Illinois 2023-2024 Regular Session

Illinois House Bill HB5143 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	HB5143 EngrossedLRB103 37054 JRC 67171 b HB5143 Engrossed LRB103 37054 JRC 67171 b
2		-	HB5143 Engrossed LRB103 37054 JRC 67171 b
	1	+	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB5143 Introduced , by Rep. Marcus C. Evans, Jr. SYNOPSIS AS INTRODUCED: See Index Amends the State Officials and Employees Money Disposition Act. Provides that examiners of unclaimed property which is reported and remitted to the State Treasurer and custodians contracted by the State of Illinois to hold presumptively abandoned securities or virtual currency may deduct fees prior to remittance in accordance with the Revised Uniform Unclaimed Property Act. Amends the Revised Uniform Unclaimed Property Act. Changes the definition of property presumed to be abandoned to a corporate bond (rather than a state or municipal bond.) If a holder cannot liquidate virtual currency and cannot otherwise cause virtual currency to be liquidated, requires the holder to promptly notify the administrator in writing. The administrator may direct the holder to either (1) transfer the virtual currency that cannot be liquidated to a custodian selected by the administrator, or (2) continue to hold the virtual currency until the administrator or the holder determines that the virtual currency can be liquidated pursuant to this Act or there is an indication of apparent owner interest. Provides that the sole administrative and legal procedure for claiming property is under this Act. Requires compliance with this Act before exercising the exclusive judicial remedy. Any appeal from the administrator's decision under the Illinois Administrative Procedure Act must be taken under the provisions of the Administrative Review Law. In governing void agreements, provides that this Section does not apply to an apparent owner's agreement with a CPA firm licensed under the Illinois Public Accounting Act or with an affiliate of such firm under certain conditions. Makes other changes. LRB103 37054 JRC 67171 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB5143 Introduced , by Rep. Marcus C. Evans, Jr. SYNOPSIS AS INTRODUCED: See Index See Index Amends the State Officials and Employees Money Disposition Act. Provides that examiners of unclaimed property which is reported and remitted to the State Treasurer and custodians contracted by the State of Illinois to hold presumptively abandoned securities or virtual currency may deduct fees prior to remittance in accordance with the Revised Uniform Unclaimed Property Act. Amends the Revised Uniform Unclaimed Property Act. Changes the definition of property presumed to be abandoned to a corporate bond (rather than a state or municipal bond.) If a holder cannot liquidate virtual currency and cannot otherwise cause virtual currency to be liquidated, requires the holder to promptly notify the administrator in writing. The administrator may direct the holder to either (1) transfer the virtual currency that cannot be liquidated to a custodian selected by the administrator, or (2) continue to hold the virtual currency until the administrator or the holder determines that the virtual currency can be liquidated pursuant to this Act or there is an indication of apparent owner interest. Provides that the sole administrative and legal procedure for claiming property is under this Act. Requires compliance with this Act before exercising the exclusive judicial remedy. Any appeal from the administrator's decision under the Illinois Administrative Procedure Act must be taken under the provisions of the Administrative Review Law. In governing void agreements, provides that this Section does not apply to an apparent owner's agreement with a CPA firm licensed under the Illinois Public Accounting Act or with an affiliate of such firm under certain conditions. Makes other changes. LRB103 37054 JRC 67171 b LRB103 37054 JRC 67171 b A BILL FOR
	2	+	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB5143 Introduced , by Rep. Marcus C. Evans, Jr. SYNOPSIS AS INTRODUCED:
	3	+	See Index See Index
	4	+	See Index
	5	+	Amends the State Officials and Employees Money Disposition Act. Provides that examiners of unclaimed property which is reported and remitted to the State Treasurer and custodians contracted by the State of Illinois to hold presumptively abandoned securities or virtual currency may deduct fees prior to remittance in accordance with the Revised Uniform Unclaimed Property Act. Amends the Revised Uniform Unclaimed Property Act. Changes the definition of property presumed to be abandoned to a corporate bond (rather than a state or municipal bond.) If a holder cannot liquidate virtual currency and cannot otherwise cause virtual currency to be liquidated, requires the holder to promptly notify the administrator in writing. The administrator may direct the holder to either (1) transfer the virtual currency that cannot be liquidated to a custodian selected by the administrator, or (2) continue to hold the virtual currency until the administrator or the holder determines that the virtual currency can be liquidated pursuant to this Act or there is an indication of apparent owner interest. Provides that the sole administrative and legal procedure for claiming property is under this Act. Requires compliance with this Act before exercising the exclusive judicial remedy. Any appeal from the administrator's decision under the Illinois Administrative Procedure Act must be taken under the provisions of the Administrative Review Law. In governing void agreements, provides that this Section does not apply to an apparent owner's agreement with a CPA firm licensed under the Illinois Public Accounting Act or with an affiliate of such firm under certain conditions. Makes other changes.
	6	+	LRB103 37054 JRC 67171 b LRB103 37054 JRC 67171 b
	7	+	LRB103 37054 JRC 67171 b
	8	+	A BILL FOR
	9	+	HB5143LRB103 37054 JRC 67171 b HB5143 LRB103 37054 JRC 67171 b
	10	+	HB5143 LRB103 37054 JRC 67171 b
3	11		1 AN ACT concerning civil law.
4	12		2 Be it enacted by the People of the State of Illinois,
5	13		3 represented in the General Assembly:
6	14		4 Section 5. The State Officers and Employees Money
7	15		5 Disposition Act is amended by changing Section 2 as follows:
8	16		6 (30 ILCS 230/2) (from Ch. 127, par. 171)
9	17		7 Sec. 2. Accounts of money received; payment into State
10	18		8 treasury.
11	19		9 (a) Every officer, board, commission, commissioner,
12	20		10 department, institution, arm or agency brought within the
13	21		11 provisions of this Act by Section 1 shall keep in proper books
14	22		12 a detailed itemized account of all moneys received for or on
15	23		13 behalf of the State of Illinois, showing the date of receipt,
16	24		14 the payor, and purpose and amount, and the date and manner of
17	25		15 disbursement as hereinafter provided, and, unless a different
18	26		16 time of payment is expressly provided by law or by rules or
19	27		17 regulations promulgated under subsection (b) of this Section,
20	28		18 shall pay into the State treasury the gross amount of money so
21	29		19 received on the day of actual physical receipt with respect to
22	30		20 any single item of receipt exceeding $10,000, within 24 hours
23	31		21 of actual physical receipt with respect to an accumulation of
24	32		22 receipts of $10,000 or more, or within 48 hours of actual
25	33		23 physical receipt with respect to an accumulation of receipts
26	34
27	35
28	36
29		-	HB5143 Engrossed LRB103 37054 JRC 67171 b
	37	+	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB5143 Introduced , by Rep. Marcus C. Evans, Jr. SYNOPSIS AS INTRODUCED:
	38	+	See Index See Index
	39	+	See Index
	40	+	Amends the State Officials and Employees Money Disposition Act. Provides that examiners of unclaimed property which is reported and remitted to the State Treasurer and custodians contracted by the State of Illinois to hold presumptively abandoned securities or virtual currency may deduct fees prior to remittance in accordance with the Revised Uniform Unclaimed Property Act. Amends the Revised Uniform Unclaimed Property Act. Changes the definition of property presumed to be abandoned to a corporate bond (rather than a state or municipal bond.) If a holder cannot liquidate virtual currency and cannot otherwise cause virtual currency to be liquidated, requires the holder to promptly notify the administrator in writing. The administrator may direct the holder to either (1) transfer the virtual currency that cannot be liquidated to a custodian selected by the administrator, or (2) continue to hold the virtual currency until the administrator or the holder determines that the virtual currency can be liquidated pursuant to this Act or there is an indication of apparent owner interest. Provides that the sole administrative and legal procedure for claiming property is under this Act. Requires compliance with this Act before exercising the exclusive judicial remedy. Any appeal from the administrator's decision under the Illinois Administrative Procedure Act must be taken under the provisions of the Administrative Review Law. In governing void agreements, provides that this Section does not apply to an apparent owner's agreement with a CPA firm licensed under the Illinois Public Accounting Act or with an affiliate of such firm under certain conditions. Makes other changes.
	41	+	LRB103 37054 JRC 67171 b LRB103 37054 JRC 67171 b
	42	+	LRB103 37054 JRC 67171 b
	43	+	A BILL FOR
30	44
31	45
32		-	HB5143 Engrossed- 2 -LRB103 37054 JRC 67171 b HB5143 Engrossed - 2 - LRB103 37054 JRC 67171 b
33		-	HB5143 Engrossed - 2 - LRB103 37054 JRC 67171 b
	46	+
	47	+
	48	+
	49	+	See Index
	50	+
	51	+
	52	+
	53	+	LRB103 37054 JRC 67171 b
	54	+
	55	+
	56	+
	57	+
	58	+
	59	+
	60	+
	61	+
	62	+
	63	+	HB5143 LRB103 37054 JRC 67171 b
	64	+
	65	+
	66	+	HB5143- 2 -LRB103 37054 JRC 67171 b HB5143 - 2 - LRB103 37054 JRC 67171 b
	67	+	HB5143 - 2 - LRB103 37054 JRC 67171 b
34	68		1 exceeding $500 but less than $10,000, disregarding holidays,
35	69		2 Saturdays and Sundays, after the receipt of same, without any
36	70		3 deduction on account of salaries, fees, costs, charges,
37	71		4 expenses or claims of any description whatever; provided that:
38	72		5 (1) the provisions of (i) Section 2505-475 of the
39	73		6 Department of Revenue Law, (ii) any specific taxing
40	74		7 statute authorizing a claim for credit procedure instead
41	75		8 of the actual making of refunds, (iii) Section 505 of the
42	76		9 Illinois Controlled Substances Act, (iv) Section 85 of the
43	77		10 Methamphetamine Control and Community Protection Act,
44	78		11 authorizing the Director of the Illinois State Police to
45	79		12 dispose of forfeited property, which includes the sale and
46	80		13 disposition of the proceeds of the sale of forfeited
47	81		14 property, and the Department of Central Management
48	82		15 Services to be reimbursed for costs incurred with the
49	83		16 sales of forfeited vehicles, boats or aircraft and to pay
50	84		17 to bona fide or innocent purchasers, conditional sales
51	85		18 vendors or mortgagees of such vehicles, boats or aircraft
52	86		19 their interest in such vehicles, boats or aircraft, and
53	87		20 (v) Section 6b-2 of the State Finance Act, establishing
54	88		21 procedures for handling cash receipts from the sale of
55	89		22 pari-mutuel wagering tickets, shall not be deemed to be in
56	90		23 conflict with the requirements of this Section;
57	91		24 (2) any fees received by the State Registrar of Vital
58	92		25 Records pursuant to the Vital Records Act which are
59	93		26 insufficient in amount may be returned by the Registrar as
60	94
61	95
62	96
63	97
64	98
65		-	HB5143 ~~Engrossed~~ - 2 - LRB103 37054 JRC 67171 b
	99	+	HB5143 - 2 - LRB103 37054 JRC 67171 b
66	100
67	101
68		-	HB5143 ~~Engrossed~~- 3 -LRB103 37054 JRC 67171 b HB5143 ~~Engrossed~~ - 3 - LRB103 37054 JRC 67171 b
69		-	HB5143 ~~Engrossed~~ - 3 - LRB103 37054 JRC 67171 b
	102	+	HB5143- 3 -LRB103 37054 JRC 67171 b HB5143 - 3 - LRB103 37054 JRC 67171 b
	103	+	HB5143 - 3 - LRB103 37054 JRC 67171 b
70	104		1 provided in that Act;
71	105		2 (3) any fees received by the Department of Public
72	106		3 Health under the Food Handling Regulation Enforcement Act
73	107		4 that are submitted for renewal of an expired food service
74	108		5 sanitation manager certificate may be returned by the
75	109		6 Director as provided in that Act;
76	110		7 (3.5) examiners of unclaimed property which is
77	111		8 reported and remitted to the State Treasurer and
78	112		9 custodians contracted by the State of Illinois to hold
79	113		10 presumptively abandoned securities or virtual currency may
80	114		11 deduct fees prior to remittance in accordance with the
81	115		12 Revised Uniform Unclaimed Property Act the State Treasurer
82	116		13 may permit the deduction of fees by third-party unclaimed
83	117		14 property examiners from the property recovered by the
84	118		15 examiners for the State of Illinois during examinations of
85	119		16 holders located outside the State under which the Office
86	120		17 of the Treasurer has agreed to pay for the examinations
87	121		18 based upon a percentage, in accordance with the Revised
88	122		19 Uniform Unclaimed Property Act, of the property recovered
89	123		20 during the examination; and
90	124		21 (4) if the amount of money received does not exceed
91	125		22 $500, such money may be retained and need not be paid into
92	126		23 the State treasury until the total amount of money so
93	127		24 received exceeds $500, or until the next succeeding 1st or
94	128		25 15th day of each month (or until the next business day if
95	129		26 these days fall on Sunday or a holiday), whichever is
96	130
97	131
98	132
99	133
100	134
101		-	HB5143 ~~Engrossed~~ - 3 - LRB103 37054 JRC 67171 b
	135	+	HB5143 - 3 - LRB103 37054 JRC 67171 b
102	136
103	137
104		-	HB5143 ~~Engrossed~~- 4 -LRB103 37054 JRC 67171 b HB5143 ~~Engrossed~~ - 4 - LRB103 37054 JRC 67171 b
105		-	HB5143 ~~Engrossed~~ - 4 - LRB103 37054 JRC 67171 b
	138	+	HB5143- 4 -LRB103 37054 JRC 67171 b HB5143 - 4 - LRB103 37054 JRC 67171 b
	139	+	HB5143 - 4 - LRB103 37054 JRC 67171 b
106	140		1 earlier, at which earlier time such money shall be paid
107	141		2 into the State treasury, except that if a local bank or
108	142		3 savings and loan association account has been authorized
109	143		4 by law, any balances shall be paid into the State treasury
110	144		5 on Monday of each week if more than $500 is to be deposited
111	145		6 in any fund.
