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205 ILCS 616/10
(205 ILCS 616/10)
Sec. 10. Definitions. For purposes of this Act, the words and phrases
defined in
this Section shall have the meanings ascribed to them unless the context
requires otherwise. Whenever the terms "network" and "switch" are used, they
shall be deemed interchangeable unless, from the context and facts, the
intention
is plain to apply only to one type of entity.
"Access device" means a card, code, or other means of access to an
account, or any combination thereof, that may be used by a customer to initiate
an electronic fund transfer at a terminal.
"Account" means a demand deposit, savings deposit, share, member, or
other customer asset account held by a financial institution.
An "affiliate" of, or a person "affiliated" with, a specified person,
means a person that directly, or indirectly through one or more intermediaries,
controls, is controlled by, or is under common control with, the person
specified.
"Commissioner" means the Secretary of Financial and Professional Regulation or a person
authorized by the Secretary, the Division of Banking Act, or
this Act to act in the Secretary's stead.
"Division" means the Division of Banking within the Department of Financial and Professional Regulation. "Electronic fund transfer" means a transfer of funds, other
than a transaction originated by check, draft, or similar paper instrument,
that is initiated through a terminal for the purpose of ordering, instructing,
or authorizing a financial institution to debit or credit an account.
"Financial institution" means a bank established under the
laws of this or any other state or established under the laws of the United
States, a savings and loan association or savings bank established under the
laws of this or any other state or established under the laws of the United
States, a credit union established under the laws of this or any other state or
established under the laws of the United States, or a licensee under the
Consumer Installment Loan Act or the Sales Finance Agency Act.
"General use reloadable card" means a card, code, or other access device that is: (1) issued on a prepaid basis primarily for personal, | | family, or household purposes to a consumer in a specified amount in exchange for payment;
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| (2) issued under an agreement containing terms and
| | conditions that permit funds to be added to the card, code, or other device after the initial purchase or issuance, including a temporary non-reloadable card issued solely in connection with a general use reloadable card, code, or other device;
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| (3) not marketed or labeled as a gift card or gift
| | (4) redeemable upon presentation at multiple,
| | unaffiliated merchants for goods or services or usable at automated teller machines.
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| "Interchange transaction" means an electronic fund transfer
that results in exchange of data and settlement of funds between 2 or more
unaffiliated financial institutions.
"Issuer" means a person that issues a general use reloadable card or that person's agent with respect to the card.
"Marketed or labeled as a gift card or gift certificate" means directly or indirectly offering, advertising, or otherwise suggesting the potential use of a card, code, or other device as a gift for another person.
"Network" means an electronic information communication and
processing system that processes interchange transactions.
"Person" means a natural person, corporation, unit of government or
governmental subdivision or agency, trust, estate, partnership, cooperative, or
association.
"Seller of goods and services" means a business entity other than a
financial institution.
"Switch" means an electronic information and communication processing
facility that processes interchange transactions on behalf of a network. This
term does not include an electronic information and communication processing
company (1) that is owned by a
bank holding company or an affiliate of a bank holding company and used solely
for transmissions among affiliates of the bank holding company or (2) to the
extent that the facility, by virtue of a contractual relationship, is used
solely for transmissions among affiliates of a bank holding company, regardless
of whether the facility is an affiliate of the bank holding company or operates
as a switch with respect to one or more networks under an independent
contractual relationship.
"Terminal" means an electronic device through which a consumer may
initiate an interchange transaction. This term does not include (1) a
telephone, (2) an electronic device located in a personal residence, (3) a
personal computer or other electronic device used primarily for personal,
family, or household purposes, (4) an electronic device owned or operated by a
seller of goods and services unless the device is connected either directly or
indirectly to a financial institution and is operated in a manner that provides
access to an account by means of a personal and confidential code or other
security mechanism (other than signature), (5) an electronic device that is not
accessible to persons other than employees of a financial institution or
affiliate of a financial institution, or (6) an electronic device that is
established by a financial institution on a proprietary basis that is
identified as such and that cannot be accessed by customers of other financial
institutions. The Commissioner may issue a written rule that excludes
additional electronic devices from the definition of the term "terminal".
(Source: P.A. 98-545, eff. 1-1-14.)
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