Cash illinois unclaimed

ILLINOIS: Unclaimed Property: Gift Certificates Containing Post-Sale Charges Included in Act

The Illinois Uniform Disposition of Unclaimed Property Act applies to a gift certificate or gift card that contains, or has language indicating that there is, an expiration date or expiration period, or has language indicating that there is any type of post-sale charge or fee. Formerly, the Act applied only to gift cards and certificates containing an expiration date or period.

However, the Act does not apply to a gift certificate or gift card that contains or has language indicating that there is an expiration date or expiration period or any type of post-sale charge or fee if (1) the gift certificate or gift card was issued before August 17, 2004, (2) it is the policy of the issuer to honor the gift certificate or gift card after its expiration date or the end of its expiration period and to eliminate all post-sale charges and fees, and (3) the issuer posts written notice of the policy and practice at locations where the issuer sells the gift certificate or gift card. Formerly, the issuer was not required to have a policy or practice to eliminate all post-sale charges and fees after honoring a gift certificate or gift card after the expiration date.

Post-sale charges or fees include: service charges, dormancy fees, account maintenance fees, cash-out fees, replacement card fees, and activation and reactivation fees. (P.A. 93-945 (S.B. 2901), Laws 2004, August 17, 2004.)