Ill. Admin. Code tit. 74 § 760.230

Current through Register Vol. 48, No. 50, December 13, 2024

Section 760.230 - Gift Cards

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.

Ill. Admin. Code tit. 74, § 760.230

Adopted at 43 Ill. Reg. 4253, effective 3/25/2019.