Illinois Administrative Code
Title 74 - PUBLIC FINANCE
Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT
Subpart B - PRESUMPTION OF ABANDONMENT
Section 760.230 - Gift Cards
Universal Citation: 74 IL Admin Code ยง 760.230
Current through Register Vol. 48, No. 12, March 22, 2024
a) Gift cards as defined in the Act are exempt from being reported and remitted as property that is presumed abandoned. Gift cards are excluded from the definition of property in the Act (see 765 ILCS 1026/15-102(24)(C)(iii) ).
b) If property does not satisfy all the parts of the definition of gift card under the Act, then it does not qualify for the gift card exemption.
c) Property that does not qualify as a gift card includes, but is not limited to, property that:
1) has an expiration date;
2) is subject to a dormancy, inactivity, or
post-sale service fee; or
3) may be
redeemed for money, including at automated teller machines.
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