| Old | New | Differences | |
|---|---|---|---|
| 1 | - | Public Act 103-0977 | |
| 2 | 1 | SB3343 EnrolledLRB103 37121 JRC 67240 b SB3343 Enrolled LRB103 37121 JRC 67240 b | |
| 3 | 2 | SB3343 Enrolled LRB103 37121 JRC 67240 b | |
| 4 | - | AN ACT concerning civil law. | |
| 5 | - | Be it enacted by the People of the State of Illinois, | |
| 6 | - | represented in the General Assembly: | |
| 7 | - | Section 5. The State Officers and Employees Money | |
| 8 | - | Disposition Act is amended by changing Section 2 as follows: | |
| 9 | - | (30 ILCS 230/2) (from Ch. 127, par. 171) | |
| 10 | - | Sec. 2. Accounts of money received; payment into State | |
| 11 | - | treasury. | |
| 12 | - | (a) Every officer, board, commission, commissioner, | |
| 13 | - | department, institution, arm or agency brought within the | |
| 14 | - | provisions of this Act by Section 1 shall keep in proper books | |
| 15 | - | a detailed itemized account of all moneys received for or on | |
| 16 | - | behalf of the State of Illinois, showing the date of receipt, | |
| 17 | - | the payor, and purpose and amount, and the date and manner of | |
| 18 | - | disbursement as hereinafter provided, and, unless a different | |
| 19 | - | time of payment is expressly provided by law or by rules or | |
| 20 | - | regulations promulgated under subsection (b) of this Section, | |
| 21 | - | shall pay into the State treasury the gross amount of money so | |
| 22 | - | received on the day of actual physical receipt with respect to | |
| 23 | - | any single item of receipt exceeding $10,000, within 24 hours | |
| 24 | - | of actual physical receipt with respect to an accumulation of | |
| 25 | - | receipts of $10,000 or more, or within 48 hours of actual | |
| 26 | - | physical receipt with respect to an accumulation of receipts | |
| 3 | + | 1 AN ACT concerning civil law. | |
| 4 | + | 2 Be it enacted by the People of the State of Illinois, | |
| 5 | + | 3 represented in the General Assembly: | |
| 6 | + | 4 Section 5. The State Officers and Employees Money | |
| 7 | + | 5 Disposition Act is amended by changing Section 2 as follows: | |
| 8 | + | 6 (30 ILCS 230/2) (from Ch. 127, par. 171) | |
| 9 | + | 7 Sec. 2. Accounts of money received; payment into State | |
| 10 | + | 8 treasury. | |
| 11 | + | 9 (a) Every officer, board, commission, commissioner, | |
| 12 | + | 10 department, institution, arm or agency brought within the | |
| 13 | + | 11 provisions of this Act by Section 1 shall keep in proper books | |
| 14 | + | 12 a detailed itemized account of all moneys received for or on | |
| 15 | + | 13 behalf of the State of Illinois, showing the date of receipt, | |
| 16 | + | 14 the payor, and purpose and amount, and the date and manner of | |
| 17 | + | 15 disbursement as hereinafter provided, and, unless a different | |
| 18 | + | 16 time of payment is expressly provided by law or by rules or | |
| 19 | + | 17 regulations promulgated under subsection (b) of this Section, | |
| 20 | + | 18 shall pay into the State treasury the gross amount of money so | |
| 21 | + | 19 received on the day of actual physical receipt with respect to | |
| 22 | + | 20 any single item of receipt exceeding $10,000, within 24 hours | |
| 23 | + | 21 of actual physical receipt with respect to an accumulation of | |
| 24 | + | 22 receipts of $10,000 or more, or within 48 hours of actual | |
| 25 | + | 23 physical receipt with respect to an accumulation of receipts | |
| 27 | 26 | ||
| 28 | 27 | ||
| 29 | 28 | ||
| 30 | 29 | SB3343 Enrolled LRB103 37121 JRC 67240 b | |
| 31 | 30 | ||
| 32 | 31 | ||
| 33 | - | exceeding $500 but less than $10,000, disregarding holidays, | |
| 34 | - | Saturdays and Sundays, after the receipt of same, without any | |
| 35 | - | deduction on account of salaries, fees, costs, charges, | |
| 36 | - | expenses or claims of any description whatever; provided that: | |
| 37 | - | (1) the provisions of (i) Section 2505-475 of the | |
| 38 | - | Department of Revenue Law, (ii) any specific taxing | |
| 39 | - | statute authorizing a claim for credit procedure instead | |
| 40 | - | of the actual making of refunds, (iii) Section 505 of the | |
| 41 | - | Illinois Controlled Substances Act, (iv) Section 85 of the | |
| 42 | - | Methamphetamine Control and Community Protection Act, | |
| 43 | - | authorizing the Director of the Illinois State Police to | |
| 44 | - | dispose of forfeited property, which includes the sale and | |
| 45 | - | disposition of the proceeds of the sale of forfeited | |
| 46 | - | property, and the Department of Central Management | |
| 47 | - | Services to be reimbursed for costs incurred with the | |
| 48 | - | sales of forfeited vehicles, boats or aircraft and to pay | |
| 49 | - | to bona fide or innocent purchasers, conditional sales | |
| 50 | - | vendors or mortgagees of such vehicles, boats or aircraft | |
| 51 | - | their interest in such vehicles, boats or aircraft, and | |
| 52 | - | (v) Section 6b-2 of the State Finance Act, establishing | |
| 53 | - | procedures for handling cash receipts from the sale of | |
| 54 | - | pari-mutuel wagering tickets, shall not be deemed to be in | |
| 55 | - | conflict with the requirements of this Section; | |
| 56 | - | (2) any fees received by the State Registrar of Vital | |
| 57 | - | Records pursuant to the Vital Records Act which are | |
| 58 | - | insufficient in amount may be returned by the Registrar as | |
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| 33 | + | SB3343 Enrolled - 2 - LRB103 37121 JRC 67240 b | |
| 34 | + | 1 exceeding $500 but less than $10,000, disregarding holidays, | |
| 35 | + | 2 Saturdays and Sundays, after the receipt of same, without any | |
| 36 | + | 3 deduction on account of salaries, fees, costs, charges, | |
| 37 | + | 4 expenses or claims of any description whatever; provided that: | |
| 38 | + | 5 (1) the provisions of (i) Section 2505-475 of the | |
| 39 | + | 6 Department of Revenue Law, (ii) any specific taxing | |
| 40 | + | 7 statute authorizing a claim for credit procedure instead | |
| 41 | + | 8 of the actual making of refunds, (iii) Section 505 of the | |
| 42 | + | 9 Illinois Controlled Substances Act, (iv) Section 85 of the | |
| 43 | + | 10 Methamphetamine Control and Community Protection Act, | |
| 44 | + | 11 authorizing the Director of the Illinois State Police to | |
| 45 | + | 12 dispose of forfeited property, which includes the sale and | |
| 46 | + | 13 disposition of the proceeds of the sale of forfeited | |
| 47 | + | 14 property, and the Department of Central Management | |
| 48 | + | 15 Services to be reimbursed for costs incurred with the | |
| 49 | + | 16 sales of forfeited vehicles, boats or aircraft and to pay | |
| 50 | + | 17 to bona fide or innocent purchasers, conditional sales | |
| 51 | + | 18 vendors or mortgagees of such vehicles, boats or aircraft | |
| 52 | + | 19 their interest in such vehicles, boats or aircraft, and | |
| 53 | + | 20 (v) Section 6b-2 of the State Finance Act, establishing | |
| 54 | + | 21 procedures for handling cash receipts from the sale of | |
| 55 | + | 22 pari-mutuel wagering tickets, shall not be deemed to be in | |
| 56 | + | 23 conflict with the requirements of this Section; | |
| 57 | + | 24 (2) any fees received by the State Registrar of Vital | |
| 58 | + | 25 Records pursuant to the Vital Records Act which are | |
| 59 | + | 26 insufficient in amount may be returned by the Registrar as | |
| 59 | 60 | ||
| 60 | 61 | ||
| 61 | - | provided in that Act; | |
| 62 | - | (3) any fees received by the Department of Public | |
| 63 | - | Health under the Food Handling Regulation Enforcement Act | |
| 64 | - | that are submitted for renewal of an expired food service | |
| 65 | - | sanitation manager certificate may be returned by the | |
| 66 | - | Director as provided in that Act; | |
| 67 | - | (3.5) examiners of unclaimed property which is | |
| 68 | - | reported and remitted to the State Treasurer and | |
| 69 | - | custodians contracted by the State of Illinois to hold | |
| 70 | - | presumptively abandoned securities or virtual currency may | |
| 71 | - | deduct fees prior to remittance in accordance with the | |
| 72 | - | Revised Uniform Unclaimed Property Act the State Treasurer | |
| 73 | - | may permit the deduction of fees by third-party unclaimed | |
| 74 | - | property examiners from the property recovered by the | |
| 75 | - | examiners for the State of Illinois during examinations of | |
| 76 | - | holders located outside the State under which the Office | |
| 77 | - | of the Treasurer has agreed to pay for the examinations | |
| 78 | - | based upon a percentage, in accordance with the Revised | |
| 79 | - | Uniform Unclaimed Property Act, of the property recovered | |
| 80 | - | during the examination; and | |
| 81 | - | (4) if the amount of money received does not exceed | |
| 82 | - | $500, such money may be retained and need not be paid into | |
| 83 | - | the State treasury until the total amount of money so | |
| 84 | - | received exceeds $500, or until the next succeeding 1st or | |
| 85 | - | 15th day of each month (or until the next business day if | |
| 86 | - | these days fall on Sunday or a holiday), whichever is | |
| 87 | 62 | ||
| 88 | 63 | ||
| 89 | - | earlier, at which earlier time such money shall be paid | |
| 90 | - | into the State treasury, except that if a local bank or | |
| 91 | - | savings and loan association account has been authorized | |
| 92 | - | by law, any balances shall be paid into the State treasury | |
| 93 | - | on Monday of each week if more than $500 is to be deposited | |
| 94 | - | in any fund. | |
| 95 | - | Single items of receipt exceeding $10,000 received after 2 | |
| 96 | - | p.m. on a working day may be deemed to have been received on | |
| 97 | - | the next working day for purposes of fulfilling the | |
| 98 | - | requirement that the item be deposited on the day of actual | |
| 99 | - | physical receipt. | |
| 100 | - | No money belonging to or left for the use of the State | |
| 101 | - | shall be expended or applied except in consequence of an | |
| 102 | - | appropriation made by law and upon the warrant of the State | |
| 103 | - | Comptroller. However, payments made by the Comptroller to | |
| 104 | - | persons by direct deposit need not be made upon the warrant of | |
| 105 | - | the Comptroller, but if not made upon a warrant, shall be made | |
| 106 | - | in accordance with Section 9.02 of the State Comptroller Act. | |
| 107 | - | All moneys so paid into the State treasury shall, unless | |
| 108 | - | required by some statute to be held in the State treasury in a | |
