Illinois § 46

§ 46.

Disclosure requirements for general use reloadable cards. (a) The issuer of a general use reloadable card shall make the disclosures required under this Section in accordance with the following standards: (1) The disclosures shall be clear and conspicuous. The disclosures may contain commonly accepted or readily understandable abbreviations or symbols. (2) The disclosures required under items (1), (2), and (3) of subsection (b) of this Section shall be provided to the consumer in written or electronic form. When cards are sold online, the disclosures required by item (1) of subsection (b) of this Section must be clearly and conspicuously accessible on the issuer's Internet website prior to purchase. (3) For joint accounts, only one set of the required disclosures shall be provided and may be given to any of the account holders. (4) Issuers may design their own disclosure format, provided that all fees required to be disclosed under subsection (b) of this Section are included, the amount of each fee is disclosed along with the frequency at which each fee may be assessed, and the substance and clarity of the disclosures are not affected. (b) The issuer must make the following disclosures: (1) Before a general use reloadable card is purchased, the issuer shall disclose to the consumer the amount of any: (A) card purchase fee; (B) monthly maintenance fee; (C) cash withdrawal fee at an ATM and cash advance fee at retail locations; (D) reload fee; and (E) balance inquiry fee, unless disclosure of the balance is available to the consumer without cost via telephone or Internet access. The disclosures required in this item (1) must be made on the portion of the card packaging accessible to the consumer prior to purchase for all cards sold at retail locations. (2) The issuer shall include the following disclosures on the card: (A) the expiration date of the card, if any; and (B) a toll-free telephone number and, if one is maintained, an Internet website that a consumer may use to obtain information about fees and to obtain a replacement card after the card expires if the underlying funds may be available thereafter. (3) The issuer shall disclose with the card the amount of each type of fee not disclosed in item (1) of this subsection (b) that may be imposed in connection with the card after purchase (or, if variable, an explanation of how the fee shall be determined) and the conditions under which the fee may be imposed. (c) A card, code, or other access device is not a general use reloadable card merely because the issuer or processor is technically able to add functionality that would otherwise enable the card, code, or other access device to be reloaded. (d) Compliance with the federal Electronic Fund Transfer Act and any regulations issued under that Act regarding general use reloadable card disclosures shall constitute compliance with this Section. (e) The requirements of this Section shall apply to any general use reloadable card sold to a consumer on or after January 1, 2015. (f) In this Section, "card" means a general use reloadable card. (Source: P.A. 98-545, eff. 1-1-14.)