Substitute House Bill 353 Summary

• Amends Ohio Revised Code section 169.01 to modify exemptions from the Unclaimed Funds Law by clarifying definitions of financial organizations and business associations.

• Exempts open-loop prepaid cards issued by financial organizations or business associations from unclaimed funds requirements if the underlying funds do not expire and the card can be used at multiple unaffiliated merchants or service providers.

• Exempts rewards cards issued by financial organizations or business associations from unclaimed funds requirements, including loyalty, incentive, or promotional programs that provide cardholder awards, rebates, or other amounts as rewards.

• Specifies that minimal annual fees charged to cardholders for joining loyalty or promotional programs do not constitute direct money payments that would disqualify the rewards card from exemption status.

• Repeals the existing section 169.01 of the Revised Code and replaces it with the amended version containing the new exemptions and clarified definitions.