| 109 | - | separate or special fund, be covered into the General Revenue | |
| 110 | - | Fund in the State treasury. Moneys received in the form of | |
| 111 | - | checks, drafts or similar instruments shall be properly | |
| 112 | - | endorsed, if necessary, and delivered to the State Treasurer | |
| 113 | - | for collection. The State Treasurer shall remit such collected | |
| 114 | - | funds to the depositing officer, board, commission, | |
| 64 | + | ||
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| 115 | 66 | ||
| 116 | 67 | ||
| 117 | - | commissioner, department, institution, arm or agency by | |
| 118 | - | Treasurers Draft or through electronic funds transfer. The | |
| 119 | - | draft or notification of the electronic funds transfer shall | |
| 120 | - | be provided to the State Comptroller to allow deposit into the | |
| 121 | - | appropriate fund. | |
| 122 | - | (b) Different time periods for the payment of public funds | |
| 123 | - | into the State treasury or to the State Treasurer, in excess of | |
| 124 | - | the periods established in subsection (a) of this Section, but | |
| 125 | - | not in excess of 30 days after receipt of such funds, may be | |
| 126 | - | established and revised from time to time by rules or | |
| 127 | - | regulations promulgated jointly by the State Treasurer and the | |
| 128 | - | State Comptroller in accordance with the Illinois | |
| 129 | - | Administrative Procedure Act. The different time periods | |
| 130 | - | established by rule or regulation under this subsection may | |
| 131 | - | vary according to the nature and amounts of the funds | |
| 132 | - | received, the locations at which the funds are received, | |
| 133 | - | whether compliance with the deposit requirements specified in | |
| 134 | - | subsection (a) of this Section would be cost effective, and | |
| 135 | - | such other circumstances and conditions as the promulgating | |
| 136 | - | authorities consider to be appropriate. The Treasurer and the | |
| 137 | - | Comptroller shall review all such different time periods | |
| 138 | - | established pursuant to this subsection every 2 years from the | |
| 139 | - | establishment thereof and upon such review, unless it is | |
| 140 | - | determined that it is economically unfeasible for the agency | |
| 141 | - | to comply with the provisions of subsection (a), shall repeal | |
| 142 | - | such different time period. | |
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| 69 | + | SB3343 Enrolled - 3 - LRB103 37121 JRC 67240 b | |
| 70 | + | 1 provided in that Act; | |
| 71 | + | 2 (3) any fees received by the Department of Public | |
| 72 | + | 3 Health under the Food Handling Regulation Enforcement Act | |
| 73 | + | 4 that are submitted for renewal of an expired food service | |
| 74 | + | 5 sanitation manager certificate may be returned by the | |
| 75 | + | 6 Director as provided in that Act; | |
| 76 | + | 7 (3.5) examiners of unclaimed property which is | |
| 77 | + | 8 reported and remitted to the State Treasurer and | |
| 78 | + | 9 custodians contracted by the State of Illinois to hold | |
| 79 | + | 10 presumptively abandoned securities or virtual currency may | |
| 80 | + | 11 deduct fees prior to remittance in accordance with the | |
| 81 | + | 12 Revised Uniform Unclaimed Property Act the State Treasurer | |
| 82 | + | 13 may permit the deduction of fees by third-party unclaimed | |
| 83 | + | 14 property examiners from the property recovered by the | |
| 84 | + | 15 examiners for the State of Illinois during examinations of | |
| 85 | + | 16 holders located outside the State under which the Office | |
| 86 | + | 17 of the Treasurer has agreed to pay for the examinations | |
| 87 | + | 18 based upon a percentage, in accordance with the Revised | |
| 88 | + | 19 Uniform Unclaimed Property Act, of the property recovered | |
| 89 | + | 20 during the examination; and | |
| 90 | + | 21 (4) if the amount of money received does not exceed | |
| 91 | + | 22 $500, such money may be retained and need not be paid into | |
| 92 | + | 23 the State treasury until the total amount of money so | |
| 93 | + | 24 received exceeds $500, or until the next succeeding 1st or | |
| 94 | + | 25 15th day of each month (or until the next business day if | |
| 95 | + | 26 these days fall on Sunday or a holiday), whichever is | |
| 143 | 96 | ||
| 144 | 97 | ||
| 145 | - | (Source: P.A. 102-538, eff. 8-20-21.) | |
| 146 | - | Section 7. The Illinois Trust Code is amended by changing | |
| 147 | - | Sections 809 and 810 as follows: | |
| 148 | - | (760 ILCS 3/809) | |
| 149 | - | Sec. 809. Control and protection of trust property. A | |
| 150 | - | trustee shall take reasonable steps to take control of and | |
| 151 | - | protect the trust property, including searching for and | |
| 152 | - | claiming any unclaimed or presumptively abandoned property. If | |
| 153 | - | a corporation is acting as co-trustee with one or more | |
| 154 | - | individuals, the corporate trustee shall have custody of the | |
| 155 | - | trust estate unless all the trustees otherwise agree. | |
| 156 | - | (Source: P.A. 101-48, eff. 1-1-20.) | |
| 157 | - | (760 ILCS 3/810) | |
| 158 | - | Sec. 810. Recordkeeping and identification of trust | |
| 159 | - | property. | |
| 160 | - | (a) A trustee shall keep adequate records of the | |
| 161 | - | administration of the trust. | |
| 162 | - | (b) A trustee shall keep trust property separate from the | |
| 163 | - | trustee's own property. | |
| 164 | - | (c) Except as otherwise provided in subsection (d), a | |
| 165 | - | trustee not subject to federal or state banking regulation | |
| 166 | - | shall cause the trust property to be designated so that the | |
| 167 | - | interest of the trust, to the extent feasible, appears in | |
| 168 | 98 | ||
| 169 | 99 | ||
| 170 | - | records maintained by a party other than a trustee or | |
| 171 | - | beneficiary to whom the trustee has delivered the property. | |
| 172 | - | (d) If the trustee maintains records clearly indicating | |
| 173 | - | the respective interests, a trustee may invest as a whole the | |
| 174 | - | property of 2 or more separate trusts. | |
| 175 | - | (e) A trustee shall maintain or cause to be maintained | |
| 176 | - | trust records for a minimum of 7 years after the dissolution of | |
| 177 | - | the trust. | |
| 178 | - | (f) Prior to the destruction of trust records, a trustee | |
| 179 | - | shall conduct a reasonable search for any trust property that | |
| 180 | - | is presumptively abandoned or that has been reported and | |
| 181 | - | remitted to a state unclaimed property administrator. | |
| 182 | - | (Source: P.A. 101-48, eff. 1-1-20.) | |
| 183 | - | Section 10. The Revised Uniform Unclaimed Property Act is | |
| 184 | - | amended by changing Sections 15-201, 15-301, 15-501, 15-503, | |
| 185 | - | 15-603, 15-903, 15-906, and 15-1302 as follows: | |
| 186 | - | (765 ILCS 1026/15-201) | |
| 187 | - | Sec. 15-201. When property presumed abandoned. Subject to | |
| 188 | - | Section 15-210, the following property is presumed abandoned | |
| 189 | - | if it is unclaimed by the apparent owner during the period | |
| 190 | - | specified below: | |
| 191 | - | (1) a traveler's check, 15 years after issuance; | |
| 192 | - | (2) a money order, 5 years after issuance; | |
| 193 | - | (3) any instrument on which a financial organization | |
| 100 | + | ||
| 101 | + | SB3343 Enrolled - 3 - LRB103 37121 JRC 67240 b | |
| 194 | 102 | ||
| 195 | 103 | ||
| 196 | - | or business association is directly liable, other than a | |
| 197 | - | money order, 3 years after issuance; | |
| 198 | - | (4) a corporate state or municipal bond, bearer bond, | |
| 199 | - | or original-issue-discount bond, 3 years after the | |
| 200 | - | earliest of the date the bond matures or is called or the | |
| 201 | - | obligation to pay the principal of the bond arises; | |
| 202 | - | (5) a debt of a business association, 3 years after | |
| 203 | - | the obligation to pay arises; | |
| 204 | - | (6) financial organization deposits as follows: | |
| 205 | - | (i) a demand deposit, 3 years after the date of the | |
| 206 | - | last indication of interest in the property by the | |
| 207 | - | apparent owner; | |
| 208 | - | (ii) a savings deposit, 3 years after the date of | |
| 209 | - | last indication of interest in the property by the | |
| 210 | - | apparent owner; | |
| 211 | - | (iii) a time deposit for which the owner has not | |
| 212 | - | consented to automatic renewal of the time deposit, 3 | |
| 213 | - | years after the later of maturity or the date of the | |
| 214 | - | last indication of interest in the property by the | |
| 215 | - | apparent owner; | |
| 216 | - | (iv) an automatically renewable time deposit for | |
| 217 | - | which the owner consented to the automatic renewal in | |
| 218 | - | a record on file with the holder, 3 years after the | |
| 219 | - | date of last indication of interest in the property by | |
| 220 | - | the apparent owner, following the completion of the | |
| 221 | - | initial term of the time deposit and one automatic | |
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| 105 | + | SB3343 Enrolled - 4 - LRB103 37121 JRC 67240 b | |
| 106 | + | 1 earlier, at which earlier time such money shall be paid | |
| 107 | + | 2 into the State treasury, except that if a local bank or | |
| 108 | + | 3 savings and loan association account has been authorized | |
| 109 | + | 4 by law, any balances shall be paid into the State treasury | |
| 110 | + | 5 on Monday of each week if more than $500 is to be deposited | |
| 111 | + | 6 in any fund. | |
| 112 | + | 7 Single items of receipt exceeding $10,000 received after 2 | |
| 113 | + | 8 p.m. on a working day may be deemed to have been received on | |
| 114 | + | 9 the next working day for purposes of fulfilling the | |
| 115 | + | 10 requirement that the item be deposited on the day of actual | |
| 116 | + | 11 physical receipt. | |
| 117 | + | 12 No money belonging to or left for the use of the State | |
| 118 | + | 13 shall be expended or applied except in consequence of an | |
| 119 | + | 14 appropriation made by law and upon the warrant of the State | |
| 120 | + | 15 Comptroller. However, payments made by the Comptroller to | |
| 121 | + | 16 persons by direct deposit need not be made upon the warrant of | |
| 122 | + | 17 the Comptroller, but if not made upon a warrant, shall be made | |
| 123 | + | 18 in accordance with Section 9.02 of the State Comptroller Act. | |
