The credit card bill that passed the Senate yesterday was approved today in the House by a vote of 361-64 and is on the way to President Obama’s desk for an expected signing on Friday. The bill has obviously garnered much attention for the way it will reshape the credit card industry and some unrelated amendments tacked on, such as the one allowing people to carry concealed (and loaded) guns in national parks. 

But, maybe a bit overlooked are the important protections for store gift cards and prepaid cards embedded in the bill. Consumer Reports has long warned of the dangers of giftcards, which have only become worse as the economy has put high-profile  retailers like Sharper Image and Linens ‘n Things out of business, leaving some giftcards potentially worthless. While this bill doesn’t tackle the bankruptcy issue or the upfront fees some gift cards charge, it provides measures that will make it more difficult for money to be drained from gift cards.

The measures include:

•Cards can’t expire any sooner than 5 years from the last date money was put on the card

•Fees are banned until after 12 months of inactivity, and at that point a monthly fee may be assessed

•The Federal Reserve Board now has new authority over cards, including the ability to cap monthly fees, determine when they are assessed, and provide fraud protections

For a full overview of the changes affecting gift cards see Defend Your Dollars, a Web site run by Consumers Union, the nonprofit publisher of Consumer Reports.

For the wonkish out there who like poring over the details of legislation, here’s a link to the final bill approved by the Senate and put before the House today.  (From what we know there weren’t any last-minute changes added before the House passed it).—Chris Fichera