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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB5916
Introduced 2/6/2004, by Daniel J. Burke, Lovana Jones, Sandra M. Pihos, Elaine Nekritz, Elizabeth Coulson SYNOPSIS AS INTRODUCED:
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Amends the Uniform Disposition of Unclaimed Property Act. Provides that the Act applies to gift certificates and gift cards that contain any type of charge or fee including but not limited to service charges, dormancy fees, account maintenance fees, cash-out fees, replacement card fees, and activation or reactivation charges, unless specified exceptions apply.
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| FISCAL NOTE ACT MAY APPLY | |
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A BILL FOR
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HB5916 |
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LRB093 15368 RXD 40970 b |
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| AN ACT concerning property.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Uniform Disposition of Unclaimed Property |
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| Act is amended by changing Section 10.6 as follows:
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| (765 ILCS 1025/10.6)
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| Sec. 10.6. Gift certificates and gift cards.
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| (a) This Act applies to a gift certificate or gift card |
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| only if:
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| (i) the gift certificate or gift card contains an |
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| expiration date,
or
expiration period, or any type of |
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| charge or fee including but not limited to service charges, |
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| dormancy fees, account maintenance fees, cash-out fees, |
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| replacement card fees, and activation or reactivation |
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| charges; and
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| (ii) none of the exceptions in this Section apply.
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| (b) This Act does not apply to a gift certificate or gift |
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| card that
contains an expiration date or expiration period if:
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| (i) the gift certificate or gift card was issued before |
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| the effective
date of this amendatory Act of the 92nd |
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| General Assembly; and
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| (ii) it is the policy and practice of the issuer of the |
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| gift
certificate or gift card to honor the gift certificate |
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| or gift card after its
expiration date or the end of its |
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| expiration period and the issuer posts
written notice of |
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| the policy and practice at locations at which the
issuer |
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| sells gift certificates or gift cards. The written notice |
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| shall be
an original or a copy of a notice that the State |
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| Treasurer shall produce
and provide to issuers free of |
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| charge.
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| (c) Nothing in this Section applies to a gift certificate |
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| or gift card if
the value of the gift certificate or gift card |