| 124 | + | 19 All moneys so paid into the State treasury shall, unless | |
| 125 | + | 20 required by some statute to be held in the State treasury in a | |
| 126 | + | 21 separate or special fund, be covered into the General Revenue | |
| 127 | + | 22 Fund in the State treasury. Moneys received in the form of | |
| 128 | + | 23 checks, drafts or similar instruments shall be properly | |
| 129 | + | 24 endorsed, if necessary, and delivered to the State Treasurer | |
| 130 | + | 25 for collection. The State Treasurer shall remit such collected | |
| 131 | + | 26 funds to the depositing officer, board, commission, | |
| 222 | 132 | ||
| 223 | 133 | ||
| 224 | - | renewal term of the time deposit; | |
| 225 | - | (6.5) virtual currency, 5 years after the last | |
| 226 | - | indication of interest in the property; | |
| 227 | - | (7) money or a credit owed to a customer as a result of | |
| 228 | - | a retail business transaction, other than in-store credit | |
| 229 | - | for returned merchandise, 3 years after the obligation | |
| 230 | - | arose; | |
| 231 | - | (8) an amount owed by an insurance company on a life or | |
| 232 | - | endowment insurance policy or an annuity contract that has | |
| 233 | - | matured or terminated, 3 years after the obligation to pay | |
| 234 | - | arose under the terms of the policy or contract or, if a | |
| 235 | - | policy or contract for which an amount is owed on proof of | |
| 236 | - | death has not matured by proof of the death of the insured | |
| 237 | - | or annuitant, as follows: | |
| 238 | - | (A) with respect to an amount owed on a life or | |
| 239 | - | endowment insurance policy, the earlier of: | |
| 240 | - | (i) 3 years after the death of the insured; or | |
| 241 | - | (ii) 2 years after the insured has attained, | |
| 242 | - | or would have attained if living, the limiting age | |
| 243 | - | under the mortality table on which the reserve for | |
| 244 | - | the policy is based; and | |
| 245 | - | (B) with respect to an amount owed on an annuity | |
| 246 | - | contract, 3 years after the death of the annuitant. | |
| 247 | - | (9) funds on deposit or held in trust pursuant to the | |
| 248 | - | Illinois Funeral or Burial Funds Act, the earliest of: | |
| 249 | - | (A) 2 years after the date of death of the | |
| 250 | 134 | ||
| 251 | 135 | ||
| 252 | - | beneficiary; | |
| 253 | - | (B) one year after the date the beneficiary has | |
| 254 | - | attained, or would have attained if living, the age of | |
| 255 | - | 105 where the holder does not know whether the | |
| 256 | - | beneficiary is deceased; | |
| 257 | - | (C) 40 years after the contract for prepayment was | |
| 258 | - | executed, unless the apparent owner has indicated an | |
| 259 | - | interest in the property more than 40 years after the | |
| 260 | - | contract for prepayment was executed, in which case, 3 | |
| 261 | - | years after the last indication of interest in the | |
| 262 | - | property by the apparent owner; | |
| 263 | - | (10) property distributable by a business association | |
| 264 | - | in the course of bankruptcy or | |
| 265 | - | dissolution or | |
| 266 | - | distributions from the termination of a retirement plan, | |
| 267 | - | one year after the property becomes distributable; | |
| 268 | - | (11) property held by a court, including property | |
| 269 | - | received as proceeds of a class action, 3 years after the | |
| 270 | - | property becomes distributable; | |
| 271 | - | (12) property held by a government or governmental | |
| 272 | - | subdivision, agency, or instrumentality, including | |
| 273 | - | municipal bond interest and unredeemed principal under the | |
| 274 | - | administration of a paying agent or indenture trustee, 3 | |
| 275 | - | years after the property becomes distributable; | |
| 276 | - | (12.5) amounts payable pursuant to Section 20-175 of | |
| 277 | - | the Property Tax Code, 3 years after the property becomes | |
| 278 | - | payable; | |
| 136 | + | ||
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| 279 | 138 | ||
| 280 | 139 | ||
| 281 | - | (13) wages, commissions, bonuses, or reimbursements to | |
| 282 | - | which an employee is entitled, or other compensation for | |
| 283 | - | personal services, including amounts held on a payroll | |
| 284 | - | card, one year after the amount becomes payable; | |
| 285 | - | (14) a deposit or refund owed to a subscriber by a | |
| 286 | - | utility, one year after the deposit or refund becomes | |
| 287 | - | payable, except that any capital credits or patronage | |
| 288 | - | capital retired, returned, refunded or tendered to a | |
| 289 | - | member of an electric cooperative, as defined in Section | |
| 290 | - | 3.4 of the Electric Supplier Act, or a telephone or | |
| 291 | - | telecommunications cooperative, as defined in Section | |
| 292 | - | 13-212 of the Public Utilities Act, that has remained | |
| 293 | - | unclaimed by the person appearing on the records of the | |
| 294 | - | entitled cooperative for more than 2 years, shall not be | |
| 295 | - | subject to, or governed by, any other provisions of this | |
| 296 | - | Act, but rather shall be used by the cooperative for the | |
| 297 | - | benefit of the general membership of the cooperative; and | |
| 298 | - | (15) property not specified in this Section or | |
| 299 | - | Sections 15-202 through 15-208, the earlier of 3 years | |
| 300 | - | after the owner first has a right to demand the property or | |
| 301 | - | the obligation to pay or distribute the property arises. | |
| 302 | - | Notwithstanding anything to the contrary in this Section | |
| 303 | - | 15-201, and subject to Section 15-210, a deceased owner cannot | |
| 304 | - | indicate interest in his or her property. If the owner is | |
| 305 | - | deceased and the abandonment period for the owner's property | |
| 306 | - | specified in this Section 15-201 is greater than 2 years, then | |
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| 141 | + | SB3343 Enrolled - 5 - LRB103 37121 JRC 67240 b | |
| 142 | + | 1 commissioner, department, institution, arm or agency by | |
| 143 | + | 2 Treasurers Draft or through electronic funds transfer. The | |
| 144 | + | 3 draft or notification of the electronic funds transfer shall | |
| 145 | + | 4 be provided to the State Comptroller to allow deposit into the | |
| 146 | + | 5 appropriate fund. | |
| 147 | + | 6 (b) Different time periods for the payment of public funds | |
| 148 | + | 7 into the State treasury or to the State Treasurer, in excess of | |
| 149 | + | 8 the periods established in subsection (a) of this Section, but | |
| 150 | + | 9 not in excess of 30 days after receipt of such funds, may be | |
| 151 | + | 10 established and revised from time to time by rules or | |
| 152 | + | 11 regulations promulgated jointly by the State Treasurer and the | |
| 153 | + | 12 State Comptroller in accordance with the Illinois | |
| 154 | + | 13 Administrative Procedure Act. The different time periods | |
| 155 | + | 14 established by rule or regulation under this subsection may | |
| 156 | + | 15 vary according to the nature and amounts of the funds | |
| 157 | + | 16 received, the locations at which the funds are received, | |
| 158 | + | 17 whether compliance with the deposit requirements specified in | |
| 159 | + | 18 subsection (a) of this Section would be cost effective, and | |
| 160 | + | 19 such other circumstances and conditions as the promulgating | |
| 161 | + | 20 authorities consider to be appropriate. The Treasurer and the | |
| 162 | + | 21 Comptroller shall review all such different time periods | |
| 163 | + | 22 established pursuant to this subsection every 2 years from the | |
| 164 | + | 23 establishment thereof and upon such review, unless it is | |
| 165 | + | 24 determined that it is economically unfeasible for the agency | |
| 166 | + | 25 to comply with the provisions of subsection (a), shall repeal | |
| 167 | + | 26 such different time period. | |
| 307 | 168 | ||
| 308 | 169 | ||
| 309 | - | the property, other than an amount owed by an insurance | |
| 310 | - | company on a life or endowment insurance policy or an annuity | |
| 311 | - | contract that has matured or terminated, shall instead be | |
| 312 | - | presumed abandoned 2 years from the date of the owner's last | |
| 313 | - | indication of interest in the property. | |
| 314 | - | (Source: P.A. 102-288, eff. 8-6-21; 103-148, eff. 6-30-23.) | |
| 315 | - | (765 ILCS 1026/15-301) | |
| 316 | - | Sec. 15-301. Address of apparent owner to establish | |
| 317 | - | priority. In this Article, the following rules apply: | |
| 318 | - | (1) The last-known address of an apparent owner is any | |
| 319 | - | description, code, or other indication of the location of | |
| 320 | - | the apparent owner which identifies the state, even if the | |
| 321 | - | description, code, or indication of location is not | |
| 322 | - | sufficient to direct the delivery of first-class United | |
| 323 | - | States mail to the apparent owner. | |
| 324 | - | (2) If the United States postal zip code associated | |
| 325 | - | with the apparent owner is for a post office located in | |
| 326 | - | this State, this State is deemed to be the state of the | |
| 327 | - | last-known address of the apparent owner unless other | |
| 328 | - | records associated with the apparent owner specifically | |
| 329 | - | identify the physical address of the apparent owner to be | |
| 330 | - | in another state. | |
| 331 | - | (3) If the address under paragraph (2) is in another | |
| 332 | - | state, the other state is deemed to be the state of the | |
| 333 | - | last-known address of the apparent owner. | |
| 334 | 170 | ||
| 335 | 171 | ||
| 336 | - | (4) The address of the apparent owner of a life or | |
| 337 | - | endowment insurance policy or annuity contract or its | |
| 338 | - | proceeds is presumed to be the address of the insured or | |
| 339 | - | annuitant if a person other than the insured or annuitant | |
| 340 | - | is entitled to the amount owed under the policy or | |
| 341 | - | contract and the address of the other person is not known | |
| 342 | - | by the insurance company and cannot be determined under | |
| 343 | - | Section 15-302. The address of the apparent owner of other | |
| 344 | - | property where ownership vests in a beneficiary upon the | |
| 345 | - | death of the owner is presumed to be the address of the | |
| 346 | - | now-deceased owner if the address of the beneficiary is | |
| 347 | - | not known by the holder and cannot be determined under | |
| 348 | - | Section 15-302. | |