112	146		7 Single items of receipt exceeding $10,000 received after 2
113	147		8 p.m. on a working day may be deemed to have been received on
114	148		9 the next working day for purposes of fulfilling the
115	149		10 requirement that the item be deposited on the day of actual
116	150		11 physical receipt.
117	151		12 No money belonging to or left for the use of the State
118	152		13 shall be expended or applied except in consequence of an
119	153		14 appropriation made by law and upon the warrant of the State
120	154		15 Comptroller. However, payments made by the Comptroller to
121	155		16 persons by direct deposit need not be made upon the warrant of
122	156		17 the Comptroller, but if not made upon a warrant, shall be made
123	157		18 in accordance with Section 9.02 of the State Comptroller Act.
124	158		19 All moneys so paid into the State treasury shall, unless
125	159		20 required by some statute to be held in the State treasury in a
126	160		21 separate or special fund, be covered into the General Revenue
127	161		22 Fund in the State treasury. Moneys received in the form of
128	162		23 checks, drafts or similar instruments shall be properly
129	163		24 endorsed, if necessary, and delivered to the State Treasurer
130	164		25 for collection. The State Treasurer shall remit such collected
131	165		26 funds to the depositing officer, board, commission,
132	166
133	167
134	168
135	169
136	170
137		-	HB5143 ~~Engrossed~~ - 4 - LRB103 37054 JRC 67171 b
	171	+	HB5143 - 4 - LRB103 37054 JRC 67171 b
138	172
139	173
140		-	HB5143 ~~Engrossed~~- 5 -LRB103 37054 JRC 67171 b HB5143 ~~Engrossed~~ - 5 - LRB103 37054 JRC 67171 b
141		-	HB5143 ~~Engrossed~~ - 5 - LRB103 37054 JRC 67171 b
	174	+	HB5143- 5 -LRB103 37054 JRC 67171 b HB5143 - 5 - LRB103 37054 JRC 67171 b
	175	+	HB5143 - 5 - LRB103 37054 JRC 67171 b
142	176		1 commissioner, department, institution, arm or agency by
143	177		2 Treasurers Draft or through electronic funds transfer. The
144	178		3 draft or notification of the electronic funds transfer shall
145	179		4 be provided to the State Comptroller to allow deposit into the
146	180		5 appropriate fund.
147	181		6 (b) Different time periods for the payment of public funds
148	182		7 into the State treasury or to the State Treasurer, in excess of
149	183		8 the periods established in subsection (a) of this Section, but
150	184		9 not in excess of 30 days after receipt of such funds, may be
151	185		10 established and revised from time to time by rules or
152	186		11 regulations promulgated jointly by the State Treasurer and the
153	187		12 State Comptroller in accordance with the Illinois
154	188		13 Administrative Procedure Act. The different time periods
155	189		14 established by rule or regulation under this subsection may
156	190		15 vary according to the nature and amounts of the funds
157	191		16 received, the locations at which the funds are received,
158	192		17 whether compliance with the deposit requirements specified in
159	193		18 subsection (a) of this Section would be cost effective, and
160	194		19 such other circumstances and conditions as the promulgating
161	195		20 authorities consider to be appropriate. The Treasurer and the
162	196		21 Comptroller shall review all such different time periods
163	197		22 established pursuant to this subsection every 2 years from the
164	198		23 establishment thereof and upon such review, unless it is
165	199		24 determined that it is economically unfeasible for the agency
166	200		25 to comply with the provisions of subsection (a), shall repeal
167	201		26 such different time period.
168	202
169	203
170	204
171	205
172	206
173		-	HB5143 ~~Engrossed~~ - 5 - LRB103 37054 JRC 67171 b
	207	+	HB5143 - 5 - LRB103 37054 JRC 67171 b
174	208
175	209
176		-	HB5143 ~~Engrossed~~- 6 -LRB103 37054 JRC 67171 b HB5143 ~~Engrossed~~ - 6 - LRB103 37054 JRC 67171 b
177		-	HB5143 ~~Engrossed~~ - 6 - LRB103 37054 JRC 67171 b
	210	+	HB5143- 6 -LRB103 37054 JRC 67171 b HB5143 - 6 - LRB103 37054 JRC 67171 b
	211	+	HB5143 - 6 - LRB103 37054 JRC 67171 b
178	212		1 (Source: P.A. 102-538, eff. 8-20-21.)
179		-	2 Section 7. The Illinois Trust Code is amended by changing
180		-	3 Sections 809 and 810 as follows:
181		-	4 (760 ILCS 3/809)
182		-	5 Sec. 809. Control and protection of trust property. A
183		-	6 trustee shall take reasonable steps to take control of and
184		-	7 protect the trust property, including searching for and
185		-	8 claiming any unclaimed or presumptively abandoned property. If
186		-	9 a corporation is acting as co-trustee with one or more
187		-	10 individuals, the corporate trustee shall have custody of the
188		-	11 trust estate unless all the trustees otherwise agree.
189		-	12 (Source: P.A. 101-48, eff. 1-1-20.)
190		-	13 (760 ILCS 3/810)
191		-	14 Sec. 810. Recordkeeping and identification of trust
192		-	15 property.
193		-	16 (a) A trustee shall keep adequate records of the
194		-	17 administration of the trust.
195		-	18 (b) A trustee shall keep trust property separate from the
196		-	19 trustee's own property.
197		-	20 (c) Except as otherwise provided in subsection (d), a
198		-	21 trustee not subject to federal or state banking regulation
199		-	22 shall cause the trust property to be designated so that the
200		-	23 interest of the trust, to the extent feasible, appears in
	213	+	2 Section 10. The Revised Uniform Unclaimed Property Act is
	214	+	3 amended by changing Sections 15-201, 15-301, 15-501, 15-503,
	215	+	4 15-603, 15-903, 15-906, and 15-1302 as follows:
	216	+	5 (765 ILCS 1026/15-201)
	217	+	6 Sec. 15-201. When property presumed abandoned. Subject to
	218	+	7 Section 15-210, the following property is presumed abandoned
	219	+	8 if it is unclaimed by the apparent owner during the period
	220	+	9 specified below:
	221	+	10 (1) a traveler's check, 15 years after issuance;
	222	+	11 (2) a money order, 5 years after issuance;
	223	+	12 (3) any instrument on which a financial organization
	224	+	13 or business association is directly liable, other than a
	225	+	14 money order, 3 years after issuance;
	226	+	15 (4) a corporate state or municipal bond, bearer bond,
	227	+	16 or original-issue-discount bond, 3 years after the
	228	+	17 earliest of the date the bond matures or is called or the
	229	+	18 obligation to pay the principal of the bond arises;
	230	+	19 (5) a debt of a business association, 3 years after
	231	+	20 the obligation to pay arises;
	232	+	21 (6) financial organization deposits as follows:
	233	+	22 (i) a demand deposit, 3 years after the date of the
	234	+	23 last indication of interest in the property by the
	235	+	24 apparent owner;
201	236
202	237
203	238
204	239
205	240
206		-	HB5143 ~~Engrossed~~ - 6 - LRB103 37054 JRC 67171 b
	241	+	HB5143 - 6 - LRB103 37054 JRC 67171 b
207	242
208	243
209		-	HB5143 Engrossed- 7 -LRB103 37054 JRC 67171 b HB5143 Engrossed - 7 - LRB103 37054 JRC 67171 b
210		-	HB5143 Engrossed - 7 - LRB103 37054 JRC 67171 b
211		-	1 records maintained by a party other than a trustee or
212		-	2 beneficiary to whom the trustee has delivered the property.
213		-	3 (d) If the trustee maintains records clearly indicating
214		-	4 the respective interests, a trustee may invest as a whole the
215		-	5 property of 2 or more separate trusts.
216		-	6 (e) A trustee shall maintain or cause to be maintained
217		-	7 trust records for a minimum of 7 years after the dissolution of
218		-	8 the trust.
219		-	9 (f) Prior to the destruction of trust records, a trustee
220		-	10 shall conduct a reasonable search for any trust property that
221		-	11 is presumptively abandoned or that has been reported and
222		-	12 remitted to a state unclaimed property administrator.
223		-	13 (Source: P.A. 101-48, eff. 1-1-20.)
224		-	14 Section 10. The Revised Uniform Unclaimed Property Act is
225		-	15 amended by changing Sections 15-201, 15-301, 15-501, 15-503,
226		-	16 15-603, 15-903, 15-906, and 15-1302 as follows:
227		-	17 (765 ILCS 1026/15-201)
228		-	18 Sec. 15-201. When property presumed abandoned. Subject to
229		-	19 Section 15-210, the following property is presumed abandoned
230		-	20 if it is unclaimed by the apparent owner during the period
231		-	21 specified below:
232		-	22 (1) a traveler's check, 15 years after issuance;
233		-	23 (2) a money order, 5 years after issuance;
234		-	24 (3) any instrument on which a financial organization
	244	+	HB5143- 7 -LRB103 37054 JRC 67171 b HB5143 - 7 - LRB103 37054 JRC 67171 b
	245	+	HB5143 - 7 - LRB103 37054 JRC 67171 b
	246	+	1 (ii) a savings deposit, 3 years after the date of
	247	+	2 last indication of interest in the property by the
	248	+	3 apparent owner;
	249	+	4 (iii) a time deposit for which the owner has not
	250	+	5 consented to automatic renewal of the time deposit, 3
	251	+	6 years after the later of maturity or the date of the
	252	+	7 last indication of interest in the property by the
	253	+	8 apparent owner;
	254	+	9 (iv) an automatically renewable time deposit for
	255	+	10 which the owner consented to the automatic renewal in
	256	+	11 a record on file with the holder, 3 years after the
	257	+	12 date of last indication of interest in the property by
	258	+	13 the apparent owner, following the completion of the
	259	+	14 initial term of the time deposit and one automatic
	260	+	15 renewal term of the time deposit;
	261	+	16 (6.5) virtual currency, 5 years after the last
	262	+	17 indication of interest in the property;
	263	+	18 (7) money or a credit owed to a customer as a result of
	264	+	19 a retail business transaction, other than in-store credit
	265	+	20 for returned merchandise, 3 years after the obligation
	266	+	21 arose;
	267	+	22 (8) an amount owed by an insurance company on a life or
	268	+	23 endowment insurance policy or an annuity contract that has
	269	+	24 matured or terminated, 3 years after the obligation to pay
	270	+	25 arose under the terms of the policy or contract or, if a
	271	+	26 policy or contract for which an amount is owed on proof of
235	272
236	273
237	274
238	275
239	276
240		-	HB5143 ~~Engrossed~~ - 7 - LRB103 37054 JRC 67171 b
	277	+	HB5143 - 7 - LRB103 37054 JRC 67171 b
241	278
242	279
243		-	HB5143 ~~Engrossed~~- 8 -LRB103 37054 JRC 67171 b HB5143 ~~Engrossed~~ - 8 - LRB103 37054 JRC 67171 b
244		-	HB5143 ~~Engrossed~~ - 8 - LRB103 37054 JRC 67171 b
245		-	1 ~~or business association is directly liable,~~ ~~other than a~~
246		-	2 ~~money order~~, ~~3 years after issuance;~~
247		-	3 (4) a ~~corporate state~~ or ~~municipal bond, bearer bond,~~
248		-	4 ~~or original-issue-discount bond~~, ~~3 years after the~~
249		-	5 ~~earliest~~ of the ~~date the bond matures~~ or ~~is called or the~~
250		-	6 ~~obligation to pay~~ the ~~principal of the bond arises;~~
251		-	7 ~~(5) a debt of a business association~~, ~~3 years after~~
252		-	8 the ~~obligation to pay arises;~~
253		-	9 ~~(6) financial organization deposits as follows:~~
254		-	10 (i) ~~a demand deposit,~~ ~~3 years after the date of the~~
255		-	11 ~~last indication~~ of ~~interest in~~ the ~~property by the~~
256		-	12 ~~apparent owner;~~
257		-	13 ~~(ii) a savings deposit~~, ~~3 years after~~ the ~~date~~ of
258		-	14 ~~last indication~~ of ~~interest in~~ the ~~property by the~~
259		-	15 ~~apparent owner~~;
260		-	16 (~~iii~~) ~~a time deposit for which~~ the ~~owner~~ has ~~not~~
261		-	17 ~~consented to automatic renewal of~~ the ~~time deposit, 3~~
262		-	18 ~~years after~~ the ~~later of maturity or~~ the ~~date of the~~
263		-	19 ~~last indication of interest in the property by the~~
264		-	20 ~~apparent owner;~~
265		-	21 ~~(iv)~~ an ~~automatically renewable time deposit for~~
266		-	22 ~~which~~ the ~~owner consented to~~ the ~~automatic renewal in~~
267		-	23 ~~a record on file with the holder~~, 3 ~~years after the~~
268		-	24 ~~date of~~ last indication of interest in the ~~property by~~
269		-	25 the apparent owner~~, following the completion of the~~
270		-	26 ~~initial term of the time deposit and one automatic~~
	280	+	HB5143- 8 -LRB103 37054 JRC 67171 b HB5143 - 8 - LRB103 37054 JRC 67171 b
	281	+	HB5143 - 8 - LRB103 37054 JRC 67171 b
	282	+	1 death has not matured by proof of the death of the insured
	283	+	2 or annuitant, as follows:
	284	+	3 (A) with respect to an amount owed on a life or
	285	+	4 endowment insurance policy, the earlier of:
	286	+	5 (i) 3 years after the death of the insured; or
	287	+	6 (ii) 2 years after the insured has attained,
	288	+	7 or would have attained if living, the limiting age
	289	+	8 under the mortality table on which the reserve for
	290	+	9 the policy is based; and
	291	+	10 (B) with respect to an amount owed on an annuity
	292	+	11 contract, 3 years after the death of the annuitant.
