N.Y. General Business Law 571 – Declared face value; cash redemption
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§ 571. Declared face value; cash redemption. No trading stamp company shall advertise, distribute or redeem trading stamps hereafter issued in this state unless:
Terms Used In N.Y. General Business Law 571
- Trading stamp: means any stamp or similar device issued in connection with the retail sale of merchandise or service, as a cash discount or for any other marketing purpose, which entitles the rightful holder, on its due presentation for redemption, to receive merchandise, service or cash. See N.Y. General Business Law 570
1. Each stamp has legibly printed upon its face a cash value determined by the company in cents or any fraction thereof, and
2. The rightful holders may, at their option, redeem the stamps in cash when duly presented to the company for redemption in a number having an aggregate cash value of not less than one dollar.