| 349 | - | (5) The address of the owner of other property where | |
| 350 | - | ownership vests in a beneficiary upon the death of the | |
| 351 | - | owner is presumed to be the address of the deceased owner | |
| 352 | - | if the address of the beneficiary is not known by the | |
| 353 | - | holder and cannot be determined under Section 15-302. | |
| 354 | - | (Source: P.A. 100-22, eff. 1-1-18.) | |
| 355 | - | (765 ILCS 1026/15-501) | |
| 356 | - | Sec. 15-501. Notice to apparent owner by holder. | |
| 357 | - | (a) Subject to subsections (b) and (c), the holder of | |
| 358 | - | property presumed abandoned shall send to the apparent owner | |
| 359 | - | notice by first-class United States mail that complies with | |
| 360 | - | Section 15-502 in a format acceptable to the administrator not | |
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| 361 | 174 | ||
| 362 | 175 | ||
| 363 | - | more than one year nor less than 60 days before filing the | |
| 364 | - | report under Section 15-401 if: | |
| 365 | - | (1) the holder has in its records an address for the | |
| 366 | - | apparent owner which the holder's records do not disclose | |
| 367 | - | to be invalid and is sufficient to direct the delivery of | |
| 368 | - | first-class United States mail to the apparent owner; and | |
| 369 | - | (2) the value of the property is $50 or more. | |
| 370 | - | (b) If an apparent owner has consented to receive | |
| 371 | - | electronic-mail delivery from the holder, the holder shall | |
| 372 | - | send the notice described in subsection (a) both by | |
| 373 | - | first-class United States mail to the apparent owner's | |
| 374 | - | last-known mailing address and by electronic mail, unless the | |
| 375 | - | holder believes that the apparent owner's electronic-mail | |
| 376 | - | address is invalid. | |
| 377 | - | (c) The holder of virtual currency or securities presumed | |
| 378 | - | abandoned under Sections 15-202, 15-203, or 15-208 shall send | |
| 379 | - | to the apparent owner notice by certified United States mail | |
| 380 | - | that complies with Section 15-502 in a format acceptable to | |
| 381 | - | the administrator not less than 60 days before filing the | |
| 382 | - | report under Section 15-401 if: | |
| 383 | - | (1) the holder has in its records an address for the | |
| 384 | - | apparent owner which the holder's records do not disclose | |
| 385 | - | to be invalid and is sufficient to direct the delivery of | |
| 386 | - | United States mail to the apparent owner; and | |
| 387 | - | (2) the value of the property is $1,000 or more. | |
| 388 | - | (d) In addition to other indications of an apparent | |
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| 177 | + | SB3343 Enrolled - 6 - LRB103 37121 JRC 67240 b | |
| 178 | + | 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 | |
| 389 | 201 | ||
| 390 | 202 | ||
| 391 | - | owner's interest in property pursuant to Section 15-210, a | |
| 392 | - | signed return receipt in response to a notice sent pursuant to | |
| 393 | - | this Section by certified United States mail shall constitute | |
| 394 | - | a record communicated by the apparent owner to the holder | |
| 395 | - | concerning the property or the account in which the property | |
| 396 | - | is held. | |
| 397 | - | (e) The administrator may adopt rules allowing a holder to | |
| 398 | - | deduct reasonable costs incurred in sending a notice by United | |
| 399 | - | States mail under this Section. | |
| 400 | - | (Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.) | |
| 401 | - | (765 ILCS 1026/15-503) | |
| 402 | - | Sec. 15-503. Notice by administrator. | |
| 403 | - | (a) The administrator shall give notice to an apparent | |
| 404 | - | owner that property presumed abandoned and appears to be owned | |
| 405 | - | by the apparent owner is held by the administrator under this | |
| 406 | - | Act. | |
| 407 | - | (b) In providing notice under subsection (a), the | |
| 408 | - | administrator shall: | |
| 409 | - | (1) except as otherwise provided in paragraph (2), | |
| 410 | - | send written notice by first-class United States mail to | |
| 411 | - | each apparent owner of property valued at $100 or more | |
| 412 | - | held by the administrator, unless the administrator | |
| 413 | - | determines that a mailing by first-class United States | |
| 414 | - | mail would not be received by the apparent owner, and, in | |
| 415 | - | the case of a security held in an account for which the | |
| 416 | 203 | ||
| 417 | 204 | ||
| 418 | - | apparent owner had consented to receiving electronic mail | |
| 419 | - | from the holder, send notice by electronic mail if the | |
| 420 | - | electronic-mail address of the apparent owner is known to | |
| 421 | - | the administrator instead of by first-class United States | |
| 422 | - | mail; or | |
| 423 | - | (2) send the notice to the apparent owner's | |
| 424 | - | electronic-mail address if the administrator does not have | |
| 425 | - | a valid United States mail address for an apparent owner, | |
| 426 | - | but has an electronic-mail address that the administrator | |
| 427 | - | does not know to be invalid. | |
| 428 | - | (c) In addition to the notice under subsection (b), the | |
| 429 | - | administrator shall: | |
| 430 | - | (1) publish twice every year every 6 months in at | |
| 431 | - | least one English language newspaper of general | |
| 432 | - | circulation in each county in this State notice of | |
| 433 | - | property held by the administrator which must include: | |
| 434 | - | (A) an estimate of the total value of property | |
| 435 | - | available to be claimed from received by the | |
| 436 | - | administrator during the preceding 6-month period, | |
| 437 | - | taken from the reports under Section 15-401; | |
| 438 | - | (B) the approximate total value of claims paid by | |
| 439 | - | the administrator during the preceding fiscal year | |
| 440 | - | 6-month period; | |
| 441 | - | (C) the Internet web address of the unclaimed | |
| 442 | - | property website maintained by the administrator; | |
| 443 | - | (D) an electronic-mail address to contact the | |
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| 444 | 207 | ||
| 445 | 208 | ||
| 446 | - | ||
| 447 | - | ||
| 448 | - | ||
| 449 | - | property | |
| 450 | - | ||
| 451 | - | ||
| 452 | - | ||
| 453 | - | ||
| 454 | - | ||
| 455 | - | ||
| 456 | - | ||
| 457 | - | ||
| 458 | - | ||
| 459 | - | ||
| 460 | - | ||
| 461 | - | ||
| 462 | - | ||
| 463 | - | ||
| 464 | - | ( | |
| 465 | - | ||
| 466 | - | ||
| 467 | - | ||
| 468 | - | ||
| 469 | - | ||
| 470 | - | ( | |
| 471 | - | ||
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| 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 | |
| 472 | 235 | ||
| 473 | 236 | ||
| 474 | - | appearing to be owners of abandoned property under this | |
| 475 | - | Section. The administrator shall also provide to the | |
| 476 | - | Department of Revenue the social security numbers of the | |
| 477 | - | persons, if available. | |
| 478 | - | (2) The Department of Revenue shall notify the | |
| 479 | - | administrator if any person under subsection (e)(1) has | |
| 480 | - | filed an Illinois income tax return and shall provide the | |
| 481 | - | administrator with the last known address of the person as | |
| 482 | - | it appears in Department of Revenue records, except as | |
| 483 | - | prohibited by federal law. The Department of Revenue may | |
| 484 | - | also provide additional addresses for the same taxpayer | |
| 485 | - | from the records of the Department, except as prohibited | |
| 486 | - | by federal law. | |
| 487 | - | (3) In order to facilitate the return of property | |
| 488 | - | under this subsection, the administrator and the | |
| 489 | - | Department of Revenue may enter into an interagency | |
| 490 | - | agreement concerning protection of confidential | |
| 491 | - | information, data match rules, and other issues. | |
| 492 | - | (4) The administrator may deliver, as provided under | |
| 493 | - | Section 15-904 of this Act, property or pay the amount | |
| 494 | - | owing to a person matched under this Section without the | |
| 495 | - | person filing a claim under Section 15-903 of this Act if | |
| 496 | - | the following conditions are met: | |
| 497 | - | (A) the value of the property that is owed the | |
| 498 | - | person is $5,000 or less; | |
| 499 | - | (B) the property is not either tangible property | |
| 500 | 237 | ||
| 501 | 238 | ||
| 502 | - | or securities; | |
| 503 | - | (C) the last known address for the person | |
| 504 | - | according to the Department of Revenue records is less | |
| 505 | - | than 12 months old; and | |
| 506 | - | (D) the administrator has evidence sufficient to | |
| 507 | - | establish that the person who appears in Department of | |
| 508 | - | Revenue records is the owner of the property and the | |
| 509 | - | owner currently resides at the last known address from | |
| 510 | - | the Department of Revenue. | |
| 511 | - | (5) If the value of the property that is owed the | |
| 512 | - | person is greater than $5,000, or is tangible property or | |
| 513 | - | securities the administrator shall provide notice to the | |
| 514 | - | person, informing the person that he or she is the owner of | |
| 515 | - | abandoned property held by the State and may file a claim | |
| 516 | - | with the administrator for return of the property. | |
| 517 | - | (6) The administrator does not need to notify the | |
| 518 | - | Department of Revenue of the names or social security | |
| 519 | - | numbers of apparent owners of abandoned property if the | |
| 520 | - | administrator reasonably believes that the Department of | |
| 521 | - | Revenue will be unable to provide information that would | |
| 522 | - | provide sufficient evidence to establish that the person | |
| 523 | - | in the Department of Revenue's records is the apparent | |
| 524 | - | owner of unclaimed property in the custody of the | |
| 525 | - | administrator. | |
| 526 | - | (f) The administrator may use additional databases to | |
| 527 | - | verify the identity of the person and that the person | |
| 239 | + | ||
| 240 | + | SB3343 Enrolled - 7 - LRB103 37121 JRC 67240 b | |
| 528 | 241 | ||
| 529 | 242 | ||
| 530 | - | currently resides at the last known address. The administrator | |
| 531 | - | may utilize publicly and commercially available databases to | |
| 532 | - | find and update or add information for apparent owners of | |
| 533 | - | property held by the administrator. | |
