Illinois General Assembly - Illinois Compiled Statutes

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765 ILCS 1026/15-206

(765 ILCS 1026/15-206)

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.

(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.)