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Proposed Amendment to the IL Consumer Fraud & Deceptive Business Practices Act

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Illinois SB 3102 provides that it is deemed unlawful for a retailer to issue a consumer rebate on a prepaid stored-value card that may charge a dormancy fee or other post-issuance fees. It is the responsibility of the retailer to clearly display the type of rebate being offered and disclose if any additional fees may apply. The retailer must also disclose the type of remittance to be provided to the consumer. If passed, this bill would amend the Consumer Fraud and Deceptive Business Practices Act, placing additional administrative burdens on retailers.

We will continue to follow developments surrounding this and other Illinois legislation. Stay tuned to our blog for the latest on this and other relevant unclaimed property news, and contact us with any questions you may have.

Tagged: illinois unclaimed property, storedvalue cards, rebates, illinois sb 3102