A Bill to give gift vouchers a five-year expiry date has been passed by Cabinet Ministers.
It also makes it illegal for a shop to ask you to spend all of a voucher in one transaction.
Companies will not be allowed to cancel a voucher if the wrong name is on it or to charge extra fees for correcting the name.
Business Minister Heather Humphreys has said she hopes the Bill will pass through the Oireachtas as quickly as possible to protect consumers.
However, the changes will not cover the thousands of people buying gift vouchers this Christmas until the law takes effect sometime next year.