Closed Loop Card: This generally refers to a Card that is usable by the Cardholder to purchase goods or services only from a single retailer or perhaps a group of affiliated outlets–such as the Home Depot gift card which is good only at Home Depot. Among other rules, Closed Loop Cards are regulated by Consumer Protection Laws, Unclaimed Property Statutes, and Anti-Money Laundering Regulations. The closed loop status of a Card may impact the application of these laws.