| 534 | - | (g) In addition to giving notice under subsection (b), | |
| 535 | - | publishing the information under subsection (c)(1) and | |
| 536 | - | maintaining the website or database under subsection (c)(2), | |
| 537 | - | the administrator may use other printed publication, | |
| 538 | - | telecommunication, the Internet, or other media to inform the | |
| 539 | - | public of the existence of unclaimed property held by the | |
| 540 | - | administrator. | |
| 541 | - | (h) Identification of apparent owners of abandoned | |
| 542 | - | property using other State databases. | |
| 543 | - | (1) The administrator may enter into interagency | |
| 544 | - | agreements with the Secretary of State and the Illinois | |
| 545 | - | State Board of Elections to identify persons appearing to | |
| 546 | - | be owners of abandoned property with databases under the | |
| 547 | - | control of the Secretary of State and the Illinois State | |
| 548 | - | Board of Elections. Such interagency agreements shall | |
| 549 | - | include protection of confidential information, data match | |
| 550 | - | rules, and other necessary and proper issues. | |
| 551 | - | (2) Except as prohibited by federal law, after January | |
| 552 | - | 1, 2022 the administrator may provide the Secretary of | |
| 553 | - | State with names and other identifying information of | |
| 554 | - | persons appearing to be owners of abandoned property. The | |
| 555 | - | Secretary of State may provide the administrator with the | |
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| 244 | + | SB3343 Enrolled - 8 - LRB103 37121 JRC 67240 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 | |
| 556 | 271 | ||
| 557 | 272 | ||
| 558 | - | last known address as it appears in its respective records | |
| 559 | - | of any person reasonably believed to be the apparent owner | |
| 560 | - | of abandoned property. | |
| 561 | - | (3) The Illinois State Board of Elections shall, upon | |
| 562 | - | request, annually provide the administrator with | |
| 563 | - | electronic data or compilations of voter registration | |
| 564 | - | information. The administrator may use such electronic | |
| 565 | - | data or compilations of voter registration information to | |
| 566 | - | identify persons appearing to be owners of abandoned | |
| 567 | - | property. | |
| 568 | - | (4) The administrator may deliver, as provided under | |
| 569 | - | Section 15-904, property or pay the amount owing to a | |
| 570 | - | person matched under this Section without the person | |
| 571 | - | filing a claim under Section 15-903 if: | |
| 572 | - | (i) the value of the property that is owed the | |
| 573 | - | person is $5,000 or less; | |
| 574 | - | (ii) the property is not either tangible property | |
| 575 | - | or securities; | |
| 576 | - | (iii) the last known address for the person | |
| 577 | - | according to the records of the Secretary of State or | |
| 578 | - | Illinois State Board of Elections is less than 12 | |
| 579 | - | months old; and | |
| 580 | - | (iv) the administrator has evidence sufficient to | |
| 581 | - | establish that the person who appears in the records | |
| 582 | - | of the Secretary of State or Illinois State Board of | |
| 583 | - | Elections is the owner of the property and the owner | |
| 584 | 273 | ||
| 585 | 274 | ||
| 586 | - | currently resides at the last known address from the | |
| 587 | - | Secretary of State or the Illinois State Board of | |
| 588 | - | Elections. | |
| 589 | - | (Source: P.A. 102-288, eff. 8-6-21; 102-835, eff. 5-13-22.) | |
| 590 | - | (765 ILCS 1026/15-603) | |
| 591 | - | Sec. 15-603. Payment or delivery of property to | |
| 592 | - | administrator. | |
| 593 | - | (a) Except as otherwise provided in this Section, on | |
| 594 | - | filing a report under Section 15-401, the holder shall pay or | |
| 595 | - | deliver to the administrator the property described in the | |
| 596 | - | report. | |
| 597 | - | (b) If property in a report under Section 15-401 is an | |
| 598 | - | automatically renewable time deposit and the holder determines | |
| 599 | - | that a penalty or forfeiture in the payment of interest would | |
| 600 | - | result from paying the deposit to the administrator at the | |
| 601 | - | time of the report, the date for reporting and delivering the | |
| 602 | - | property to the administrator is extended until a penalty or | |
| 603 | - | forfeiture no longer would result from delivery of the | |
| 604 | - | property to the administrator. The holder shall report and | |
| 605 | - | deliver the property on the next regular date prescribed for | |
| 606 | - | reporting by the holder under this Act after this extended | |
| 607 | - | date, and the holder shall indicate in its report to the | |
| 608 | - | administrator that the property is being reported on an | |
| 609 | - | extended date pursuant to this subsection (b). | |
| 610 | - | (c) Tangible property in a safe-deposit box may not be | |
| 275 | + | ||
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| 611 | 277 | ||
| 612 | 278 | ||
| 613 | - | delivered to the administrator until a mutually agreed upon | |
| 614 | - | date that is no sooner than 60 days after filing the report | |
| 615 | - | under Section 15-401. | |
| 616 | - | (d) If property reported to the administrator under | |
| 617 | - | Section 15-401 is a security, the administrator may: | |
| 618 | - | (1) make an endorsement, instruction, or entitlement | |
| 619 | - | order on behalf of the apparent owner to invoke the duty of | |
| 620 | - | the issuer, its transfer agent, or the securities | |
| 621 | - | intermediary to transfer the security; or | |
| 622 | - | (2) dispose of the security under Section 15-702. | |
| 623 | - | (e) If the holder of property reported to the | |
| 624 | - | administrator under Section 15-401 is the issuer of a | |
| 625 | - | certificated security, the administrator may obtain a | |
| 626 | - | replacement certificate in physical or book-entry form under | |
| 627 | - | Section 8-405 of the Uniform Commercial Code. An indemnity | |
| 628 | - | bond is not required. | |
| 629 | - | (f) The administrator shall establish procedures for the | |
| 630 | - | registration, issuance, method of delivery, transfer, and | |
| 631 | - | maintenance of securities delivered to the administrator by a | |
| 632 | - | holder. | |
| 633 | - | (g) An issuer, holder, and transfer agent or other person | |
| 634 | - | acting in good faith under this Section under instructions of | |
| 635 | - | and on behalf of the issuer or holder is not liable to the | |
| 636 | - | apparent owner for a claim arising with respect to property | |
| 637 | - | after the property has been delivered to the administrator. | |
| 638 | - | (h) A holder is not required to deliver to the | |
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| 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 | |
| 639 | 307 | ||
| 640 | 308 | ||
| 641 | - | administrator a security identified by the holder as a | |
| 642 | - | non-freely transferable security in a report filed under | |
| 643 | - | Section 15-401. If the administrator or holder determines that | |
| 644 | - | a security is no longer a non-freely transferable security, | |
| 645 | - | the holder shall report and deliver the security on the next | |
| 646 | - | regular date prescribed for delivery of securities by the | |
| 647 | - | holder under this Act. The holder shall make a determination | |
| 648 | - | annually whether a security identified in a report filed under | |
| 649 | - | Section 15-401 as a non-freely transferable security is no | |
| 650 | - | longer a non-freely transferable security. | |
| 651 | - | (i) Virtual currency. | |
| 652 | - | (1) If property reported to the administrator is | |
| 653 | - | virtual currency, the holder shall liquidate the virtual | |
| 654 | - | currency and remit the proceeds to the administrator. | |
| 655 | - | (2) The liquidation shall occur anytime within 30 days | |
| 656 | - | prior to the filing of the report under Section 15-401. | |
| 657 | - | The owner shall not have recourse against the holder or | |
| 658 | - | the administrator to recover any gain in value that occurs | |
| 659 | - | after the liquidation of the virtual currency under this | |
| 660 | - | subsection. | |
| 661 | - | (3) If a holder cannot liquidate virtual currency and | |
| 662 | - | cannot otherwise cause virtual currency to be liquidated, | |
| 663 | - | the holder shall promptly notify the administrator in | |
| 664 | - | writing and explain the reasons why the virtual currency | |
| 665 | - | cannot be liquidated. The administrator, in his or her | |
| 666 | - | absolute and sole discretion, may direct the holder to | |
| 667 | 309 | ||
| 668 | 310 | ||
| 669 | - | either (1) transfer the virtual currency that cannot be | |
| 670 | - | liquidated to a custodian selected by the administrator, | |
| 671 | - | or (2) continue to hold the virtual currency until the | |
| 672 | - | administrator or the holder determines that the virtual | |
| 673 | - | currency can be liquidated pursuant to this Act or there | |
| 674 | - | is an indication of apparent owner interest pursuant to | |
| 675 | - | Section 15-210. | |
| 676 | - | (Source: P.A. 102-288, eff. 8-6-21.) | |
| 677 | - | (765 ILCS 1026/15-903) | |
| 678 | - | Sec. 15-903. Claim for property by person claiming to be | |
| 679 | - | owner. | |
| 680 | - | (a) A person claiming to be the owner of property held | |
| 681 | - | under this Act by the administrator or to the proceeds from the | |
| 682 | - | sale thereof may file a claim for the property on a form | |
| 683 | - | prescribed by the administrator. The claimant must verify the | |
| 684 | - | claim as to its completeness and accuracy. | |
| 685 | - | (b) The administrator may waive the requirement in | |
| 686 | - | subsection (a) and may pay or deliver property directly to a | |
| 687 | - | person if: | |
| 688 | - | (1) the person receiving the property or payment is | |
| 689 | - | shown to be the apparent owner included on a report filed | |
| 690 | - | under Section 15-401; | |
| 691 | - | (2) the administrator reasonably believes the person | |
| 692 | - | is entitled to receive the property or payment; and | |
| 693 | - | (3) the property has a value of less than $5,000 | |
| 311 | + | ||
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| 694 | 313 | ||
| 695 | 314 | ||
| 696 | - | $2,000. | |
| 697 | - | (c) The administrator may change the maximum value in | |
| 698 | - | subsection (b) by administrative rule. | |