	293	+	12 (9) funds on deposit or held in trust pursuant to the
	294	+	13 Illinois Funeral or Burial Funds Act, the earliest of:
	295	+	14 (A) 2 years after the date of death of the
	296	+	15 beneficiary;
	297	+	16 (B) one year after the date the beneficiary has
	298	+	17 attained, or would have attained if living, the age of
	299	+	18 105 where the holder does not know whether the
	300	+	19 beneficiary is deceased;
	301	+	20 (C) 40 years after the contract for prepayment was
	302	+	21 executed, unless the apparent owner has indicated an
	303	+	22 interest in the property more than 40 years after the
	304	+	23 contract for prepayment was executed, in which case, 3
	305	+	24 years after the last indication of interest in the
	306	+	25 property by the apparent owner;
	307	+	26 (10) property distributable by a business association
271	308
272	309
273	310
274	311
275	312
276		-	HB5143 ~~Engrossed~~ - 8 - LRB103 37054 JRC 67171 b
	313	+	HB5143 - 8 - LRB103 37054 JRC 67171 b
277	314
278	315
279		-	HB5143 ~~Engrossed~~- 9 -LRB103 37054 JRC 67171 b HB5143 ~~Engrossed~~ - 9 - LRB103 37054 JRC 67171 b
280		-	HB5143 ~~Engrossed~~ - 9 - LRB103 37054 JRC 67171 b
281		-	1 ~~renewal term~~ of ~~the time deposit;~~
282		-	2 ~~(6.5) virtual currency, 5 years after~~ the ~~last~~
283		-	3 ~~indication of interest in~~ the property;
284		-	4 (7) ~~money or~~ a ~~credit owed to a customer as a result of~~
285		-	5 a ~~retail business transaction~~, ~~other than in-store~~ ~~credit~~
286		-	6 ~~for returned merchandise, 3 years after the obligation~~
287		-	7 ~~arose;~~
288		-	8 ~~(8) an amount owed by an insurance company on a life~~ or
289		-	9 ~~endowment insurance policy or an annuity contract that has~~
290		-	10 ~~matured~~ or ~~terminated~~, 3 ~~years after the obligation to pay~~
291		-	11 ~~arose under~~ the ~~terms of the policy or contract or, if a~~
292		-	12 ~~policy or contract for which an amount is owed on proof~~ of
293		-	13 ~~death has not matured by proof of~~ the ~~death of the insured~~
294		-	14 ~~or annuitant, as follows:~~
295		-	15 (A) ~~with respect~~ to ~~an amount owed on a life or~~
296		-	16 ~~endowment insurance policy~~, ~~the earlier of:~~
297		-	17 ~~(i) 3 years after the death of the insured; or~~
298		-	18 ~~(ii) 2 years~~ after the ~~insured has attained,~~
299		-	19 or ~~would have attained if living,~~ ~~the limiting age~~
300		-	20 ~~under~~ the ~~mortality table on which the reserve for~~
301		-	21 ~~the policy is based;~~ ~~and~~
302		-	22 ~~(B) with respect~~ to ~~an amount owed on an annuity~~
303		-	23 ~~contract, 3 years after the death~~ of ~~the annuitant.~~
304		-	24 ~~(9) funds on deposit~~ or ~~held in trust pursuant to the~~
305		-	25 ~~Illinois Funeral or Burial Funds Act~~, ~~the earliest of:~~
306		-	26 ~~(A) 2 years after the date of death~~ of the
	316	+	HB5143- 9 -LRB103 37054 JRC 67171 b HB5143 - 9 - LRB103 37054 JRC 67171 b
	317	+	HB5143 - 9 - LRB103 37054 JRC 67171 b
	318	+	1 in the course bankruptcy or of dissolution or
	319	+	2 distributions from the termination of a retirement plan,
	320	+	3 one year after the property becomes distributable;
	321	+	4 (11) property held by a court, including property
	322	+	5 received as proceeds of a class action, 3 years after the
	323	+	6 property becomes distributable;
	324	+	7 (12) property held by a government or governmental
	325	+	8 subdivision, agency, or instrumentality, including
	326	+	9 municipal bond interest and unredeemed principal under the
	327	+	10 administration of a paying agent or indenture trustee, 3
	328	+	11 years after the property becomes distributable;
	329	+	12 (12.5) amounts payable pursuant to Section 20-175 of
	330	+	13 the Property Tax Code, 3 years after the property becomes
	331	+	14 payable;
	332	+	15 (13) wages, commissions, bonuses, or reimbursements to
	333	+	16 which an employee is entitled, or other compensation for
	334	+	17 personal services, including amounts held on a payroll
	335	+	18 card, one year after the amount becomes payable;
	336	+	19 (14) a deposit or refund owed to a subscriber by a
	337	+	20 utility, one year after the deposit or refund becomes
	338	+	21 payable, except that any capital credits or patronage
	339	+	22 capital retired, returned, refunded or tendered to a
	340	+	23 member of an electric cooperative, as defined in Section
	341	+	24 3.4 of the Electric Supplier Act, or a telephone or
	342	+	25 telecommunications cooperative, as defined in Section
	343	+	26 13-212 of the Public Utilities Act, that has remained
307	344
308	345
309	346
310	347
311	348
312		-	HB5143 ~~Engrossed~~ - 9 - LRB103 37054 JRC 67171 b
	349	+	HB5143 - 9 - LRB103 37054 JRC 67171 b
313	350
314	351
315		-	HB5143 Engrossed- 10 -LRB103 37054 JRC 67171 b HB5143 Engrossed - 10 - LRB103 37054 JRC 67171 b
316		-	HB5143 Engrossed - 10 - LRB103 37054 JRC 67171 b
317		-	1 beneficiary;
318		-	2 (B) one year after the date the beneficiary has
319		-	3 attained, or would have attained if living, the age of
320		-	4 105 where the holder does not know whether the
321		-	5 beneficiary is deceased;
322		-	6 (C) 40 years after the contract for prepayment was
323		-	7 executed, unless the apparent owner has indicated an
324		-	8 interest in the property more than 40 years after the
325		-	9 contract for prepayment was executed, in which case, 3
326		-	10 years after the last indication of interest in the
327		-	11 property by the apparent owner;
328		-	12 (10) property distributable by a business association
329		-	13 in the course of bankruptcy or dissolution or
330		-	14 distributions from the termination of a retirement plan,
331		-	15 one year after the property becomes distributable;
332		-	16 (11) property held by a court, including property
333		-	17 received as proceeds of a class action, 3 years after the
334		-	18 property becomes distributable;
335		-	19 (12) property held by a government or governmental
336		-	20 subdivision, agency, or instrumentality, including
337		-	21 municipal bond interest and unredeemed principal under the
338		-	22 administration of a paying agent or indenture trustee, 3
339		-	23 years after the property becomes distributable;
340		-	24 (12.5) amounts payable pursuant to Section 20-175 of
341		-	25 the Property Tax Code, 3 years after the property becomes
342		-	26 payable;
	352	+	HB5143- 10 -LRB103 37054 JRC 67171 b HB5143 - 10 - LRB103 37054 JRC 67171 b
	353	+	HB5143 - 10 - LRB103 37054 JRC 67171 b
	354	+	1 unclaimed by the person appearing on the records of the
	355	+	2 entitled cooperative for more than 2 years, shall not be
	356	+	3 subject to, or governed by, any other provisions of this
	357	+	4 Act, but rather shall be used by the cooperative for the
	358	+	5 benefit of the general membership of the cooperative; and
	359	+	6 (15) property not specified in this Section or
	360	+	7 Sections 15-202 through 15-208, the earlier of 3 years
	361	+	8 after the owner first has a right to demand the property or
	362	+	9 the obligation to pay or distribute the property arises.
	363	+	10 Notwithstanding anything to the contrary in this Section
	364	+	11 15-201, and subject to Section 15-210, a deceased owner cannot
	365	+	12 indicate interest in his or her property. If the owner is
	366	+	13 deceased and the abandonment period for the owner's property
	367	+	14 specified in this Section 15-201 is greater than 2 years, then
	368	+	15 the property, other than an amount owed by an insurance
	369	+	16 company on a life or endowment insurance policy or an annuity
	370	+	17 contract that has matured or terminated, shall instead be
	371	+	18 presumed abandoned 2 years from the date of the owner's last
	372	+	19 indication of interest in the property.
	373	+	20 (Source: P.A. 102-288, eff. 8-6-21; 103-148, eff. 6-30-23.)
	374	+	21 (765 ILCS 1026/15-301)
	375	+	22 Sec. 15-301. Address of apparent owner to establish
	376	+	23 priority. In this Article, the following rules apply:
	377	+	24 (1) The last-known address of an apparent owner is any
	378	+	25 description, code, or other indication of the location of
343	379
344	380
345	381
346	382
347	383
348		-	HB5143 ~~Engrossed~~ - 10 - LRB103 37054 JRC 67171 b
	384	+	HB5143 - 10 - LRB103 37054 JRC 67171 b
349	385
350	386
351		-	HB5143 ~~Engrossed~~- 11 -LRB103 37054 JRC 67171 b HB5143 ~~Engrossed~~ - 11 - LRB103 37054 JRC 67171 b
352		-	HB5143 ~~Engrossed~~ - 11 - LRB103 37054 JRC 67171 b
353		-	1 ~~(13) wages~~, ~~commissions, bonuses,~~ ~~or reimbursements to~~
354		-	2 ~~which an employee is entitled~~, or ~~other compensation for~~
355		-	3 ~~personal services,~~ ~~including amounts held on a payroll~~
356		-	4 ~~card, one year after~~ the ~~amount becomes payable;~~
357		-	5 (14) ~~a deposit or refund owed to a subscriber by a~~
358		-	6 ~~utility, one year after~~ the ~~deposit or refund becomes~~
359		-	7 ~~payable~~, ~~except that any capital credits or patronage~~
360		-	8 ~~capital retired,~~ ~~returned, refunded or tendered to a~~
361		-	9 ~~member of an electric cooperative,~~ ~~as defined in Section~~
362		-	10 ~~3.4~~ of the ~~Electric Supplier Act,~~ ~~or a telephone or~~
363		-	11 ~~telecommunications cooperative, as defined~~ in ~~Section~~
364		-	12 ~~13-212 of~~ the ~~Public Utilities Act,~~ ~~that has remained~~
365		-	13 ~~unclaimed by~~ the ~~person appearing on~~ the ~~records~~ of the
366		-	14 ~~entitled cooperative for more than 2 years, shall not be~~
367		-	15 ~~subject to,~~ ~~or governed by, any other provisions~~ of ~~this~~
368		-	16 ~~Act, but rather shall be used by the cooperative for the~~
369		-	17 ~~benefit~~ of the ~~general membership of the cooperative; and~~
370		-	18 ~~(15) property not specified in this Section~~ or
371		-	19 ~~Sections 15-202~~ ~~through 15-208,~~ the ~~earlier of 3 years~~
372		-	20 ~~after~~ the ~~owner first has a right to demand~~ the ~~property or~~
373		-	21 ~~the obligation to pay or distribute~~ the ~~property arises.~~
374		-	22 ~~Notwithstanding anything to~~ the ~~contrary in this Section~~
375		-	23 ~~15-201, and subject to Section 15-210,~~ a ~~deceased owner cannot~~
376		-	24 ~~indicate interest in his or her property. If~~ the owner is
377		-	25 deceased ~~and~~ the ~~abandonment period for~~ the ~~owner's property~~
378		-	26 ~~specified in this Section 15-201~~ ~~is greater than 2 years, then~~
	387	+	HB5143- 11 -LRB103 37054 JRC 67171 b HB5143 - 11 - LRB103 37054 JRC 67171 b
	388	+	HB5143 - 11 - LRB103 37054 JRC 67171 b
	389	+	1 the apparent owner which identifies the state, even if the
	390	+	2 description, code, or indication of location is not
	391	+	3 sufficient to direct the delivery of first-class United
	392	+	4 States mail to the apparent owner.
