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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
SB2901
Introduced 2/6/2004, by Susan Garrett SYNOPSIS AS INTRODUCED:
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Amends the Consumer Fraud and Deceptive Business Practices Act. Provides that no person shall sell or issue a gift certificate that is subject to an expiration date. Provides that no gift certificate or any agreement with respect to the gift certificate may contain language suggesting that an expiration date may apply. Provides that fees and penalties shall not be imposed for inactivity with respect to a gift certificate. Provides that any person who sells a gift certificate subject to an expiration date shall be fined not more than $500 per occurrence. Defines gift certificate.
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A BILL FOR
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SB2901 |
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LRB093 20997 RXD 47002 b |
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| AN ACT concerning business transactions.
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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 Consumer Fraud and Deceptive Business |
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| Practices Act is amended by adding Section 2QQ as follows:
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| (815 ILCS 505/2QQ new) |
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| Sec. 2QQ. Gift certificates. |
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| (a) No person shall sell or issue a gift certificate that |
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| is subject to an expiration date. No gift certificate or any |
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| agreement with respect to such gift certificate may contain |
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| language suggesting that an expiration date may apply to the |
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| gift certificate. |
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| (b) No person shall impose a dormancy charge or fee, |
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| abandoned property charge or fee, unclaimed property charge or |
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| fee, escheat charge or fee, inactivity charge or fee, or any |
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| similar charge, fee or penalty for inactivity with respect to a |
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| gift certificate. |
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| (c) Nothing in this Section shall be construed to prevent a |
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| holder from honoring a gift certificate, the unredeemed value |
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| of which has been reported to the Treasurer, and thereafter |
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| seeking reimbursement from the Treasurer. |
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| (d) Any person who violates this Section commits an |
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| unlawful practice within the meaning of this Act and is guilty |
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| of a petty offense and may be fined not more than $500 per |
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| occurrence. |
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| (e) "Gift certificate" means a tangible record evidencing a |
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| promise, made for consideration, by the seller or issuer of the |
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| record that goods or services will be provided to the owner of |
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| the record to the value shown in the record and includes, but |
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| is not limited to, a record that contains a microprocessor |
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| chip, magnetic stripe or other means for the storage of |
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| information that is prefunded and for which the value is |
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