| 699 | - | (d) This Section is the sole administrative and legal | |
| 700 | - | procedure for claiming property under this Act. Compliance | |
| 701 | - | with this Section is required prior to exercising the | |
| 702 | - | exclusive judicial remedy found in Section 15-906. | |
| 703 | - | (Source: P.A. 102-835, eff. 5-13-22.) | |
| 704 | - | (765 ILCS 1026/15-906) | |
| 705 | - | Sec. 15-906. Action by person whose claim is denied. Not | |
| 706 | - | later than one year after filing a claim under subsection (a) | |
| 707 | - | of Section 15-903, the claimant may commence a contested case | |
| 708 | - | pursuant to the Illinois Administrative Procedure Act to | |
| 709 | - | establish a claim by the preponderance of the evidence after | |
| 710 | - | either receiving notice under subsection (b) of Section 15-904 | |
| 711 | - | or the claim is deemed denied under subsection (b) of Section | |
| 712 | - | 15-904. Any appeal from the administrator's decision pursuant | |
| 713 | - | to the Illinois Administrative Procedure Act must be taken via | |
| 714 | - | the provisions of the Administrative Review Law. | |
| 715 | - | (Source: P.A. 102-288, eff. 8-6-21.) | |
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| 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 | |
| 330 | + | dissolution or | |
| 331 | + | 14 distributions from the termination of a retirement plan, | |
| 332 | + | 15 one year after the property becomes distributable; | |
| 333 | + | 16 (11) property held by a court, including property | |
| 334 | + | 17 received as proceeds of a class action, 3 years after the | |
| 335 | + | 18 property becomes distributable; | |
| 336 | + | 19 (12) property held by a government or governmental | |
| 337 | + | 20 subdivision, agency, or instrumentality, including | |
| 338 | + | 21 municipal bond interest and unredeemed principal under the | |
| 339 | + | 22 administration of a paying agent or indenture trustee, 3 | |
| 340 | + | 23 years after the property becomes distributable; | |
| 341 | + | 24 (12.5) amounts payable pursuant to Section 20-175 of | |
| 342 | + | 25 the Property Tax Code, 3 years after the property becomes | |
| 343 | + | 26 payable; | |
| 344 | + | ||
| 345 | + | ||
| 346 | + | ||
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| 354 | + | 1 (13) wages, commissions, bonuses, or reimbursements to | |
| 355 | + | 2 which an employee is entitled, or other compensation for | |
| 356 | + | 3 personal services, including amounts held on a payroll | |
| 357 | + | 4 card, one year after the amount becomes payable; | |
| 358 | + | 5 (14) a deposit or refund owed to a subscriber by a | |
| 359 | + | 6 utility, one year after the deposit or refund becomes | |
| 360 | + | 7 payable, except that any capital credits or patronage | |
| 361 | + | 8 capital retired, returned, refunded or tendered to a | |
| 362 | + | 9 member of an electric cooperative, as defined in Section | |
| 363 | + | 10 3.4 of the Electric Supplier Act, or a telephone or | |
| 364 | + | 11 telecommunications cooperative, as defined in Section | |
| 365 | + | 12 13-212 of the Public Utilities Act, that has remained | |
| 366 | + | 13 unclaimed by the person appearing on the records of the | |
| 367 | + | 14 entitled cooperative for more than 2 years, shall not be | |
| 368 | + | 15 subject to, or governed by, any other provisions of this | |
| 369 | + | 16 Act, but rather shall be used by the cooperative for the | |
| 370 | + | 17 benefit of the general membership of the cooperative; and | |
| 371 | + | 18 (15) property not specified in this Section or | |
| 372 | + | 19 Sections 15-202 through 15-208, the earlier of 3 years | |
| 373 | + | 20 after the owner first has a right to demand the property or | |
| 374 | + | 21 the obligation to pay or distribute the property arises. | |
| 375 | + | 22 Notwithstanding anything to the contrary in this Section | |
| 376 | + | 23 15-201, and subject to Section 15-210, a deceased owner cannot | |
| 377 | + | 24 indicate interest in his or her property. If the owner is | |
| 378 | + | 25 deceased and the abandonment period for the owner's property | |
| 379 | + | 26 specified in this Section 15-201 is greater than 2 years, then | |
| 380 | + | ||
| 381 | + | ||
| 382 | + | ||
| 383 | + | ||
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| 390 | + | 1 the property, other than an amount owed by an insurance | |
| 391 | + | 2 company on a life or endowment insurance policy or an annuity | |
| 392 | + | 3 contract that has matured or terminated, shall instead be | |
| 393 | + | 4 presumed abandoned 2 years from the date of the owner's last | |
| 394 | + | 5 indication of interest in the property. | |
| 395 | + | 6 (Source: P.A. 102-288, eff. 8-6-21; 103-148, eff. 6-30-23.) | |
| 396 | + | 7 (765 ILCS 1026/15-301) | |
| 397 | + | 8 Sec. 15-301. Address of apparent owner to establish | |
| 398 | + | 9 priority. In this Article, the following rules apply: | |
| 399 | + | 10 (1) The last-known address of an apparent owner is any | |
| 400 | + | 11 description, code, or other indication of the location of | |
| 401 | + | 12 the apparent owner which identifies the state, even if the | |
| 402 | + | 13 description, code, or indication of location is not | |
| 403 | + | 14 sufficient to direct the delivery of first-class United | |
| 404 | + | 15 States mail to the apparent owner. | |
| 405 | + | 16 (2) If the United States postal zip code associated | |
| 406 | + | 17 with the apparent owner is for a post office located in | |
| 407 | + | 18 this State, this State is deemed to be the state of the | |
| 408 | + | 19 last-known address of the apparent owner unless other | |
| 409 | + | 20 records associated with the apparent owner specifically | |
| 410 | + | 21 identify the physical address of the apparent owner to be | |
| 411 | + | 22 in another state. | |
| 412 | + | 23 (3) If the address under paragraph (2) is in another | |
| 413 | + | 24 state, the other state is deemed to be the state of the | |
| 414 | + | 25 last-known address of the apparent owner. | |
| 415 | + | ||
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| 425 | + | 1 (4) The address of the apparent owner of a life or | |
| 426 | + | 2 endowment insurance policy or annuity contract or its | |
| 427 | + | 3 proceeds is presumed to be the address of the insured or | |
| 428 | + | 4 annuitant if a person other than the insured or annuitant | |
| 429 | + | 5 is entitled to the amount owed under the policy or | |
| 430 | + | 6 contract and the address of the other person is not known | |
| 431 | + | 7 by the insurance company and cannot be determined under | |
| 432 | + | 8 Section 15-302. The address of the apparent owner of other | |
| 433 | + | 9 property where ownership vests in a beneficiary upon the | |
| 434 | + | 10 death of the owner is presumed to be the address of the | |
| 435 | + | 11 now-deceased owner if the address of the beneficiary is | |
| 436 | + | 12 not known by the holder and cannot be determined under | |
| 437 | + | 13 Section 15-302. | |
| 438 | + | 14 (5) The address of the owner of other property where | |
| 439 | + | 15 ownership vests in a beneficiary upon the death of the | |
| 440 | + | 16 owner is presumed to be the address of the deceased owner | |
| 441 | + | 17 if the address of the beneficiary is not known by the | |
| 442 | + | 18 holder and cannot be determined under Section 15-302. | |
| 443 | + | 19 (Source: P.A. 100-22, eff. 1-1-18.) | |
| 444 | + | 20 (765 ILCS 1026/15-501) | |
| 445 | + | 21 Sec. 15-501. Notice to apparent owner by holder. | |
| 446 | + | 22 (a) Subject to subsections (b) and (c), the holder of | |
| 447 | + | 23 property presumed abandoned shall send to the apparent owner | |
| 448 | + | 24 notice by first-class United States mail that complies with | |
| 449 | + | 25 Section 15-502 in a format acceptable to the administrator not | |
| 450 | + | ||
| 451 | + | ||
| 452 | + | ||
| 453 | + | ||
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| 460 | + | 1 more than one year nor less than 60 days before filing the | |
| 461 | + | 2 report under Section 15-401 if: | |
| 462 | + | 3 (1) the holder has in its records an address for the | |
| 463 | + | 4 apparent owner which the holder's records do not disclose | |
| 464 | + | 5 to be invalid and is sufficient to direct the delivery of | |
| 465 | + | 6 first-class United States mail to the apparent owner; and | |
| 466 | + | 7 (2) the value of the property is $50 or more. | |
| 467 | + | 8 (b) If an apparent owner has consented to receive | |
| 468 | + | 9 electronic-mail delivery from the holder, the holder shall | |
| 469 | + | 10 send the notice described in subsection (a) both by | |
| 470 | + | 11 first-class United States mail to the apparent owner's | |
| 471 | + | 12 last-known mailing address and by electronic mail, unless the | |
| 472 | + | 13 holder believes that the apparent owner's electronic-mail | |
| 473 | + | 14 address is invalid. | |
| 474 | + | 15 (c) The holder of virtual currency or securities presumed | |
| 475 | + | 16 abandoned under Sections 15-202, 15-203, or 15-208 shall send | |
| 476 | + | 17 to the apparent owner notice by certified United States mail | |
| 477 | + | 18 that complies with Section 15-502 in a format acceptable to | |
| 478 | + | 19 the administrator not less than 60 days before filing the | |
| 479 | + | 20 report under Section 15-401 if: | |
| 480 | + | 21 (1) the holder has in its records an address for the | |
| 481 | + | 22 apparent owner which the holder's records do not disclose | |
| 482 | + | 23 to be invalid and is sufficient to direct the delivery of | |
| 483 | + | 24 United States mail to the apparent owner; and | |
| 484 | + | 25 (2) the value of the property is $1,000 or more. | |
| 485 | + | 26 (d) In addition to other indications of an apparent | |
| 486 | + | ||
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| 496 | + | 1 owner's interest in property pursuant to Section 15-210, a | |
| 497 | + | 2 signed return receipt in response to a notice sent pursuant to | |
| 498 | + | 3 this Section by certified United States mail shall constitute | |
| 499 | + | 4 a record communicated by the apparent owner to the holder | |
| 500 | + | 5 concerning the property or the account in which the property | |
| 501 | + | 6 is held. | |
| 502 | + | 7 (e) The administrator may adopt rules allowing a holder to | |
| 503 | + | 8 deduct reasonable costs incurred in sending a notice by United | |
| 504 | + | 9 States mail under this Section. | |
| 505 | + | 10 (Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.) | |
