Illinois Administrative Code (Last Updated: February 21, 2024) |
TITLE74. PUBLIC FINANCE |
PART760. REVISED UNIFORM UNCLAIMED PROPERTY ACT |
SUBPARTB. PRESUMPTION OF ABANDONMENT |
§760.250. Merchandise Credits
Latest version.
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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.