on Wall Street, but it’s just another power grab that’s going to hurt Main Street doctors, dentists and small-town businesses. And, certainly the families who struggle to find ways to pay for their doctor bills.”