	393	+	5 (2) If the United States postal zip code associated
	394	+	6 with the apparent owner is for a post office located in
	395	+	7 this State, this State is deemed to be the state of the
	396	+	8 last-known address of the apparent owner unless other
	397	+	9 records associated with the apparent owner specifically
	398	+	10 identify the physical address of the apparent owner to be
	399	+	11 in another state.
	400	+	12 (3) If the address under paragraph (2) is in another
	401	+	13 state, the other state is deemed to be the state of the
	402	+	14 last-known address of the apparent owner.
	403	+	15 (4) The address of the apparent owner of a life or
	404	+	16 endowment insurance policy or annuity contract or its
	405	+	17 proceeds is presumed to be the address of the insured or
	406	+	18 annuitant if a person other than the insured or annuitant
	407	+	19 is entitled to the amount owed under the policy or
	408	+	20 contract and the address of the other person is not known
	409	+	21 by the insurance company and cannot be determined under
	410	+	22 Section 15-302. The address of the apparent owner of other
	411	+	23 property where ownership vests in a beneficiary upon the
	412	+	24 death of the owner is presumed to be the address of the
	413	+	25 now-deceased owner if the address of the beneficiary is
	414	+	26 not known by the holder and cannot be determined under
379	415
380	416
381	417
382	418
383	419
384		-	HB5143 ~~Engrossed~~ - 11 - LRB103 37054 JRC 67171 b
	420	+	HB5143 - 11 - LRB103 37054 JRC 67171 b
385	421
386	422
387		-	HB5143 ~~Engrossed~~- 12 -LRB103 37054 JRC 67171 b HB5143 ~~Engrossed~~ - 12 - LRB103 37054 JRC 67171 b
388		-	HB5143 ~~Engrossed~~ - 12 - LRB103 37054 JRC 67171 b
389		-	1 ~~the property, other than an amount owed by an insurance~~
390		-	2 ~~company on a life or endowment insurance policy or an annuity~~
391		-	3 ~~contract that has matured or terminated,~~ ~~shall instead be~~
392		-	4 presumed ~~abandoned 2 years from~~ the ~~date~~ of the owner~~'s last~~
393		-	5 ~~indication~~ of ~~interest in~~ the ~~property.~~
394		-	6 ~~(Source: P~~.~~A. 102-288, eff. 8-6-21; 103-148, eff. 6-30-23.)~~
395		-	7 (~~765 ILCS 1026/15-301~~)
396		-	8 ~~Sec.~~ 15-~~301. Address of apparent owner to establish~~
397		-	9 ~~priority~~. ~~In this Article,~~ ~~the following rules apply:~~
398		-	10 (1) The ~~last-known address~~ of ~~an apparent owner is any~~
399		-	11 ~~description, code,~~ ~~or other indication of~~ the ~~location of~~
400		-	12 ~~the apparent owner which identifies the state,~~ ~~even if the~~
401		-	13 ~~description, code,~~ ~~or indication of location is~~ not
402		-	14 ~~sufficient to direct~~ the ~~delivery of first-class United~~
403		-	15 ~~States mail to the apparent owner.~~
404		-	16 (2) If the ~~United States postal zip code associated~~
405		-	17 ~~with the~~ apparent owner ~~is for a post office located in~~
406		-	18 ~~this State, this State is deemed~~ to be the ~~state~~ of ~~the~~
407		-	19 ~~last-known address of~~ the apparent owner ~~unless other~~
408		-	20 ~~records associated with~~ the ~~apparent owner specifically~~
409		-	21 ~~identify the physical address of the~~ apparent owner to be
410		-	22 ~~in another state.~~
411		-	23 ~~(3) If~~ the ~~address under paragraph (2) is~~ in ~~another~~
412		-	24 ~~state,~~ the ~~other state is deemed to be the state of the~~
413		-	25 last-known address of the ~~apparent owner.~~
	423	+	HB5143- 12 -LRB103 37054 JRC 67171 b HB5143 - 12 - LRB103 37054 JRC 67171 b
	424	+	HB5143 - 12 - LRB103 37054 JRC 67171 b
	425	+	1 Section 15-302.
	426	+	2 (5) The address of the owner of other property where
	427	+	3 ownership vests in a beneficiary upon the death of the
	428	+	4 owner is presumed to be the address of the deceased owner
	429	+	5 if the address of the beneficiary is not known by the
	430	+	6 holder and cannot be determined under Section 15-302.
	431	+	7 (Source: P.A. 100-22, eff. 1-1-18.)
	432	+	8 (765 ILCS 1026/15-501)
	433	+	9 Sec. 15-501. Notice to apparent owner by holder.
	434	+	10 (a) Subject to subsections (b) and (c), the holder of
	435	+	11 property presumed abandoned shall send to the apparent owner
	436	+	12 notice by first-class United States mail that complies with
	437	+	13 Section 15-502 in a format acceptable to the administrator not
	438	+	14 more than one year nor less than 60 days before filing the
	439	+	15 report under Section 15-401 if:
	440	+	16 (1) the holder has in its records an address for the
	441	+	17 apparent owner which the holder's records do not disclose
	442	+	18 to be invalid and is sufficient to direct the delivery of
	443	+	19 first-class United States mail to the apparent owner; and
	444	+	20 (2) the value of the property is $50 or more.
	445	+	21 (b) If an apparent owner has consented to receive
	446	+	22 electronic-mail delivery from the holder, the holder shall
	447	+	23 send the notice described in subsection (a) both by
	448	+	24 first-class United States mail to the apparent owner's
	449	+	25 last-known mailing address and by electronic mail, unless the
414	450
415	451
416	452
417	453
418	454
419		-	HB5143 ~~Engrossed~~ - 12 - LRB103 37054 JRC 67171 b
	455	+	HB5143 - 12 - LRB103 37054 JRC 67171 b
420	456
421	457
422		-	HB5143 ~~Engrossed~~- 13 -LRB103 37054 JRC 67171 b HB5143 ~~Engrossed~~ - 13 - LRB103 37054 JRC 67171 b
423		-	HB5143 ~~Engrossed~~ - 13 - LRB103 37054 JRC 67171 b
424		-	1 ~~(4) The address of~~ the apparent owner ~~of a life or~~
425		-	2 ~~endowment insurance policy or annuity contract or its~~
426		-	3 ~~proceeds is presumed to be~~ the ~~address~~ of ~~the insured~~ or
427		-	4 ~~annuitant if a person other than the insured~~ or ~~annuitant~~
428		-	5 ~~is entitled~~ to the ~~amount owed under the policy or~~
429		-	6 ~~contract and the address of the other person is not known~~
430		-	7 by the ~~insurance company and cannot be determined under~~
431		-	8 Section 15-~~302. The address of the apparent owner of other~~
432		-	9 ~~property where ownership vests~~ in ~~a beneficiary upon~~ the
433		-	10 ~~death of~~ the ~~owner is presumed to be the address of the~~
434		-	11 ~~now-deceased owner if~~ the ~~address~~ of ~~the beneficiary is~~
435		-	12 ~~not known by~~ the ~~holder~~ and ~~cannot be determined under~~
436		-	13 ~~Section 15-302~~.
437		-	14 (5) ~~The address~~ of ~~the owner of other property where~~
438		-	15 ~~ownership vests~~ in a ~~beneficiary upon the death of the~~
439		-	16 ~~owner is presumed~~ to ~~be the address of the deceased owner~~
440		-	17 ~~if the address of the beneficiary is not known~~ by ~~the~~
441		-	18 holder ~~and cannot be determined under Section 15-302.~~
442		-	19 ~~(Source: P.A. 100-22, eff.~~ ~~1-1-18.)~~
443		-	20 ~~(765 ILCS 1026/15-501)~~
444		-	21 ~~Sec. 15-501. Notice~~ to ~~apparent owner by holder.~~
445		-	22 (a~~) Subject to subsections (b) and (c), the holder of~~
446		-	23 ~~property presumed abandoned shall send to the apparent owner~~
447		-	24 ~~notice by first-class United States mail that complies with~~
448		-	25 ~~Section~~ 15-~~502 in a format acceptable to the administrator not~~
	458	+	HB5143- 13 -LRB103 37054 JRC 67171 b HB5143 - 13 - LRB103 37054 JRC 67171 b
	459	+	HB5143 - 13 - LRB103 37054 JRC 67171 b
	460	+	1 holder believes that the apparent owner's electronic-mail
	461	+	2 address is invalid.
	462	+	3 (c) The holder of virtual currency or securities presumed
	463	+	4 abandoned under Sections 15-202, 15-203, or 15-208 shall send
	464	+	5 to the apparent owner notice by certified United States mail
	465	+	6 that complies with Section 15-502 in a format acceptable to
	466	+	7 the administrator not less than 60 days before filing the
	467	+	8 report under Section 15-401 if:
	468	+	9 (1) the holder has in its records an address for the
	469	+	10 apparent owner which the holder's records do not disclose
	470	+	11 to be invalid and is sufficient to direct the delivery of
	471	+	12 United States mail to the apparent owner; and
	472	+	13 (2) the value of the property is $1,000 or more.
	473	+	14 (d) In addition to other indications of an apparent
	474	+	15 owner's interest in property pursuant to Section 15-210, a
	475	+	16 signed return receipt in response to a notice sent pursuant to
	476	+	17 this Section by certified United States mail shall constitute
	477	+	18 a record communicated by the apparent owner to the holder
	478	+	19 concerning the property or the account in which the property
	479	+	20 is held.
	480	+	21 (e) The administrator may adopt rules allowing a holder to
	481	+	22 deduct reasonable costs incurred in sending a notice by United
	482	+	23 States mail under this Section.
	483	+	24 (Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.)
	484	+	25 (765 ILCS 1026/15-503)
449	485
450	486
451	487
452	488
453	489
454		-	HB5143 ~~Engrossed~~ - 13 - LRB103 37054 JRC 67171 b
	490	+	HB5143 - 13 - LRB103 37054 JRC 67171 b
455	491
456	492
457		-	HB5143 ~~Engrossed~~- 14 -LRB103 37054 JRC 67171 b HB5143 ~~Engrossed~~ - 14 - LRB103 37054 JRC 67171 b
458		-	HB5143 ~~Engrossed~~ - 14 - LRB103 37054 JRC 67171 b
459		-	1 ~~more than one year nor less than 60 days before filing the~~
460		-	2 ~~report under Section 15-401~~ ~~if:~~
461		-	3 ~~(1) the holder has in its records an address for the~~
462		-	4 apparent owner ~~which~~ the ~~holder's records do not disclose~~
463		-	5 ~~to be invalid and is sufficient to direct the delivery of~~
464		-	6 ~~first-class United States mail to~~ the ~~apparent owner; and~~
465		-	7 ~~(2) the value of the property is $50 or more.~~
466		-	8 (b) ~~If an apparent owner has consented to receive~~
467		-	9 ~~electronic-~~mail ~~delivery from the holder, the holder shall~~
468		-	10 ~~send the notice described in subsection (a) both by~~
469		-	11 ~~first-class United States mail to~~ the ~~apparent owner's~~
470		-	12 ~~last-known~~ mailing ~~address and~~ by ~~electronic mail,~~ ~~unless the~~
471		-	13 ~~holder believes that~~ the apparent owner~~'s electronic-mail~~
472		-	14 ~~address is invalid.~~
473		-	15 ~~(c) The holder of virtual currency or securities presumed~~
474		-	16 ~~abandoned under Sections 15-202~~, ~~15-203, or 15-208~~ ~~shall send~~
475		-	17 to the apparent owner ~~notice by certified United States mail~~
476		-	18 ~~that complies with Section 15-502 in a format acceptable to~~
477		-	19 ~~the administrator not less than 60 days before filing the~~
478		-	20 ~~report under Section 15-401~~ ~~if:~~
479		-	21 ~~(1)~~ the ~~holder has in its records an address for the~~
480		-	22 apparent owner ~~which the holder's records do not disclose~~
481		-	23 ~~to be invalid and is sufficient to direct~~ the ~~delivery of~~
482		-	24 ~~United States mail~~ to ~~the apparent owner; and~~
483		-	25 (2) the ~~value of~~ the ~~property is $1,000 or more.~~
484		-	26 ~~(d) In addition to other indications of an apparent~~
	493	+	HB5143- 14 -LRB103 37054 JRC 67171 b HB5143 - 14 - LRB103 37054 JRC 67171 b
	494	+	HB5143 - 14 - LRB103 37054 JRC 67171 b
	495	+	1 Sec. 15-503. Notice by administrator.
	496	+	2 (a) The administrator shall give notice to an apparent
	497	+	3 owner that property presumed abandoned and appears to be owned
	498	+	4 by the apparent owner is held by the administrator under this
	499	+	5 Act.
