Sec. 15-206. When stored-value card presumed abandoned.
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/il/chapter-765/act-1026/15-206A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 15-206. When stored-value card presumed abandoned.
(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 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.