Business Association
"Business association" means a corporation, joint stock company, investment company, partnership, unincorporated association, joint venture, limited liability company, business trust, trust company, land bank, safe deposit company, safekeeping depository, financial organization, insurance company, mutual fund, utility or other business entity consisting of one or more persons, whether or not for profit. [1997, c. 508, Pt. A, §2 (new); §3 (aff).]
Face value
"Face value" means the original purchase price or original issued value of a gift obligation, pre-funded bank card or stored-value card if unused or, if partially used, the remaining balance prior to the deduction of any service charges, fees or dormancy charges. [2003, c. 339, §1 (new).]
Gift obligation
"Gift obligation" means an obligation of a business association arising from a transaction between the business association and a consumer to provide goods or services at a future date. This includes, but is not limited to, a gift certificate, gift card, on-line gift account or other representation or evidence of the obligation. [2003, c. 339, §1 (new).]
"Holder" means a person obligated to hold for the account of, or deliver or pay to, the owner property that is subject to this Act. [1997, c. 508, Pt. A, §2 (new); §3 (aff).]
Multiple merchants
"Multiple merchants" means all merchants of goods or services, not just those associated with the issuer of a prefunded bank card or a particular business or group of businesses, that accept electronic transactions. [2005, c. 357, ?2 (new).]
"Owner" means a person who has a legal or equitable interest in property subject to this Act or the person's legal representative. "Owner" includes a depositor in the case of a deposit, a beneficiary in the case of a trust, other than a deposit in trust, and a creditor, claimant or payee in the case of other property. [1997, c. 508, Pt. A, §2 (new); §3 (aff).]
"Person" means an individual, business association, financial organization, estate, trust, government, governmental subdivision, agency or instrumentality or any other legal or commercial entity. [1997, c. 508, Pt. A, §2 (new); §3 (aff).]
Prefunded bank card
"Prefunded bank card" means a device issued by a financial organization that enables the holder to transfer the underlying funds to multiple merchants' point-of-sale terminals. For purposes of this subsection, "underlying funds" means the funds received by the financial organization that issued the card in exchange for issuance of the card. A prefunded bank card must provide value from multiple merchants. [2005, c. 357, §2 (new).]
"Property" means tangible property described in section 1954 or a fixed and certain interest in intangible property that is held, issued or owed in the course of a holder's business or by a government, governmental subdivision, agency or instrumentality and all income or increments therefrom.
"Record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. [1997, c. 508, Pt. A, ?2 (new); ?3 (aff).
Stored-value card
"Stored-value card" means a record evidencing a promise, made for consideration, by the seller or issuer of the record that goods or services will be provided to the owner of the record to the value shown in the record and includes, but is not limited to, a record that contains a microprocessor chip, magnetic stripe or other means for the storage of information, that is prefunded and for which the value is decreased upon each use. [2003, c. 673, Pt. U, §1 (new).]