	500	+	6 (b) In providing notice under subsection (a), the
	501	+	7 administrator shall:
	502	+	8 (1) except as otherwise provided in paragraph (2),
	503	+	9 send written notice by first-class United States mail to
	504	+	10 each apparent owner of property valued at $100 or more
	505	+	11 held by the administrator, unless the administrator
	506	+	12 determines that a mailing by first-class United States
	507	+	13 mail would not be received by the apparent owner, and, in
	508	+	14 the case of a security held in an account for which the
	509	+	15 apparent owner had consented to receiving electronic mail
	510	+	16 from the holder, send notice by electronic mail if the
	511	+	17 electronic-mail address of the apparent owner is known to
	512	+	18 the administrator instead of by first-class United States
	513	+	19 mail; or
	514	+	20 (2) send the notice to the apparent owner's
	515	+	21 electronic-mail address if the administrator does not have
	516	+	22 a valid United States mail address for an apparent owner,
	517	+	23 but has an electronic-mail address that the administrator
	518	+	24 does not know to be invalid.
	519	+	25 (c) In addition to the notice under subsection (b), the
	520	+	26 administrator shall:
485	521
486	522
487	523
488	524
489	525
490		-	HB5143 ~~Engrossed~~ - 14 - LRB103 37054 JRC 67171 b
	526	+	HB5143 - 14 - LRB103 37054 JRC 67171 b
491	527
492	528
493		-	HB5143 Engrossed- 15 -LRB103 37054 JRC 67171 b HB5143 Engrossed - 15 - LRB103 37054 JRC 67171 b
494		-	HB5143 Engrossed - 15 - LRB103 37054 JRC 67171 b
495		-	1 owner's interest in property pursuant to Section 15-210, a
496		-	2 signed return receipt in response to a notice sent pursuant to
497		-	3 this Section by certified United States mail shall constitute
498		-	4 a record communicated by the apparent owner to the holder
499		-	5 concerning the property or the account in which the property
500		-	6 is held.
501		-	7 (e) The administrator may adopt rules allowing a holder to
502		-	8 deduct reasonable costs incurred in sending a notice by United
503		-	9 States mail under this Section.
504		-	10 (Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.)
505		-	11 (765 ILCS 1026/15-503)
506		-	12 Sec. 15-503. Notice by administrator.
507		-	13 (a) The administrator shall give notice to an apparent
508		-	14 owner that property presumed abandoned and appears to be owned
509		-	15 by the apparent owner is held by the administrator under this
510		-	16 Act.
511		-	17 (b) In providing notice under subsection (a), the
512		-	18 administrator shall:
513		-	19 (1) except as otherwise provided in paragraph (2),
514		-	20 send written notice by first-class United States mail to
515		-	21 each apparent owner of property valued at $100 or more
516		-	22 held by the administrator, unless the administrator
517		-	23 determines that a mailing by first-class United States
518		-	24 mail would not be received by the apparent owner, and, in
519		-	25 the case of a security held in an account for which the
	529	+	HB5143- 15 -LRB103 37054 JRC 67171 b HB5143 - 15 - LRB103 37054 JRC 67171 b
	530	+	HB5143 - 15 - LRB103 37054 JRC 67171 b
	531	+	1 (1) publish twice every year every 6 months in at
	532	+	2 least one English language newspaper of general
	533	+	3 circulation in each county in this State notice of
	534	+	4 property held by the administrator which must include:
	535	+	5 (A) an estimate of the total value of property
	536	+	6 available to be claimed from received by the
	537	+	7 administrator during the preceding 6-month period,
	538	+	8 taken from the reports under Section 15-401;
	539	+	9 (B) the approximate total value of claims paid by
	540	+	10 the administrator during the preceding fiscal year
	541	+	11 6-month period;
	542	+	12 (C) the Internet web address of the unclaimed
	543	+	13 property website maintained by the administrator;
	544	+	14 (D) an electronic-mail address to contact the
	545	+	15 administrator to inquire about or claim property; and
	546	+	16 (E) a statement that a person may access the
	547	+	17 Internet by a computer to search for unclaimed
	548	+	18 property and a computer may be available as a service
	549	+	19 to the public at a local public library.
	550	+	20 (2) The administrator shall maintain a website
	551	+	21 accessible by the public and electronically searchable
	552	+	22 which contains the names reported to the administrator of
	553	+	23 apparent owners for whom property is being held by the
	554	+	24 administrator. The administrator need not list property on
	555	+	25 such website when: no owner name was reported, a claim has
	556	+	26 been initiated or is pending for the property, the
520	557
521	558
522	559
523	560
524	561
525		-	HB5143 ~~Engrossed~~ - 15 - LRB103 37054 JRC 67171 b
	562	+	HB5143 - 15 - LRB103 37054 JRC 67171 b
526	563
527	564
528		-	HB5143 ~~Engrossed~~- 16 -LRB103 37054 JRC 67171 b HB5143 ~~Engrossed~~ - 16 - LRB103 37054 JRC 67171 b
529		-	HB5143 ~~Engrossed~~ - 16 - LRB103 37054 JRC 67171 b
530		-	1 apparent ~~owner had consented to receiving electronic mail~~
531		-	2 ~~from~~ the ~~holder~~, ~~send notice by electronic mail if~~ the
532		-	3 ~~electronic-mail address~~ of the ~~apparent owner is known to~~
533		-	4 the ~~administrator instead~~ of ~~by first-class~~ ~~United States~~
534		-	5 ~~mail; or~~
535		-	6 (2) ~~send~~ the ~~notice to the apparent owner's~~
536		-	7 ~~electronic-mail address if~~ the ~~administrator does not have~~
537		-	8 a ~~valid United States mail address for~~ an ~~apparent owner,~~
538		-	9 ~~but has an electronic-mail address that~~ the ~~administrator~~
539		-	10 ~~does not know to be invalid~~.
540		-	11 (c) ~~In addition to the notice under subsection (b), the~~
541		-	12 ~~administrator shall:~~
542		-	13 (1) ~~publish twice every year every 6 months in at~~
543		-	14 ~~least one English language newspaper~~ of ~~general~~
544		-	15 ~~circulation in each county in~~ this ~~State notice of~~
545		-	16 ~~property held by~~ the administrator ~~which must include:~~
546		-	17 ~~(A) an estimate~~ of the ~~total value of property~~
547		-	18 available ~~to be claimed from received by the~~
548		-	19 ~~administrator during~~ the ~~preceding 6-month~~ ~~period,~~
549		-	20 ~~taken from the reports~~ under ~~Section 15-401;~~
550		-	21 ~~(B)~~ the ~~approximate total value of claims paid by~~
551		-	22 ~~the~~ administrator ~~during~~ the ~~preceding fiscal year~~
552		-	23 ~~6-month period;~~
553		-	24 ~~(C)~~ the ~~Internet web address~~ of ~~the unclaimed~~
554		-	25 ~~property website maintained by~~ the ~~administrator;~~
555		-	26 ~~(D) an electronic-mail address to contact~~ the
	565	+	HB5143- 16 -LRB103 37054 JRC 67171 b HB5143 - 16 - LRB103 37054 JRC 67171 b
	566	+	HB5143 - 16 - LRB103 37054 JRC 67171 b
	567	+	1 administrator has made direct contact with the apparent
	568	+	2 owner of the property, and in other instances where the
	569	+	3 administrator reasonably believes exclusion of the
	570	+	4 property is in the best interests of both the State and the
	571	+	5 owner of the property.
	572	+	6 (d) The website or database maintained under subsection
	573	+	7 (c)(2) must include instructions for filing with the
	574	+	8 administrator a claim to property and an online claim form
	575	+	9 with instructions. The website may also provide a printable
	576	+	10 claim form with instructions for its use.
	577	+	11 (e) Tax return identification of apparent owners of
	578	+	12 abandoned property.
	579	+	13 (1) At least annually the administrator shall notify
	580	+	14 the Department of Revenue of the names of persons
	581	+	15 appearing to be owners of abandoned property under this
	582	+	16 Section. The administrator shall also provide to the
	583	+	17 Department of Revenue the social security numbers of the
	584	+	18 persons, if available.
	585	+	19 (2) The Department of Revenue shall notify the
	586	+	20 administrator if any person under subsection (e)(1) has
	587	+	21 filed an Illinois income tax return and shall provide the
	588	+	22 administrator with the last known address of the person as
	589	+	23 it appears in Department of Revenue records, except as
	590	+	24 prohibited by federal law. The Department of Revenue may
	591	+	25 also provide additional addresses for the same taxpayer
	592	+	26 from the records of the Department, except as prohibited
556	593
557	594
558	595
559	596
560	597
561		-	HB5143 ~~Engrossed~~ - 16 - LRB103 37054 JRC 67171 b
	598	+	HB5143 - 16 - LRB103 37054 JRC 67171 b
562	599
563	600
564		-	HB5143 ~~Engrossed~~- 17 -LRB103 37054 JRC 67171 b HB5143 ~~Engrossed~~ - 17 - LRB103 37054 JRC 67171 b
565		-	HB5143 ~~Engrossed~~ - 17 - LRB103 37054 JRC 67171 b
566		-	1 ~~administrator to inquire about or claim property; and~~
567		-	2 (E) ~~a statement that a person may access~~ the
568		-	3 ~~Internet by a computer to search for unclaimed~~
569		-	4 ~~property and a computer~~ may ~~be available as a service~~
570		-	5 ~~to the public at a local public library.~~
571		-	6 ~~(2) The administrator shall maintain a website~~
572		-	7 ~~accessible by~~ the ~~public and electronically searchable~~
573		-	8 ~~which contains~~ the ~~names reported to the administrator of~~
574		-	9 ~~apparent owners for whom property is being held by~~ the
575		-	10 ~~administrator. The administrator need not list property on~~
576		-	11 ~~such website when~~: ~~no owner name was reported, a claim has~~
577		-	12 ~~been initiated or is pending for~~ the property, the
578		-	13 ~~administrator has made direct contact with the apparent~~
579		-	14 ~~owner of~~ the property~~, and in other instances where the~~
580		-	15 ~~administrator reasonably believes exclusion of the~~
581		-	16 ~~property is in~~ the ~~best interests of both~~ the ~~State and the~~
582		-	17 ~~owner~~ of ~~the property.~~
583		-	18 ~~(d) The website or database maintained under subsection~~
584		-	19 (~~c)(2~~) ~~must include instructions for filing with the~~
585		-	20 ~~administrator a claim to property and an online claim form~~
586		-	21 ~~with instructions.~~ The ~~website may also provide a printable~~
587		-	22 ~~claim form with instructions for its use.~~
588		-	23 ~~(e) Tax return identification~~ of ~~apparent owners of~~
589		-	24 ~~abandoned~~ property.
590		-	25 ~~(1) At least annually the administrator shall notify~~
591		-	26 ~~the Department of Revenue of~~ the ~~names of persons~~
	601	+	HB5143- 17 -LRB103 37054 JRC 67171 b HB5143 - 17 - LRB103 37054 JRC 67171 b
	602	+	HB5143 - 17 - LRB103 37054 JRC 67171 b
	603	+	1 by federal law.
	604	+	2 (3) In order to facilitate the return of property
	605	+	3 under this subsection, the administrator and the
	606	+	4 Department of Revenue may enter into an interagency
	607	+	5 agreement concerning protection of confidential
	608	+	6 information, data match rules, and other issues.
	609	+	7 (4) The administrator may deliver, as provided under
	610	+	8 Section 15-904 of this Act, property or pay the amount
	611	+	9 owing to a person matched under this Section without the
	612	+	10 person filing a claim under Section 15-903 of this Act if
	613	+	11 the following conditions are met:
	614	+	12 (A) the value of the property that is owed the
	615	+	13 person is $5,000 or less;
	616	+	14 (B) the property is not either tangible property
	617	+	15 or securities;
	618	+	16 (C) the last known address for the person
	619	+	17 according to the Department of Revenue records is less
	620	+	18 than 12 months old; and
	621	+	19 (D) the administrator has evidence sufficient to
	622	+	20 establish that the person who appears in Department of
	623	+	21 Revenue records is the owner of the property and the
	624	+	22 owner currently resides at the last known address from
	625	+	23 the Department of Revenue.
	626	+	24 (5) If the value of the property that is owed the
	627	+	25 person is greater than $5,000, or is tangible property or
	628	+	26 securities the administrator shall provide notice to the
592	629
593	630
594	631
595	632
596	633
597		-	HB5143 ~~Engrossed~~ - 17 - LRB103 37054 JRC 67171 b
	634	+	HB5143 - 17 - LRB103 37054 JRC 67171 b
598	635
599	636
600		-	HB5143 ~~Engrossed~~- 18 -LRB103 37054 JRC 67171 b HB5143 ~~Engrossed~~ - 18 - LRB103 37054 JRC 67171 b
601		-	HB5143 ~~Engrossed~~ - 18 - LRB103 37054 JRC 67171 b
602		-	1 ~~appearing to be owners~~ of ~~abandoned property under this~~
603		-	2 ~~Section.~~ The ~~administrator shall also provide to the~~
604		-	3 ~~Department of Revenue~~ the ~~social security numbers~~ of the
605		-	4 ~~persons, if available.~~
606		-	5 ~~(2) The~~ Department of Revenue ~~shall notify~~ the
607		-	6 ~~administrator~~ if ~~any person under subsection (e)(1) has~~
608		-	7 ~~filed an Illinois income tax return and shall provide~~ the
609		-	8 ~~administrator with the last known address of the person as~~
610		-	9 ~~it appears in Department of Revenue records,~~ ~~except as~~
611		-	10 ~~prohibited by federal law.~~ The Department of Revenue ~~may~~
612		-	11 ~~also provide additional addresses for~~ the ~~same taxpayer~~
613		-	12 ~~from the records of the Department, except as prohibited~~
614		-	13 ~~by federal law.~~
615		-	14 ~~(3) In order to facilitate~~ the ~~return~~ of ~~property~~
616		-	15 ~~under this subsection,~~ the administrator ~~and the~~
617		-	16 ~~Department of Revenue~~ may ~~enter into an interagency~~
618		-	17 ~~agreement concerning protection~~ of ~~confidential~~
619		-	18 ~~information, data match rules,~~ ~~and other issues~~.
