Illinois Administrative Code
Title 74 - PUBLIC FINANCE
Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT
Subpart B - PRESUMPTION OF ABANDONMENT
Section 760.250 - Merchandise Credits
Universal Citation: 74 IL Admin Code ยง 760.250
Current through Register Vol. 48, No. 38, September 20, 2024
a) Merchandise credits are exempt from being reported and remitted under the Act pursuant to Section 15-201(7) of the Act.
b) This exemption includes, but is not limited to, a stored value card that is given as in-store credit for returned merchandise.
c) However, the exemption for merchandise credits does not include stored value cards that:
1) are redeemable at multiple, unaffiliated
merchants; or
2) may be redeemed
for or converted into money or otherwise monetized by the issuer.
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