Illinois 2025-2026 Regular Session

Illinois House Bill HB2568 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	HB2568 EngrossedLRB104 10837 JRC 20918 b HB2568 Engrossed LRB104 10837 JRC 20918 b
2		-	HB2568 Engrossed LRB104 10837 JRC 20918 b
	1	+	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB2568 Introduced , by Rep. Diane Blair-Sherlock SYNOPSIS AS INTRODUCED: See Index Amends the Illinois Trust Code. Requires a trustee to maintain, for a minimum of 7 years after the termination of the trust, a copy of the governing trust instrument under which the trustee was authorized to act at the time the trust terminated. Amends the Revised Uniform Unclaimed Property Act. Provides that property held in an account or plan, including a health savings account, that qualifies for tax deferral under the United States income tax law, is presumed abandoned 20 years after the account was opened. Requires State agencies to report final compensation due a State employee to the Treasurer's Office as unclaimed property if the employee dies while employed. Requires a holder who holds property presumed abandoned to hold the property in trust for the benefit of the State Treasurer on behalf of the owner from and after the date the property is presumed abandoned. Requires that the State Treasurer provide written notice to a State agency and the Governor's Office of Management and Budget of property presumed to be abandoned and allegedly owned by the State agency before it can be escheated to the State's General Revenue Fund if the property remains unclaimed after one year. Creates authority for the Secretary of the Department of Financial and Professional Regulation to order a regulated person under the Act to immediately report and remit property subject to the Act if the Secretary determines that the action is necessary to protect the interest of an owner. Establishes a procedure regulating agreements between an owner or apparent owner and a finder to locate or recover property held by the State Treasurer. Requires a finder to be licensed by the State Treasurer and creates qualifications to be so licensed. Makes definitions. Makes other changes. The Treasurer is authorized to adopt rules as necessary to implement the Act. Effective immediately. LRB104 10837 JRC 20918 b A BILL FOR 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB2568 Introduced , by Rep. Diane Blair-Sherlock SYNOPSIS AS INTRODUCED: See Index See Index Amends the Illinois Trust Code. Requires a trustee to maintain, for a minimum of 7 years after the termination of the trust, a copy of the governing trust instrument under which the trustee was authorized to act at the time the trust terminated. Amends the Revised Uniform Unclaimed Property Act. Provides that property held in an account or plan, including a health savings account, that qualifies for tax deferral under the United States income tax law, is presumed abandoned 20 years after the account was opened. Requires State agencies to report final compensation due a State employee to the Treasurer's Office as unclaimed property if the employee dies while employed. Requires a holder who holds property presumed abandoned to hold the property in trust for the benefit of the State Treasurer on behalf of the owner from and after the date the property is presumed abandoned. Requires that the State Treasurer provide written notice to a State agency and the Governor's Office of Management and Budget of property presumed to be abandoned and allegedly owned by the State agency before it can be escheated to the State's General Revenue Fund if the property remains unclaimed after one year. Creates authority for the Secretary of the Department of Financial and Professional Regulation to order a regulated person under the Act to immediately report and remit property subject to the Act if the Secretary determines that the action is necessary to protect the interest of an owner. Establishes a procedure regulating agreements between an owner or apparent owner and a finder to locate or recover property held by the State Treasurer. Requires a finder to be licensed by the State Treasurer and creates qualifications to be so licensed. Makes definitions. Makes other changes. The Treasurer is authorized to adopt rules as necessary to implement the Act. Effective immediately. LRB104 10837 JRC 20918 b LRB104 10837 JRC 20918 b A BILL FOR
	2	+	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB2568 Introduced , by Rep. Diane Blair-Sherlock SYNOPSIS AS INTRODUCED:
	3	+	See Index See Index
	4	+	See Index
	5	+	Amends the Illinois Trust Code. Requires a trustee to maintain, for a minimum of 7 years after the termination of the trust, a copy of the governing trust instrument under which the trustee was authorized to act at the time the trust terminated. Amends the Revised Uniform Unclaimed Property Act. Provides that property held in an account or plan, including a health savings account, that qualifies for tax deferral under the United States income tax law, is presumed abandoned 20 years after the account was opened. Requires State agencies to report final compensation due a State employee to the Treasurer's Office as unclaimed property if the employee dies while employed. Requires a holder who holds property presumed abandoned to hold the property in trust for the benefit of the State Treasurer on behalf of the owner from and after the date the property is presumed abandoned. Requires that the State Treasurer provide written notice to a State agency and the Governor's Office of Management and Budget of property presumed to be abandoned and allegedly owned by the State agency before it can be escheated to the State's General Revenue Fund if the property remains unclaimed after one year. Creates authority for the Secretary of the Department of Financial and Professional Regulation to order a regulated person under the Act to immediately report and remit property subject to the Act if the Secretary determines that the action is necessary to protect the interest of an owner. Establishes a procedure regulating agreements between an owner or apparent owner and a finder to locate or recover property held by the State Treasurer. Requires a finder to be licensed by the State Treasurer and creates qualifications to be so licensed. Makes definitions. Makes other changes. The Treasurer is authorized to adopt rules as necessary to implement the Act. Effective immediately.
