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Ill. Admin. Code tit. 74, § 760.250 – Merchandise Credits | Midpage
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Illinois Administrative Code
Title 74
V
Part 760
§ 760.250
Ill. Admin. Code tit. 74, § 760.250
Merchandise Credits
AUTHORITY: Implementing and authorized by the Revised Uniform Unclaimed Property Act [765 ILCS 1026].
TREASURER
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.