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.
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.