620		-	19 (4) ~~The administrator may deliver,~~ ~~as provided~~ under
621		-	20 ~~Section 15-904 of this Act, property or pay~~ the ~~amount~~
622		-	21 ~~owing to a person matched~~ under ~~this Section without the~~
623		-	22 ~~person filing a claim under Section 15-903 of this Act if~~
624		-	23 the ~~following conditions are met:~~
625		-	24 ~~(A) the value~~ of the property ~~that is owed~~ the
626		-	25 ~~person is $5,000 or less;~~
627		-	26 (B) ~~the property is not either tangible property~~
	637	+	HB5143- 18 -LRB103 37054 JRC 67171 b HB5143 - 18 - LRB103 37054 JRC 67171 b
	638	+	HB5143 - 18 - LRB103 37054 JRC 67171 b
	639	+	1 person, informing the person that he or she is the owner of
	640	+	2 abandoned property held by the State and may file a claim
	641	+	3 with the administrator for return of the property.
	642	+	4 (6) The administrator does not need to notify the
	643	+	5 Department of Revenue of the names or social security
	644	+	6 numbers of apparent owners of abandoned property if the
	645	+	7 administrator reasonably believes that the Department of
	646	+	8 Revenue will be unable to provide information that would
	647	+	9 provide sufficient evidence to establish that the person
	648	+	10 in the Department of Revenue's records is the apparent
	649	+	11 owner of unclaimed property in the custody of the
	650	+	12 administrator.
	651	+	13 (f) The administrator may use additional databases to
	652	+	14 verify the identity of the person and that the person
	653	+	15 currently resides at the last known address. The administrator
	654	+	16 may utilize publicly and commercially available databases to
	655	+	17 find and update or add information for apparent owners of
	656	+	18 property held by the administrator.
	657	+	19 (g) In addition to giving notice under subsection (b),
	658	+	20 publishing the information under subsection (c)(1) and
	659	+	21 maintaining the website or database under subsection (c)(2),
	660	+	22 the administrator may use other printed publication,
	661	+	23 telecommunication, the Internet, or other media to inform the
	662	+	24 public of the existence of unclaimed property held by the
	663	+	25 administrator.
	664	+	26 (h) Identification of apparent owners of abandoned
628	665
629	666
630	667
631	668
632	669
633		-	HB5143 ~~Engrossed~~ - 18 - LRB103 37054 JRC 67171 b
	670	+	HB5143 - 18 - LRB103 37054 JRC 67171 b
634	671
635	672
636		-	HB5143 ~~Engrossed~~- 19 -LRB103 37054 JRC 67171 b HB5143 ~~Engrossed~~ - 19 - LRB103 37054 JRC 67171 b
637		-	HB5143 ~~Engrossed~~ - 19 - LRB103 37054 JRC 67171 b
638		-	1 ~~or securities;~~
639		-	2 (C) the ~~last known address for the person~~
640		-	3 ~~according to~~ the ~~Department~~ of ~~Revenue records is less~~
641		-	4 ~~than 12 months old;~~ ~~and~~
642		-	5 ~~(D)~~ the ~~administrator has evidence sufficient to~~
643		-	6 ~~establish that~~ the ~~person who appears in Department~~ of
644		-	7 ~~Revenue records is the owner~~ of ~~the property and the~~
645		-	8 ~~owner currently resides at the last known address from~~
646		-	9 ~~the Department of Revenue~~.
647		-	10 (5) ~~If the value of the property that is owed the~~
648		-	11 ~~person is greater than $5,000~~, ~~or is tangible property or~~
649		-	12 ~~securities the administrator shall provide notice to the~~
650		-	13 ~~person, informing~~ the ~~person that he or she is the owner of~~
651		-	14 ~~abandoned property held by~~ the ~~State and may file a claim~~
652		-	15 ~~with the administrator for return of the property.~~
653		-	16 ~~(6)~~ The ~~administrator does not need to notify the~~
654		-	17 ~~Department~~ of ~~Revenue of the names or social security~~
655		-	18 ~~numbers~~ of ~~apparent owners of abandoned property if the~~
656		-	19 ~~administrator reasonably believes that~~ the ~~Department of~~
657		-	20 ~~Revenue will be unable to provide information that would~~
658		-	21 ~~provide sufficient evidence to establish that~~ the ~~person~~
659		-	22 ~~in the Department~~ of ~~Revenue's records is the apparent~~
660		-	23 ~~owner~~ of ~~unclaimed property in the custody of the~~
661		-	24 ~~administrator~~.
662		-	25 (f) The administrator may ~~use additional databases to~~
663		-	26 ~~verify~~ the ~~identity of the person and that the person~~
	673	+	HB5143- 19 -LRB103 37054 JRC 67171 b HB5143 - 19 - LRB103 37054 JRC 67171 b
	674	+	HB5143 - 19 - LRB103 37054 JRC 67171 b
	675	+	1 property using other State databases.
	676	+	2 (1) The administrator may enter into interagency
	677	+	3 agreements with the Secretary of State and the Illinois
	678	+	4 State Board of Elections to identify persons appearing to
	679	+	5 be owners of abandoned property with databases under the
	680	+	6 control of the Secretary of State and the Illinois State
	681	+	7 Board of Elections. Such interagency agreements shall
	682	+	8 include protection of confidential information, data match
	683	+	9 rules, and other necessary and proper issues.
	684	+	10 (2) Except as prohibited by federal law, after January
	685	+	11 1, 2022 the administrator may provide the Secretary of
	686	+	12 State with names and other identifying information of
	687	+	13 persons appearing to be owners of abandoned property. The
	688	+	14 Secretary of State may provide the administrator with the
	689	+	15 last known address as it appears in its respective records
	690	+	16 of any person reasonably believed to be the apparent owner
	691	+	17 of abandoned property.
	692	+	18 (3) The Illinois State Board of Elections shall, upon
	693	+	19 request, annually provide the administrator with
	694	+	20 electronic data or compilations of voter registration
	695	+	21 information. The administrator may use such electronic
	696	+	22 data or compilations of voter registration information to
	697	+	23 identify persons appearing to be owners of abandoned
	698	+	24 property.
	699	+	25 (4) The administrator may deliver, as provided under
	700	+	26 Section 15-904, property or pay the amount owing to a
664	701
665	702
666	703
667	704
668	705
669		-	HB5143 ~~Engrossed~~ - 19 - LRB103 37054 JRC 67171 b
	706	+	HB5143 - 19 - LRB103 37054 JRC 67171 b
670	707
671	708
672		-	HB5143 Engrossed- 20 -LRB103 37054 JRC 67171 b HB5143 Engrossed - 20 - LRB103 37054 JRC 67171 b
673		-	HB5143 Engrossed - 20 - LRB103 37054 JRC 67171 b
674		-	1 currently resides at the last known address. The administrator
675		-	2 may utilize publicly and commercially available databases to
676		-	3 find and update or add information for apparent owners of
677		-	4 property held by the administrator.
678		-	5 (g) In addition to giving notice under subsection (b),
679		-	6 publishing the information under subsection (c)(1) and
680		-	7 maintaining the website or database under subsection (c)(2),
681		-	8 the administrator may use other printed publication,
682		-	9 telecommunication, the Internet, or other media to inform the
683		-	10 public of the existence of unclaimed property held by the
684		-	11 administrator.
685		-	12 (h) Identification of apparent owners of abandoned
686		-	13 property using other State databases.
687		-	14 (1) The administrator may enter into interagency
688		-	15 agreements with the Secretary of State and the Illinois
689		-	16 State Board of Elections to identify persons appearing to
690		-	17 be owners of abandoned property with databases under the
691		-	18 control of the Secretary of State and the Illinois State
692		-	19 Board of Elections. Such interagency agreements shall
693		-	20 include protection of confidential information, data match
694		-	21 rules, and other necessary and proper issues.
695		-	22 (2) Except as prohibited by federal law, after January
696		-	23 1, 2022 the administrator may provide the Secretary of
697		-	24 State with names and other identifying information of
698		-	25 persons appearing to be owners of abandoned property. The
699		-	26 Secretary of State may provide the administrator with the
	709	+	HB5143- 20 -LRB103 37054 JRC 67171 b HB5143 - 20 - LRB103 37054 JRC 67171 b
	710	+	HB5143 - 20 - LRB103 37054 JRC 67171 b
	711	+	1 person matched under this Section without the person
	712	+	2 filing a claim under Section 15-903 if:
	713	+	3 (i) the value of the property that is owed the
	714	+	4 person is $5,000 or less;
	715	+	5 (ii) the property is not either tangible property
	716	+	6 or securities;
	717	+	7 (iii) the last known address for the person
	718	+	8 according to the records of the Secretary of State or
	719	+	9 Illinois State Board of Elections is less than 12
	720	+	10 months old; and
	721	+	11 (iv) the administrator has evidence sufficient to
	722	+	12 establish that the person who appears in the records
	723	+	13 of the Secretary of State or Illinois State Board of
	724	+	14 Elections is the owner of the property and the owner
	725	+	15 currently resides at the last known address from the
	726	+	16 Secretary of State or the Illinois State Board of
	727	+	17 Elections.
	728	+	18 (Source: P.A. 102-288, eff. 8-6-21; 102-835, eff. 5-13-22.)
	729	+	19 (765 ILCS 1026/15-603)
	730	+	20 Sec. 15-603. Payment or delivery of property to
	731	+	21 administrator.
	732	+	22 (a) Except as otherwise provided in this Section, on
	733	+	23 filing a report under Section 15-401, the holder shall pay or
	734	+	24 deliver to the administrator the property described in the
	735	+	25 report.
700	736
701	737
702	738
703	739
704	740
705		-	HB5143 ~~Engrossed~~ - 20 - LRB103 37054 JRC 67171 b
	741	+	HB5143 - 20 - LRB103 37054 JRC 67171 b
706	742
707	743
708		-	HB5143 ~~Engrossed~~- 21 -LRB103 37054 JRC 67171 b HB5143 ~~Engrossed~~ - 21 - LRB103 37054 JRC 67171 b
709		-	HB5143 ~~Engrossed~~ - 21 - LRB103 37054 JRC 67171 b
710		-	1 ~~last known address as it appears~~ in ~~its respective records~~
711		-	2 ~~of any person reasonably believed to be~~ the ~~apparent owner~~
712		-	3 of ~~abandoned property.~~
713		-	4 ~~(3)~~ The ~~Illinois State Board of Elections shall, upon~~
714		-	5 ~~request, annually provide~~ the ~~administrator with~~
715		-	6 ~~electronic data~~ or ~~compilations of voter registration~~
716		-	7 ~~information.~~ The ~~administrator may use such electronic~~
717		-	8 ~~data or compilations of voter registration information~~ to
718		-	9 ~~identify persons appearing to be owners of abandoned~~
719		-	10 ~~property.~~
720		-	11 ~~(4)~~ The ~~administrator may deliver,~~ ~~as provided under~~
721		-	12 ~~Section 15-904,~~ property ~~or pay the amount owing to a~~
722		-	13 ~~person matched under~~ this ~~Section without the person~~
723		-	14 ~~filing~~ a ~~claim under Section 15-903~~ ~~if:~~
724		-	15 ~~(i)~~ the ~~value of the property that is owed the~~
725		-	16 ~~person~~ is ~~$5,000 or less;~~
726		-	17 ~~(ii) the property is not either tangible property~~
727		-	18 ~~or securities;~~
728		-	19 ~~(iii)~~ the ~~last known address for the person~~
729		-	20 ~~according to the records of the Secretary of State~~ or
730		-	21 ~~Illinois State Board~~ of ~~Elections is less than 12~~
731		-	22 ~~months old;~~ ~~and~~
732		-	23 ~~(iv)~~ the ~~administrator has evidence sufficient to~~
733		-	24 ~~establish that~~ the ~~person who appears in the records~~
734		-	25 of the ~~Secretary~~ of ~~State or Illinois State Board of~~
735		-	26 ~~Elections~~ is the ~~owner~~ of ~~the property and the owner~~
	744	+	HB5143- 21 -LRB103 37054 JRC 67171 b HB5143 - 21 - LRB103 37054 JRC 67171 b
	745	+	HB5143 - 21 - LRB103 37054 JRC 67171 b
	746	+	1 (b) If property in a report under Section 15-401 is an
	747	+	2 automatically renewable time deposit and the holder determines
	748	+	3 that a penalty or forfeiture in the payment of interest would
	749	+	4 result from paying the deposit to the administrator at the
	750	+	5 time of the report, the date for reporting and delivering the
	751	+	6 property to the administrator is extended until a penalty or
	752	+	7 forfeiture no longer would result from delivery of the
	753	+	8 property to the administrator. The holder shall report and
	754	+	9 deliver the property on the next regular date prescribed for
	755	+	10 reporting by the holder under this Act after this extended
	756	+	11 date, and the holder shall indicate in its report to the
	757	+	12 administrator that the property is being reported on an
	758	+	13 extended date pursuant to this subsection (b).