	6	+	LRB104 10837 JRC 20918 b LRB104 10837 JRC 20918 b
	7	+	LRB104 10837 JRC 20918 b
	8	+	A BILL FOR
	9	+	HB2568LRB104 10837 JRC 20918 b HB2568 LRB104 10837 JRC 20918 b
	10	+	HB2568 LRB104 10837 JRC 20918 b
3	11		1 AN ACT concerning civil law.
4	12		2 Be it enacted by the People of the State of Illinois,
5	13		3 represented in the General Assembly:
6		-	4 Section 3. The State Finance Act is amended by changing
7		-	5 Section 14a as follows:
8		-	6 (30 ILCS 105/14a) (from Ch. 127, par. 150a)
9		-	7 Sec. 14a. Payments for unused benefits; use of sick leave.
10		-	8 (a) Upon the death of a State employee, his or her estate
11		-	9 is entitled to receive from the appropriation for personal
12		-	10 services available for payment of his or her compensation such
13		-	11 sum for accrued vacation period, accrued overtime, and accrued
14		-	12 qualifying sick leave as would have been paid or allowed to
15		-	13 such employee had he or she survived and terminated his or her
16		-	14 employment.
17		-	15 Except as provided in the Revised Uniform Unclaimed
18		-	16 Property Act, the The State Comptroller shall draw a warrant
19		-	17 or warrants against the appropriation, upon receipt of a
20		-	18 proper death certificate, payable to decedent's estate, or if
21		-	19 no estate is opened, to the person or persons entitled thereto
22		-	20 under Section 25-1 of the Probate Act of 1975 upon receipt of
23		-	21 the affidavit referred to in that Section, for the sum due.
24		-	22 Funds owed to the estate or heirs of a deceased State employee
25		-	23 pursuant to this Section that are not paid within one year of
	14	+	4 Section 5. The Illinois Trust Code is amended by changing
	15	+	5 Sections 809 and 810 as follows:
	16	+	6 (760 ILCS 3/809)
	17	+	7 Sec. 809. Control and protection of trust property. A
	18	+	8 trustee shall take reasonable steps to take control of and
	19	+	9 protect the trust property, including searching for and, if
	20	+	10 practicable, claiming any unclaimed or presumptively abandoned
	21	+	11 property. If a corporation is acting as co-trustee with one or
	22	+	12 more individuals, the corporate trustee shall have custody of
	23	+	13 the trust estate unless all the trustees otherwise agree.
	24	+	14 (Source: P.A. 103-977, eff. 1-1-25.)
	25	+	15 (760 ILCS 3/810)
	26	+	16 Sec. 810. Recordkeeping and identification of trust
	27	+	17 property.
	28	+	18 (a) A trustee shall keep adequate records of the
	29	+	19 administration of the trust.
	30	+	20 (b) A trustee shall keep trust property separate from the
	31	+	21 trustee's own property.
	32	+	22 (c) Except as otherwise provided in subsection (d), a
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34		-	1 the State employee's death shall be reported and remitted to
35		-	2 the State Treasurer pursuant to the Revised Uniform Unclaimed
36		-	3 Property Act.
