1.  ’Payment instrument’ means a written or electronic check, draft, money order, traveler’s check or other written or electronic instrument for the transmission or payment of money or monetary value, whether or not negotiable.

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2.  The term does not include stored value or any instrument that is:

(a) Redeemable by the issuer only for goods or services provided by the issuer or its affiliate or a franchisee of the issuer or its affiliate, except to the extent required by applicable law to be redeemable in cash for its cash value; or

(b) Not sold to the public but issued and distributed as part of a loyalty, rewards or promotional program.