While the details of Colorado’s proposed gift card legislation (press release) have not been fully released, it sounds like is like a gift card law on steroids. It bans expiration dates and fees, including activation fees, monthly fees of any kind, fees for checking balances, etc. It also allows consumers to get cash back for balances less than $5.

What is unclear is whether it will apply to open-loop (Visa-type) gift cards and whether it will conflict in some ways with the Federal Reserves gift card rules.