The Federal Reserve Board on Monday proposed restrictions on gift card fees.

Under the proposal, service fees on gift cards would be prohibited unless the card was not used for a year, only one such fee could be charged per month and the consumer would receive clear disclosures.

The Fed also said gift cards would not expire for five years after the card's issuance or from the date when the funds were loaded on to the card.

The Fed is accepting comments from the public for 30 days.

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