	759	+	14 (c) Tangible property in a safe-deposit box may not be
	760	+	15 delivered to the administrator until a mutually agreed upon
	761	+	16 date that is no sooner than 60 days after filing the report
	762	+	17 under Section 15-401.
	763	+	18 (d) If property reported to the administrator under
	764	+	19 Section 15-401 is a security, the administrator may:
	765	+	20 (1) make an endorsement, instruction, or entitlement
	766	+	21 order on behalf of the apparent owner to invoke the duty of
	767	+	22 the issuer, its transfer agent, or the securities
	768	+	23 intermediary to transfer the security; or
	769	+	24 (2) dispose of the security under Section 15-702.
	770	+	25 (e) If the holder of property reported to the
	771	+	26 administrator under Section 15-401 is the issuer of a
736	772
737	773
738	774
739	775
740	776
741		-	HB5143 ~~Engrossed~~ - 21 - LRB103 37054 JRC 67171 b
	777	+	HB5143 - 21 - LRB103 37054 JRC 67171 b
742	778
743	779
744		-	HB5143 Engrossed- 22 -LRB103 37054 JRC 67171 b HB5143 Engrossed - 22 - LRB103 37054 JRC 67171 b
745		-	HB5143 Engrossed - 22 - LRB103 37054 JRC 67171 b
746		-	1 currently resides at the last known address from the
747		-	2 Secretary of State or the Illinois State Board of
748		-	3 Elections.
749		-	4 (Source: P.A. 102-288, eff. 8-6-21; 102-835, eff. 5-13-22.)
750		-	5 (765 ILCS 1026/15-603)
751		-	6 Sec. 15-603. Payment or delivery of property to
752		-	7 administrator.
753		-	8 (a) Except as otherwise provided in this Section, on
754		-	9 filing a report under Section 15-401, the holder shall pay or
755		-	10 deliver to the administrator the property described in the
756		-	11 report.
757		-	12 (b) If property in a report under Section 15-401 is an
758		-	13 automatically renewable time deposit and the holder determines
759		-	14 that a penalty or forfeiture in the payment of interest would
760		-	15 result from paying the deposit to the administrator at the
761		-	16 time of the report, the date for reporting and delivering the
762		-	17 property to the administrator is extended until a penalty or
763		-	18 forfeiture no longer would result from delivery of the
764		-	19 property to the administrator. The holder shall report and
765		-	20 deliver the property on the next regular date prescribed for
766		-	21 reporting by the holder under this Act after this extended
767		-	22 date, and the holder shall indicate in its report to the
768		-	23 administrator that the property is being reported on an
769		-	24 extended date pursuant to this subsection (b).
770		-	25 (c) Tangible property in a safe-deposit box may not be
	780	+	HB5143- 22 -LRB103 37054 JRC 67171 b HB5143 - 22 - LRB103 37054 JRC 67171 b
	781	+	HB5143 - 22 - LRB103 37054 JRC 67171 b
	782	+	1 certificated security, the administrator may obtain a
	783	+	2 replacement certificate in physical or book-entry form under
	784	+	3 Section 8-405 of the Uniform Commercial Code. An indemnity
	785	+	4 bond is not required.
	786	+	5 (f) The administrator shall establish procedures for the
	787	+	6 registration, issuance, method of delivery, transfer, and
	788	+	7 maintenance of securities delivered to the administrator by a
	789	+	8 holder.
	790	+	9 (g) An issuer, holder, and transfer agent or other person
	791	+	10 acting in good faith under this Section under instructions of
	792	+	11 and on behalf of the issuer or holder is not liable to the
	793	+	12 apparent owner for a claim arising with respect to property
	794	+	13 after the property has been delivered to the administrator.
	795	+	14 (h) A holder is not required to deliver to the
	796	+	15 administrator a security identified by the holder as a
	797	+	16 non-freely transferable security in a report filed under
	798	+	17 Section 15-401. If the administrator or holder determines that
	799	+	18 a security is no longer a non-freely transferable security,
	800	+	19 the holder shall report and deliver the security on the next
	801	+	20 regular date prescribed for delivery of securities by the
	802	+	21 holder under this Act. The holder shall make a determination
	803	+	22 annually whether a security identified in a report filed under
	804	+	23 Section 15-401 as a non-freely transferable security is no
	805	+	24 longer a non-freely transferable security.
	806	+	25 (i) Virtual currency.
	807	+	26 (1) If property reported to the administrator is
771	808
772	809
773	810
774	811
775	812
776		-	HB5143 ~~Engrossed~~ - 22 - LRB103 37054 JRC 67171 b
	813	+	HB5143 - 22 - LRB103 37054 JRC 67171 b
777	814
778	815
779		-	HB5143 ~~Engrossed~~- 23 -LRB103 37054 JRC 67171 b HB5143 ~~Engrossed~~ - 23 - LRB103 37054 JRC 67171 b
780		-	HB5143 ~~Engrossed~~ - 23 - LRB103 37054 JRC 67171 b
781		-	1 ~~delivered to~~ the ~~administrator until a mutually agreed upon~~
782		-	2 ~~date that is no sooner than 60 days after filing~~ the ~~report~~
783		-	3 ~~under Section 15-401.~~
784		-	4 ~~(d) If property reported~~ to the ~~administrator~~ under
785		-	5 ~~Section 15-401~~ ~~is a security,~~ the ~~administrator may:~~
786		-	6 ~~(1) make an endorsement,~~ ~~instruction, or entitlement~~
787		-	7 ~~order on behalf~~ of the ~~apparent owner to invoke the duty of~~
788		-	8 ~~the issuer, its transfer agent, or the securities~~
789		-	9 ~~intermediary to transfer the security;~~ or
790		-	10 ~~(2) dispose of the security under Section 15-702.~~
791		-	11 ~~(e) If~~ the holder ~~of property reported to~~ the
792		-	12 ~~administrator under Section 15-401 is~~ the ~~issuer of a~~
793		-	13 ~~certificated security,~~ the administrator ~~may obtain a~~
794		-	14 ~~replacement certificate in physical or book-entry~~ ~~form under~~
795		-	15 ~~Section 8-405~~ of the ~~Uniform Commercial Code.~~ ~~An indemnity~~
796		-	16 ~~bond is not required.~~
797		-	17 (f) The ~~administrator shall establish procedures for~~ the
798		-	18 ~~registration, issuance,~~ ~~method of delivery,~~ ~~transfer, and~~
799		-	19 ~~maintenance of securities delivered~~ to ~~the administrator by a~~
800		-	~~20 holder.~~
801		-	~~21 (g)~~ An ~~issuer, holder,~~ ~~and transfer agent or other person~~
802		-	~~22 acting in good faith under this~~ Section ~~under instructions of~~
803		-	~~23 and on behalf of the issuer or holder is not liable to the~~
804		-	~~24 apparent owner for a claim arising with respect to property~~
805		-	~~25 after the~~ property ~~has been delivered~~ to ~~the administrator.~~
806		-	~~26 (h) A holder is not required to deliver to the~~
	816	+	HB5143- 23 -LRB103 37054 JRC 67171 b HB5143 - 23 - LRB103 37054 JRC 67171 b
	817	+	HB5143 - 23 - LRB103 37054 JRC 67171 b
	818	+	1 virtual currency, the holder shall liquidate the virtual
	819	+	2 currency and remit the proceeds to the administrator.
	820	+	3 (2) The liquidation shall occur anytime within 30 days
	821	+	4 prior to the filing of the report under Section 15-401.
	822	+	5 The owner shall not have recourse against the holder or
	823	+	6 the administrator to recover any gain in value that occurs
	824	+	7 after the liquidation of the virtual currency under this
	825	+	8 subsection.
	826	+	9 (3) If a holder cannot liquidate virtual currency and
	827	+	10 cannot otherwise cause virtual currency to be liquidated,
	828	+	11 the holder shall promptly notify the administrator in
	829	+	12 writing and explain the reasons why the virtual currency
	830	+	13 cannot be liquidated. The administrator, in his or her
	831	+	14 absolute and sole discretion, may direct the holder to
	832	+	15 either (1) transfer the virtual currency that cannot be
	833	+	16 liquidated to a custodian selected by the administrator,
	834	+	17 or (2) continue to hold the virtual currency until the
	835	+	18 administrator or the holder determines that the virtual
	836	+	19 currency can be liquidated pursuant to this
	837	+	Act or there
	838	+	20 is an indication of apparent owner interest pursuant to
	839	+	21 Section 15-210.
	840	+	22 (Source: P.A. 102-288, eff. 8-6-21.)
	841	+	23 (765 ILCS 1026/15-903)
	842	+	24 Sec. 15-903. Claim for property by person claiming to be
	843	+	25 owner.
807	844
808	845
809	846
810	847
811	848
812		-	HB5143 ~~Engrossed~~ - 23 - LRB103 37054 JRC 67171 b
	849	+	HB5143 - 23 - LRB103 37054 JRC 67171 b
813	850
814	851
815		-	HB5143 Engrossed- 24 -LRB103 37054 JRC 67171 b HB5143 Engrossed - 24 - LRB103 37054 JRC 67171 b
816		-	HB5143 Engrossed - 24 - LRB103 37054 JRC 67171 b
817		-	1 administrator a security identified by the holder as a
818		-	2 non-freely transferable security in a report filed under
819		-	3 Section 15-401. If the administrator or holder determines that
820		-	4 a security is no longer a non-freely transferable security,
821		-	5 the holder shall report and deliver the security on the next
822		-	6 regular date prescribed for delivery of securities by the
823		-	7 holder under this Act. The holder shall make a determination
824		-	8 annually whether a security identified in a report filed under
825		-	9 Section 15-401 as a non-freely transferable security is no
826		-	10 longer a non-freely transferable security.
827		-	11 (i) Virtual currency.
828		-	12 (1) If property reported to the administrator is
829		-	13 virtual currency, the holder shall liquidate the virtual
830		-	14 currency and remit the proceeds to the administrator.
831		-	15 (2) The liquidation shall occur anytime within 30 days
832		-	16 prior to the filing of the report under Section 15-401.
833		-	17 The owner shall not have recourse against the holder or
834		-	18 the administrator to recover any gain in value that occurs
835		-	19 after the liquidation of the virtual currency under this
836		-	20 subsection.
837		-	21 (3) If a holder cannot liquidate virtual currency and
838		-	22 cannot otherwise cause virtual currency to be liquidated,
839		-	23 the holder shall promptly notify the administrator in
840		-	24 writing and explain the reasons why the virtual currency
841		-	25 cannot be liquidated. The administrator, in his or her
842		-	26 absolute and sole discretion, may direct the holder to
	852	+	HB5143- 24 -LRB103 37054 JRC 67171 b HB5143 - 24 - LRB103 37054 JRC 67171 b
	853	+	HB5143 - 24 - LRB103 37054 JRC 67171 b
	854	+	1 (a) A person claiming to be the owner of property held
	855	+	2 under this Act by the administrator or to the proceeds from the
	856	+	3 sale thereof may file a claim for the property on a form
	857	+	4 prescribed by the administrator. The claimant must verify the
	858	+	5 claim as to its completeness and accuracy.
	859	+	6 (b) The administrator may waive the requirement in
	860	+	7 subsection (a) and may pay or deliver property directly to a
	861	+	8 person if:
	862	+	9 (1) the person receiving the property or payment is
	863	+	10 shown to be the apparent owner included on a report filed
	864	+	11 under Section 15-401;
	865	+	12 (2) the administrator reasonably believes the person
	866	+	13 is entitled to receive the property or payment; and
	867	+	14 (3) the property has a value of less than $5,000
	868	+	15 $2,000.
	869	+	16 (c) The administrator may change the maximum value in
	870	+	17 subsection (b) by administrative rule.
	871	+	18 (d) This Section is the sole administrative and legal
	872	+	19 procedure for claiming property under this Act. Compliance
	873	+	20 with this Section is required prior to exercising the
	874	+	21 exclusive judicial remedy found in Section 15-906.
	875	+	22 (Source: P.A. 102-835, eff. 5-13-22.)
