Ill. Admin. Code tit. 74 § 760.250

Current through Register Vol. 48, No. 24, June 14, 2024

Section 760.250 - Merchandise Credits

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.

Ill. Admin. Code tit. 74, § 760.250

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