| 506 | + | 11 (765 ILCS 1026/15-503) | |
| 507 | + | 12 Sec. 15-503. Notice by administrator. | |
| 508 | + | 13 (a) The administrator shall give notice to an apparent | |
| 509 | + | 14 owner that property presumed abandoned and appears to be owned | |
| 510 | + | 15 by the apparent owner is held by the administrator under this | |
| 511 | + | 16 Act. | |
| 512 | + | 17 (b) In providing notice under subsection (a), the | |
| 513 | + | 18 administrator shall: | |
| 514 | + | 19 (1) except as otherwise provided in paragraph (2), | |
| 515 | + | 20 send written notice by first-class United States mail to | |
| 516 | + | 21 each apparent owner of property valued at $100 or more | |
| 517 | + | 22 held by the administrator, unless the administrator | |
| 518 | + | 23 determines that a mailing by first-class United States | |
| 519 | + | 24 mail would not be received by the apparent owner, and, in | |
| 520 | + | 25 the case of a security held in an account for which the | |
| 521 | + | ||
| 522 | + | ||
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| 531 | + | 1 apparent owner had consented to receiving electronic mail | |
| 532 | + | 2 from the holder, send notice by electronic mail if the | |
| 533 | + | 3 electronic-mail address of the apparent owner is known to | |
| 534 | + | 4 the administrator instead of by first-class United States | |
| 535 | + | 5 mail; or | |
| 536 | + | 6 (2) send the notice to the apparent owner's | |
| 537 | + | 7 electronic-mail address if the administrator does not have | |
| 538 | + | 8 a valid United States mail address for an apparent owner, | |
| 539 | + | 9 but has an electronic-mail address that the administrator | |
| 540 | + | 10 does not know to be invalid. | |
| 541 | + | 11 (c) In addition to the notice under subsection (b), the | |
| 542 | + | 12 administrator shall: | |
| 543 | + | 13 (1) publish twice every year every 6 months in at | |
| 544 | + | 14 least one English language newspaper of general | |
| 545 | + | 15 circulation in each county in this State notice of | |
| 546 | + | 16 property held by the administrator which must include: | |
| 547 | + | 17 (A) an estimate of the total value of property | |
| 548 | + | 18 available to be claimed from received by the | |
| 549 | + | 19 administrator during the preceding 6-month period, | |
| 550 | + | 20 taken from the reports under Section 15-401; | |
| 551 | + | 21 (B) the approximate total value of claims paid by | |
| 552 | + | 22 the administrator during the preceding fiscal year | |
| 553 | + | 23 6-month period; | |
| 554 | + | 24 (C) the Internet web address of the unclaimed | |
| 555 | + | 25 property website maintained by the administrator; | |
| 556 | + | 26 (D) an electronic-mail address to contact the | |
| 557 | + | ||
| 558 | + | ||
| 559 | + | ||
| 560 | + | ||
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| 567 | + | 1 administrator to inquire about or claim property; and | |
| 568 | + | 2 (E) a statement that a person may access the | |
| 569 | + | 3 Internet by a computer to search for unclaimed | |
| 570 | + | 4 property and a computer may be available as a service | |
| 571 | + | 5 to the public at a local public library. | |
| 572 | + | 6 (2) The administrator shall maintain a website | |
| 573 | + | 7 accessible by the public and electronically searchable | |
| 574 | + | 8 which contains the names reported to the administrator of | |
| 575 | + | 9 apparent owners for whom property is being held by the | |
| 576 | + | 10 administrator. The administrator need not list property on | |
| 577 | + | 11 such website when: no owner name was reported, a claim has | |
| 578 | + | 12 been initiated or is pending for the property, the | |
| 579 | + | 13 administrator has made direct contact with the apparent | |
| 580 | + | 14 owner of the property, and in other instances where the | |
| 581 | + | 15 administrator reasonably believes exclusion of the | |
| 582 | + | 16 property is in the best interests of both the State and the | |
| 583 | + | 17 owner of the property. | |
| 584 | + | 18 (d) The website or database maintained under subsection | |
| 585 | + | 19 (c)(2) must include instructions for filing with the | |
| 586 | + | 20 administrator a claim to property and an online claim form | |
| 587 | + | 21 with instructions. The website may also provide a printable | |
| 588 | + | 22 claim form with instructions for its use. | |
| 589 | + | 23 (e) Tax return identification of apparent owners of | |
| 590 | + | 24 abandoned property. | |
| 591 | + | 25 (1) At least annually the administrator shall notify | |
| 592 | + | 26 the Department of Revenue of the names of persons | |
| 593 | + | ||
| 594 | + | ||
| 595 | + | ||
| 596 | + | ||
| 597 | + | ||
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| 603 | + | 1 appearing to be owners of abandoned property under this | |
| 604 | + | 2 Section. The administrator shall also provide to the | |
| 605 | + | 3 Department of Revenue the social security numbers of the | |
| 606 | + | 4 persons, if available. | |
| 607 | + | 5 (2) The Department of Revenue shall notify the | |
| 608 | + | 6 administrator if any person under subsection (e)(1) has | |
| 609 | + | 7 filed an Illinois income tax return and shall provide the | |
| 610 | + | 8 administrator with the last known address of the person as | |
| 611 | + | 9 it appears in Department of Revenue records, except as | |
| 612 | + | 10 prohibited by federal law. The Department of Revenue may | |
| 613 | + | 11 also provide additional addresses for the same taxpayer | |
| 614 | + | 12 from the records of the Department, except as prohibited | |
| 615 | + | 13 by federal law. | |
| 616 | + | 14 (3) In order to facilitate the return of property | |
| 617 | + | 15 under this subsection, the administrator and the | |
| 618 | + | 16 Department of Revenue may enter into an interagency | |
| 619 | + | 17 agreement concerning protection of confidential | |
| 620 | + | 18 information, data match rules, and other issues. | |
| 621 | + | 19 (4) The administrator may deliver, as provided under | |
| 622 | + | 20 Section 15-904 of this Act, property or pay the amount | |
| 623 | + | 21 owing to a person matched under this Section without the | |
| 624 | + | 22 person filing a claim under Section 15-903 of this Act if | |
| 625 | + | 23 the following conditions are met: | |
| 626 | + | 24 (A) the value of the property that is owed the | |
| 627 | + | 25 person is $5,000 or less; | |
| 628 | + | 26 (B) the property is not either tangible property | |
| 629 | + | ||
| 630 | + | ||
| 631 | + | ||
| 632 | + | ||
| 633 | + | ||
| 634 | + | SB3343 Enrolled - 18 - LRB103 37121 JRC 67240 b | |
| 635 | + | ||
| 636 | + | ||
| 637 | + | SB3343 Enrolled- 19 -LRB103 37121 JRC 67240 b SB3343 Enrolled - 19 - LRB103 37121 JRC 67240 b | |
| 638 | + | SB3343 Enrolled - 19 - LRB103 37121 JRC 67240 b | |
| 639 | + | 1 or securities; | |
| 640 | + | 2 (C) the last known address for the person | |
| 641 | + | 3 according to the Department of Revenue records is less | |
| 642 | + | 4 than 12 months old; and | |
| 643 | + | 5 (D) the administrator has evidence sufficient to | |
| 644 | + | 6 establish that the person who appears in Department of | |
| 645 | + | 7 Revenue records is the owner of the property and the | |
| 646 | + | 8 owner currently resides at the last known address from | |
| 647 | + | 9 the Department of Revenue. | |
| 648 | + | 10 (5) If the value of the property that is owed the | |
| 649 | + | 11 person is greater than $5,000, or is tangible property or | |
| 650 | + | 12 securities the administrator shall provide notice to the | |
| 651 | + | 13 person, informing the person that he or she is the owner of | |
| 652 | + | 14 abandoned property held by the State and may file a claim | |
| 653 | + | 15 with the administrator for return of the property. | |
| 654 | + | 16 (6) The administrator does not need to notify the | |
| 655 | + | 17 Department of Revenue of the names or social security | |
| 656 | + | 18 numbers of apparent owners of abandoned property if the | |
| 657 | + | 19 administrator reasonably believes that the Department of | |
| 658 | + | 20 Revenue will be unable to provide information that would | |
| 659 | + | 21 provide sufficient evidence to establish that the person | |
| 660 | + | 22 in the Department of Revenue's records is the apparent | |
| 661 | + | 23 owner of unclaimed property in the custody of the | |
| 662 | + | 24 administrator. | |
| 663 | + | 25 (f) The administrator may use additional databases to | |
| 664 | + | 26 verify the identity of the person and that the person | |
| 665 | + | ||
| 666 | + | ||
| 667 | + | ||
| 668 | + | ||
| 669 | + | ||
| 670 | + | SB3343 Enrolled - 19 - LRB103 37121 JRC 67240 b | |
| 671 | + | ||
| 672 | + | ||
| 673 | + | SB3343 Enrolled- 20 -LRB103 37121 JRC 67240 b SB3343 Enrolled - 20 - LRB103 37121 JRC 67240 b | |
| 674 | + | SB3343 Enrolled - 20 - LRB103 37121 JRC 67240 b | |
| 675 | + | 1 currently resides at the last known address. The administrator | |
| 676 | + | 2 may utilize publicly and commercially available databases to | |
| 677 | + | 3 find and update or add information for apparent owners of | |
| 678 | + | 4 property held by the administrator. | |
| 679 | + | 5 (g) In addition to giving notice under subsection (b), | |
| 680 | + | 6 publishing the information under subsection (c)(1) and | |
| 681 | + | 7 maintaining the website or database under subsection (c)(2), | |
| 682 | + | 8 the administrator may use other printed publication, | |
| 683 | + | 9 telecommunication, the Internet, or other media to inform the | |
| 684 | + | 10 public of the existence of unclaimed property held by the | |
| 685 | + | 11 administrator. | |
| 686 | + | 12 (h) Identification of apparent owners of abandoned | |
| 687 | + | 13 property using other State databases. | |
| 688 | + | 14 (1) The administrator may enter into interagency | |
| 689 | + | 15 agreements with the Secretary of State and the Illinois | |
| 690 | + | 16 State Board of Elections to identify persons appearing to | |
| 691 | + | 17 be owners of abandoned property with databases under the | |
| 692 | + | 18 control of the Secretary of State and the Illinois State | |
| 693 | + | 19 Board of Elections. Such interagency agreements shall | |
| 694 | + | 20 include protection of confidential information, data match | |
| 695 | + | 21 rules, and other necessary and proper issues. | |
| 696 | + | 22 (2) Except as prohibited by federal law, after January | |
| 697 | + | 23 1, 2022 the administrator may provide the Secretary of | |