	876	+	23 (765 ILCS 1026/15-906)
	877	+	24 Sec. 15-906. Action by person whose claim is denied. Not
	878	+	25 later than one year after filing a claim under subsection (a)
843	879
844	880
845	881
846	882
847	883
848		-	HB5143 ~~Engrossed~~ - 24 - LRB103 37054 JRC 67171 b
	884	+	HB5143 - 24 - LRB103 37054 JRC 67171 b
849	885
850	886
851		-	HB5143 Engrossed- 25 -LRB103 37054 JRC 67171 b HB5143 Engrossed - 25 - LRB103 37054 JRC 67171 b
852		-	HB5143 Engrossed - 25 - LRB103 37054 JRC 67171 b
853		-	1 either (1) transfer the virtual currency that cannot be
854		-	2 liquidated to a custodian selected by the administrator,
855		-	3 or (2) continue to hold the virtual currency until the
856		-	4 administrator or the holder determines that the virtual
857		-	5 currency can be liquidated pursuant to this
858		-	Act or there
859		-	6 is an indication of apparent owner interest pursuant to
860		-	7 Section 15-210.
861		-	8 (Source: P.A. 102-288, eff. 8-6-21.)
862		-	9 (765 ILCS 1026/15-903)
863		-	10 Sec. 15-903. Claim for property by person claiming to be
864		-	11 owner.
865		-	12 (a) A person claiming to be the owner of property held
866		-	13 under this Act by the administrator or to the proceeds from the
867		-	14 sale thereof may file a claim for the property on a form
868		-	15 prescribed by the administrator. The claimant must verify the
869		-	16 claim as to its completeness and accuracy.
870		-	17 (b) The administrator may waive the requirement in
871		-	18 subsection (a) and may pay or deliver property directly to a
872		-	19 person if:
873		-	20 (1) the person receiving the property or payment is
874		-	21 shown to be the apparent owner included on a report filed
875		-	22 under Section 15-401;
876		-	23 (2) the administrator reasonably believes the person
877		-	24 is entitled to receive the property or payment; and
878		-	25 (3) the property has a value of less than $5,000
	887	+	HB5143- 25 -LRB103 37054 JRC 67171 b HB5143 - 25 - LRB103 37054 JRC 67171 b
	888	+	HB5143 - 25 - LRB103 37054 JRC 67171 b
	889	+	1 of Section 15-903, the claimant may commence a contested case
	890	+	2 pursuant to the Illinois Administrative Procedure Act to
	891	+	3 establish a claim by the preponderance of the evidence after
	892	+	4 either receiving notice under subsection (b) of Section 15-904
	893	+	5 or the claim is deemed denied under subsection (b) of Section
	894	+	6 15-904. Any appeal from the administrator's decision pursuant
	895	+	7 to the Illinois Administrative Procedure Act must be taken via
	896	+	8 the provisions of the Administrative Review Law.
	897	+	9 (Source: P.A. 102-288, eff. 8-6-21.)
	898	+	10 (765 ILCS 1026/15-1302)
	899	+	11 Sec. 15-1302. When agreement to locate property void.
	900	+	12 (a) Subject to subsection (b), an agreement under Section
	901	+	13 15-1301 is void if it is entered into during the period
	902	+	14 beginning on the date the property was presumed abandoned
	903	+	15 under this Act and ending 24 months after the payment or
	904	+	16 delivery of the property to the administrator.
	905	+	17 (b) If a provision in an agreement described in Section
	906	+	18 15-1301 applies to mineral proceeds for which compensation is
	907	+	19 to be paid to the other person based in whole or in part on a
	908	+	20 part of the underlying minerals or mineral proceeds not then
	909	+	21 presumed abandoned, the provision is void regardless of when
	910	+	22 the agreement was entered into.
	911	+	23 (c) An agreement under this Article 13 which provides for
	912	+	24 compensation in an amount that is more than 10% of the amount
	913	+	25 collected is unenforceable except by the apparent owner.
879	914
880	915
881	916
882	917
883	918
884		-	HB5143 ~~Engrossed~~ - 25 - LRB103 37054 JRC 67171 b
	919	+	HB5143 - 25 - LRB103 37054 JRC 67171 b
885	920
886	921
887		-	HB5143 Engrossed- 26 -LRB103 37054 JRC 67171 b HB5143 Engrossed - 26 - LRB103 37054 JRC 67171 b
888		-	HB5143 Engrossed - 26 - LRB103 37054 JRC 67171 b
889		-	1 $2,000.
890		-	2 (c) The administrator may change the maximum value in
891		-	3 subsection (b) by administrative rule.
892		-	4 (d) This Section is the sole administrative and legal
893		-	5 procedure for claiming property under this Act. Compliance
894		-	6 with this Section is required prior to exercising the
895		-	7 exclusive judicial remedy found in Section 15-906.
896		-	8 (Source: P.A. 102-835, eff. 5-13-22.)
897		-	9 (765 ILCS 1026/15-906)
898		-	10 Sec. 15-906. Action by person whose claim is denied. Not
899		-	11 later than one year after filing a claim under subsection (a)
900		-	12 of Section 15-903, the claimant may commence a contested case
901		-	13 pursuant to the Illinois Administrative Procedure Act to
902		-	14 establish a claim by the preponderance of the evidence after
903		-	15 either receiving notice under subsection (b) of Section 15-904
904		-	16 or the claim is deemed denied under subsection (b) of Section
905		-	17 15-904. Any appeal from the administrator's decision pursuant
906		-	18 to the Illinois Administrative Procedure Act must be taken via
907		-	19 the provisions of the Administrative Review Law.
908		-	20 (Source: P.A. 102-288, eff. 8-6-21.)
909		-	21 (765 ILCS 1026/15-1302)
910		-	22 Sec. 15-1302. When agreement to locate property void.
911		-	23 (a) Subject to subsection (b), an agreement under Section
912		-	24 15-1301 is void if it is entered into during the period
	922	+	HB5143- 26 -LRB103 37054 JRC 67171 b HB5143 - 26 - LRB103 37054 JRC 67171 b
	923	+	HB5143 - 26 - LRB103 37054 JRC 67171 b
	924	+	1 (d) An apparent owner or the administrator may assert that
	925	+	2 an agreement described in this Article 13 is void on a ground
	926	+	3 other than it provides for payment of unconscionable
	927	+	4 compensation.
	928	+	5 (e) A person attempting to collect a contingent fee for
	929	+	6 discovering, on behalf of an apparent owner, presumptively
	930	+	7 abandoned property must be licensed as a private detective
	931	+	8 pursuant to the Private Detective, Private Alarm, Private
	932	+	9 Security, Fingerprint Vendor, and Locksmith Act of 2004.
	933	+	10 (f) This Section does not apply to an apparent owner's
	934	+	11 agreement between an owner and with an attorney to pursue a
	935	+	12 claim for recovery of specifically identified property held by
	936	+	13 the administrator or to contest the administrator's denial of
	937	+	14 a claim for recovery of the property where the attorney has an
	938	+	15 attorney-client relationship with the owner.
	939	+	16 (g) This Section does not apply to an apparent owner's
	940	+	17 agreement with a CPA firm licensed under the Illinois Public
	941	+	18 Accounting Act, or with an affiliate of such firm, if all of
	942	+	19 the following apply:
	943	+	20 (1) the CPA firm has registered with the administrator
	944	+	21 and is in good standing with the Illinois Department of
	945	+	22 Financial and Professional Regulation;
	946	+	23 (2) the apparent owner is not a natural person; and
	947	+	24 (3) the CPA firm, or with an affiliate of such firm,
	948	+	25 also provides the apparent owner professional services to
	949	+	26 assist with the apparent owner's compliance with the
913	950
914	951
915	952
916	953
917	954
918		-	HB5143 ~~Engrossed~~ - 26 - LRB103 37054 JRC 67171 b
	955	+	HB5143 - 26 - LRB103 37054 JRC 67171 b
919	956
920	957
921		-	HB5143 Engrossed- 27 -LRB103 37054 JRC 67171 b HB5143 Engrossed - 27 - LRB103 37054 JRC 67171 b
922		-	HB5143 Engrossed - 27 - LRB103 37054 JRC 67171 b
923		-	1 beginning on the date the property was presumed abandoned
924		-	2 under this Act and ending 24 months after the payment or
925		-	3 delivery of the property to the administrator.
926		-	4 (b) If a provision in an agreement described in Section
927		-	5 15-1301 applies to mineral proceeds for which compensation is
928		-	6 to be paid to the other person based in whole or in part on a
929		-	7 part of the underlying minerals or mineral proceeds not then
930		-	8 presumed abandoned, the provision is void regardless of when
931		-	9 the agreement was entered into.
932		-	10 (c) An agreement under this Article 13 which provides for
933		-	11 compensation in an amount that is more than 10% of the amount
934		-	12 collected is unenforceable except by the apparent owner.
935		-	13 (d) An apparent owner or the administrator may assert that
936		-	14 an agreement described in this Article 13 is void on a ground
937		-	15 other than it provides for payment of unconscionable
938		-	16 compensation.
939		-	17 (e) A person attempting to collect a contingent fee for
940		-	18 discovering, on behalf of an apparent owner, presumptively
941		-	19 abandoned property must be licensed as a private detective
942		-	20 pursuant to the Private Detective, Private Alarm, Private
943		-	21 Security, Fingerprint Vendor, and Locksmith Act of 2004.
944		-	22 (f) This Section does not apply to an apparent owner's
945		-	23 agreement between an owner and with an attorney to pursue a
946		-	24 claim for recovery of specifically identified property held by
947		-	25 the administrator or to contest the administrator's denial of
948		-	26 a claim for recovery of the property where the attorney has an
949		-
950		-
951		-
952		-
953		-
954		-	HB5143 Engrossed - 27 - LRB103 37054 JRC 67171 b
955		-
956		-
957		-	HB5143 Engrossed- 28 -LRB103 37054 JRC 67171 b HB5143 Engrossed - 28 - LRB103 37054 JRC 67171 b
958		-	HB5143 Engrossed - 28 - LRB103 37054 JRC 67171 b
959		-	1 attorney-client relationship with the owner.
960		-	2 (g) This Section does not apply to an apparent owner's
961		-	3 agreement with a CPA firm licensed under the Illinois Public
962		-	4 Accounting Act, or with an affiliate of such firm, if all of
963		-	5 the following apply:
964		-	6 (1) the CPA firm has registered with the administrator
965		-	7 and is in good standing with the Illinois Department of
966		-	8 Financial and Professional Regulation;
967		-	9 (2) the apparent owner is not a natural person; and
968		-	10 (3) the CPA firm, or with an affiliate of such firm,
969		-	11 also provides the apparent owner professional services to
970		-	12 assist with the apparent owner's compliance with the
971		-	13 reporting requirements of this Act. The administrator
972		-	14 shall adopt rules to implement and administer the
973		-	15 registration of CPA firms and the claims process under
974		-	16 this paragraph (g).
975		-	17 (Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.)
976		-	HB5143 Engrossed- 29 -LRB103 37054 JRC 67171 b 1 INDEX 2 Statutes amended in order of appearance HB5143 Engrossed- 29 -LRB103 37054 JRC 67171 b HB5143 Engrossed - 29 - LRB103 37054 JRC 67171 b 1 INDEX 2 Statutes amended in order of appearance
977		-	HB5143 Engrossed- 29 -LRB103 37054 JRC 67171 b HB5143 Engrossed - 29 - LRB103 37054 JRC 67171 b
978		-	HB5143 Engrossed - 29 - LRB103 37054 JRC 67171 b
	958	+	HB5143- 27 -LRB103 37054 JRC 67171 b HB5143 - 27 - LRB103 37054 JRC 67171 b
	959	+	HB5143 - 27 - LRB103 37054 JRC 67171 b
	960	+	1 reporting requirements of this Act. The administrator
	961	+	2 shall adopt rules to implement and administer the
	962	+	3 registration of CPA firms and the claims process under
	963	+	4 this paragraph (g).
	964	+	5 (Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.)
	965	+	HB5143- 28 -LRB103 37054 JRC 67171 b 1 INDEX 2 Statutes amended in order of appearance HB5143- 28 -LRB103 37054 JRC 67171 b HB5143 - 28 - LRB103 37054 JRC 67171 b 1 INDEX 2 Statutes amended in order of appearance
	966	+	HB5143- 28 -LRB103 37054 JRC 67171 b HB5143 - 28 - LRB103 37054 JRC 67171 b
	967	+	HB5143 - 28 - LRB103 37054 JRC 67171 b
979	968		1 INDEX
980	969		2 Statutes amended in order of appearance
981	970
982	971
983	972
984	973
985	974
986		-	HB5143 ~~Engrossed - 28~~ - LRB103 37054 JRC 67171 b
	975	+	HB5143 - 27 - LRB103 37054 JRC 67171 b
987	976
988	977
989	978
990		-	HB5143 ~~Engrossed- 29~~ -LRB103 37054 JRC 67171 b HB5143 ~~Engrossed - 29~~ - LRB103 37054 JRC 67171 b
991		-	HB5143 ~~Engrossed - 29~~ - LRB103 37054 JRC 67171 b
	979	+	HB5143- 28 -LRB103 37054 JRC 67171 b HB5143 - 28 - LRB103 37054 JRC 67171 b
	980	+	HB5143 - 28 - LRB103 37054 JRC 67171 b
992	981		1 INDEX
993	982		2 Statutes amended in order of appearance
994	983
995	984
996	985
997	986
998	987
999		-	HB5143 ~~Engrossed - 29~~ - LRB103 37054 JRC 67171 b
	988	+	HB5143 - 28 - LRB103 37054 JRC 67171 b