Illinois Compiled Statutes 765 ILCS 1026/15-206 – When stored-value card presumed abandoned
Current as of: 2024 | Check for updates
|
Other versions
(a) Subject to Section 15-210, the net card value of a stored-value card is presumed abandoned on the latest of 5 years after:
(1) December 31 of the year in which the card is
(1) December 31 of the year in which the card is
|
issued or additional funds are deposited into it;
|
(2) the most recent indication of interest in the
|
card by the apparent owner; or
|
(3) a verification or review of the balance by or on
|
behalf of the apparent owner.
|
(b) The amount presumed abandoned in a stored-value card is the net card value at the time it is presumed abandoned.
(c) However, if a holder has reported and remitted to the administrator the net card value on a stored-value card presumed abandoned under this Section and the stored-value card does not have an expiration date, then the holder must honor the card on presentation indefinitely and may then request reimbursement from the administrator under Section 605.
(c) However, if a holder has reported and remitted to the administrator the net card value on a stored-value card presumed abandoned under this Section and the stored-value card does not have an expiration date, then the holder must honor the card on presentation indefinitely and may then request reimbursement from the administrator under Section 605.