| 698 | + | 24 State with names and other identifying information of | |
| 699 | + | 25 persons appearing to be owners of abandoned property. The | |
| 700 | + | 26 Secretary of State may provide the administrator with the | |
| 701 | + | ||
| 702 | + | ||
| 703 | + | ||
| 704 | + | ||
| 705 | + | ||
| 706 | + | SB3343 Enrolled - 20 - LRB103 37121 JRC 67240 b | |
| 707 | + | ||
| 708 | + | ||
| 709 | + | SB3343 Enrolled- 21 -LRB103 37121 JRC 67240 b SB3343 Enrolled - 21 - LRB103 37121 JRC 67240 b | |
| 710 | + | SB3343 Enrolled - 21 - LRB103 37121 JRC 67240 b | |
| 711 | + | 1 last known address as it appears in its respective records | |
| 712 | + | 2 of any person reasonably believed to be the apparent owner | |
| 713 | + | 3 of abandoned property. | |
| 714 | + | 4 (3) The Illinois State Board of Elections shall, upon | |
| 715 | + | 5 request, annually provide the administrator with | |
| 716 | + | 6 electronic data or compilations of voter registration | |
| 717 | + | 7 information. The administrator may use such electronic | |
| 718 | + | 8 data or compilations of voter registration information to | |
| 719 | + | 9 identify persons appearing to be owners of abandoned | |
| 720 | + | 10 property. | |
| 721 | + | 11 (4) The administrator may deliver, as provided under | |
| 722 | + | 12 Section 15-904, property or pay the amount owing to a | |
| 723 | + | 13 person matched under this Section without the person | |
| 724 | + | 14 filing a claim under Section 15-903 if: | |
| 725 | + | 15 (i) the value of the property that is owed the | |
| 726 | + | 16 person is $5,000 or less; | |
| 727 | + | 17 (ii) the property is not either tangible property | |
| 728 | + | 18 or securities; | |
| 729 | + | 19 (iii) the last known address for the person | |
| 730 | + | 20 according to the records of the Secretary of State or | |
| 731 | + | 21 Illinois State Board of Elections is less than 12 | |
| 732 | + | 22 months old; and | |
| 733 | + | 23 (iv) the administrator has evidence sufficient to | |
| 734 | + | 24 establish that the person who appears in the records | |
| 735 | + | 25 of the Secretary of State or Illinois State Board of | |
| 736 | + | 26 Elections is the owner of the property and the owner | |
| 737 | + | ||
| 738 | + | ||
| 739 | + | ||
| 740 | + | ||
| 741 | + | ||
| 742 | + | SB3343 Enrolled - 21 - LRB103 37121 JRC 67240 b | |
| 743 | + | ||
| 744 | + | ||
| 745 | + | SB3343 Enrolled- 22 -LRB103 37121 JRC 67240 b SB3343 Enrolled - 22 - LRB103 37121 JRC 67240 b | |
| 746 | + | SB3343 Enrolled - 22 - LRB103 37121 JRC 67240 b | |
| 747 | + | 1 currently resides at the last known address from the | |
| 748 | + | 2 Secretary of State or the Illinois State Board of | |
| 749 | + | 3 Elections. | |
| 750 | + | 4 (Source: P.A. 102-288, eff. 8-6-21; 102-835, eff. 5-13-22.) | |
| 751 | + | 5 (765 ILCS 1026/15-603) | |
| 752 | + | 6 Sec. 15-603. Payment or delivery of property to | |
| 753 | + | 7 administrator. | |
| 754 | + | 8 (a) Except as otherwise provided in this Section, on | |
| 755 | + | 9 filing a report under Section 15-401, the holder shall pay or | |
| 756 | + | 10 deliver to the administrator the property described in the | |
| 757 | + | 11 report. | |
| 758 | + | 12 (b) If property in a report under Section 15-401 is an | |
| 759 | + | 13 automatically renewable time deposit and the holder determines | |
| 760 | + | 14 that a penalty or forfeiture in the payment of interest would | |
| 761 | + | 15 result from paying the deposit to the administrator at the | |
| 762 | + | 16 time of the report, the date for reporting and delivering the | |
| 763 | + | 17 property to the administrator is extended until a penalty or | |
| 764 | + | 18 forfeiture no longer would result from delivery of the | |
| 765 | + | 19 property to the administrator. The holder shall report and | |
| 766 | + | 20 deliver the property on the next regular date prescribed for | |
| 767 | + | 21 reporting by the holder under this Act after this extended | |
| 768 | + | 22 date, and the holder shall indicate in its report to the | |
| 769 | + | 23 administrator that the property is being reported on an | |
| 770 | + | 24 extended date pursuant to this subsection (b). | |
| 771 | + | 25 (c) Tangible property in a safe-deposit box may not be | |
| 772 | + | ||
| 773 | + | ||
| 774 | + | ||
| 775 | + | ||
| 776 | + | ||
| 777 | + | SB3343 Enrolled - 22 - LRB103 37121 JRC 67240 b | |
| 778 | + | ||
| 779 | + | ||
| 780 | + | SB3343 Enrolled- 23 -LRB103 37121 JRC 67240 b SB3343 Enrolled - 23 - LRB103 37121 JRC 67240 b | |
| 781 | + | SB3343 Enrolled - 23 - LRB103 37121 JRC 67240 b | |
| 782 | + | 1 delivered to the administrator until a mutually agreed upon | |
| 783 | + | 2 date that is no sooner than 60 days after filing the report | |
| 784 | + | 3 under Section 15-401. | |
| 785 | + | 4 (d) If property reported to the administrator under | |
| 786 | + | 5 Section 15-401 is a security, the administrator may: | |
| 787 | + | 6 (1) make an endorsement, instruction, or entitlement | |
| 788 | + | 7 order on behalf of the apparent owner to invoke the duty of | |
| 789 | + | 8 the issuer, its transfer agent, or the securities | |
| 790 | + | 9 intermediary to transfer the security; or | |
| 791 | + | 10 (2) dispose of the security under Section 15-702. | |
| 792 | + | 11 (e) If the holder of property reported to the | |
| 793 | + | 12 administrator under Section 15-401 is the issuer of a | |
| 794 | + | 13 certificated security, the administrator may obtain a | |
| 795 | + | 14 replacement certificate in physical or book-entry form under | |
| 796 | + | 15 Section 8-405 of the Uniform Commercial Code. An indemnity | |
| 797 | + | 16 bond is not required. | |
| 798 | + | 17 (f) The administrator shall establish procedures for the | |
| 799 | + | 18 registration, issuance, method of delivery, transfer, and | |
| 800 | + | 19 maintenance of securities delivered to the administrator by a | |
| 801 | + | 20 holder. | |
| 802 | + | 21 (g) An issuer, holder, and transfer agent or other person | |
| 803 | + | 22 acting in good faith under this Section under instructions of | |
| 804 | + | 23 and on behalf of the issuer or holder is not liable to the | |
| 805 | + | 24 apparent owner for a claim arising with respect to property | |
| 806 | + | 25 after the property has been delivered to the administrator. | |
| 807 | + | 26 (h) A holder is not required to deliver to the | |
| 808 | + | ||
| 809 | + | ||
| 810 | + | ||
| 811 | + | ||
| 812 | + | ||
| 813 | + | SB3343 Enrolled - 23 - LRB103 37121 JRC 67240 b | |
| 814 | + | ||
| 815 | + | ||
| 816 | + | SB3343 Enrolled- 24 -LRB103 37121 JRC 67240 b SB3343 Enrolled - 24 - LRB103 37121 JRC 67240 b | |
| 817 | + | SB3343 Enrolled - 24 - LRB103 37121 JRC 67240 b | |
| 818 | + | 1 administrator a security identified by the holder as a | |
| 819 | + | 2 non-freely transferable security in a report filed under | |
| 820 | + | 3 Section 15-401. If the administrator or holder determines that | |
| 821 | + | 4 a security is no longer a non-freely transferable security, | |
| 822 | + | 5 the holder shall report and deliver the security on the next | |
| 823 | + | 6 regular date prescribed for delivery of securities by the | |
| 824 | + | 7 holder under this Act. The holder shall make a determination | |
| 825 | + | 8 annually whether a security identified in a report filed under | |
| 826 | + | 9 Section 15-401 as a non-freely transferable security is no | |
| 827 | + | 10 longer a non-freely transferable security. | |
| 828 | + | 11 (i) Virtual currency. | |
| 829 | + | 12 (1) If property reported to the administrator is | |
| 830 | + | 13 virtual currency, the holder shall liquidate the virtual | |
| 831 | + | 14 currency and remit the proceeds to the administrator. | |
| 832 | + | 15 (2) The liquidation shall occur anytime within 30 days | |
| 833 | + | 16 prior to the filing of the report under Section 15-401. | |
| 834 | + | 17 The owner shall not have recourse against the holder or | |
| 835 | + | 18 the administrator to recover any gain in value that occurs | |
| 836 | + | 19 after the liquidation of the virtual currency under this | |
| 837 | + | 20 subsection. | |
| 838 | + | 21 (3) If a holder cannot liquidate virtual currency and | |
| 839 | + | 22 cannot otherwise cause virtual currency to be liquidated, | |
| 840 | + | 23 the holder shall promptly notify the administrator in | |
| 841 | + | 24 writing and explain the reasons why the virtual currency | |
| 842 | + | 25 cannot be liquidated. The administrator, in his or her | |
| 843 | + | 26 absolute and sole discretion, may direct the holder to | |
| 844 | + | ||
| 845 | + | ||
| 846 | + | ||
| 847 | + | ||
| 848 | + | ||
| 849 | + | SB3343 Enrolled - 24 - LRB103 37121 JRC 67240 b | |
| 850 | + | ||
| 851 | + | ||
| 852 | + | SB3343 Enrolled- 25 -LRB103 37121 JRC 67240 b SB3343 Enrolled - 25 - LRB103 37121 JRC 67240 b | |
| 853 | + | SB3343 Enrolled - 25 - LRB103 37121 JRC 67240 b | |
| 854 | + | 1 either (1) transfer the virtual currency that cannot be | |
| 855 | + | 2 liquidated to a custodian selected by the administrator, | |
| 856 | + | 3 or (2) continue to hold the virtual currency until the | |
| 857 | + | 4 administrator or the holder determines that the virtual | |
| 858 | + | 5 currency can be liquidated pursuant to this 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 | |
| 879 | + | ||
| 880 | + | ||
| 881 | + | ||
| 882 | + | ||
| 883 | + | ||
| 884 | + | SB3343 Enrolled - 25 - LRB103 37121 JRC 67240 b | |
| 885 | + | ||
| 886 | + | ||
| 887 | + | SB3343 Enrolled- 26 -LRB103 37121 JRC 67240 b SB3343 Enrolled - 26 - LRB103 37121 JRC 67240 b | |
| 888 | + | SB3343 Enrolled - 26 - LRB103 37121 JRC 67240 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 | |
| 913 | + | ||
| 914 | + | ||
| 915 | + | ||
| 916 | + | ||
| 917 | + | ||
| 918 | + | SB3343 Enrolled - 26 - LRB103 37121 JRC 67240 b | |
| 919 | + | ||
| 920 | + | ||
| 921 | + | SB3343 Enrolled- 27 -LRB103 37121 JRC 67240 b SB3343 Enrolled - 27 - LRB103 37121 JRC 67240 b | |
| 922 | + | SB3343 Enrolled - 27 - LRB103 37121 JRC 67240 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 | + | SB3343 Enrolled - 27 - LRB103 37121 JRC 67240 b | |
| 955 | + | ||
| 956 | + | ||
| 957 | + | SB3343 Enrolled- 28 -LRB103 37121 JRC 67240 b SB3343 Enrolled - 28 - LRB103 37121 JRC 67240 b | |
| 958 | + | SB3343 Enrolled - 28 - LRB103 37121 JRC 67240 b | |
| 959 | + | ||
| 960 | + | ||
| 961 | + | ||
| 962 | + | ||
| 963 | + | ||
| 964 | + | SB3343 Enrolled - 28 - LRB103 37121 JRC 67240 b |