The Division shall:
(1) Create a model notice regarding open– and closed–loop gift cards for use by merchants that:
(i) Cautions a consumer about gift card scams;
(ii) Instructs a consumer on what to do if the consumer suspects the consumer may be a victim of a gift card scam; and
(iii) Indicates a gift card may not be used to pay debt;
(2) Issue guidelines regarding the detection and prevention of open– and closed–loop gift card fraud that include:
(i) Information that raises public awareness about gift card fraud;
(ii) Information about how common gift card fraud schemes work; and
(iii) Best practices for a merchant to prevent gift card fraud; and
(3) Make available online and periodically update the model notice and guidelines required under this section.