37		-	4 (b) The Department of Central Management Services shall
38		-	5 prescribe by rule the method of computing the accrued vacation
39		-	6 period and accrued overtime for all employees, including those
40		-	7 not otherwise subject to its jurisdiction, and for the
41		-	8 purposes of this Act the Department of Central Management
42		-	9 Services may require such reports as it deems necessary.
43		-	10 Accrued sick leave shall be computed as provided in subsection
44		-	11 (f).
45		-	12 (c) Unless otherwise provided for in a collective
46		-	13 bargaining agreement entered into under the Illinois
47		-	14 Educational Labor Relations Act, upon the retirement or
48		-	15 resignation of a State employee from State service, his or her
49		-	16 accrued vacation, overtime, and qualifying sick leave shall be
50		-	17 payable to the employee in a single lump sum payment. However,
51		-	18 if the employee returns to employment in any capacity with the
52		-	19 same agency or department within 30 days of the termination of
53		-	20 his or her previous State employment, the employee must, as a
54		-	21 condition of his or her new State employment, repay the lump
55		-	22 sum amount within 30 days after his or her new State employment
56		-	23 commences. The amount repaid shall be deposited into the fund
57		-	24 from which the payment was made or the General Revenue Fund,
58		-	25 and the accrued vacation, overtime and sick leave upon which
59		-	26 the lump sum payment was based shall be credited to the account
	36	+	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB2568 Introduced , by Rep. Diane Blair-Sherlock SYNOPSIS AS INTRODUCED:
	37	+	See Index See Index
	38	+	See Index
	39	+	Amends the Illinois Trust Code. Requires a trustee to maintain, for a minimum of 7 years after the termination of the trust, a copy of the governing trust instrument under which the trustee was authorized to act at the time the trust terminated. Amends the Revised Uniform Unclaimed Property Act. Provides that property held in an account or plan, including a health savings account, that qualifies for tax deferral under the United States income tax law, is presumed abandoned 20 years after the account was opened. Requires State agencies to report final compensation due a State employee to the Treasurer's Office as unclaimed property if the employee dies while employed. Requires a holder who holds property presumed abandoned to hold the property in trust for the benefit of the State Treasurer on behalf of the owner from and after the date the property is presumed abandoned. Requires that the State Treasurer provide written notice to a State agency and the Governor's Office of Management and Budget of property presumed to be abandoned and allegedly owned by the State agency before it can be escheated to the State's General Revenue Fund if the property remains unclaimed after one year. Creates authority for the Secretary of the Department of Financial and Professional Regulation to order a regulated person under the Act to immediately report and remit property subject to the Act if the Secretary determines that the action is necessary to protect the interest of an owner. Establishes a procedure regulating agreements between an owner or apparent owner and a finder to locate or recover property held by the State Treasurer. Requires a finder to be licensed by the State Treasurer and creates qualifications to be so licensed. Makes definitions. Makes other changes. The Treasurer is authorized to adopt rules as necessary to implement the Act. Effective immediately.
	40	+	LRB104 10837 JRC 20918 b LRB104 10837 JRC 20918 b
	41	+	LRB104 10837 JRC 20918 b
	42	+	A BILL FOR
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	48	+	See Index
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70		-	1 of the employee in accordance with the rules of the
71		-	2 jurisdiction under which he or she is employed.
72		-	3 (d) Upon the movement of a State employee from a position
73		-	4 subject to the Personnel Code to another State position not
74		-	5 subject to the Personnel Code, or to a position subject to the
75		-	6 Personnel Code from a State position not subject to the
76		-	7 Personnel Code, or upon the movement of a State employee of an
77		-	8 institution or agency subject to the State Universities Civil
78		-	9 Service System from one such institution or agency to another
79		-	10 such institution or agency, his or her accrued vacation,
80		-	11 overtime and sick leave shall be credited to the employee's
81		-	12 account in accordance with the rules of the jurisdiction to
82		-	13 which the State employee moved. However, if the rules preclude
83		-	14 crediting the State employee's total accrued vacation,
84		-	15 overtime or sick leave to his or her account at the
85		-	16 jurisdiction to which he or she is to move, the
86		-	17 nontransferable accrued vacation, overtime, and qualifying
87		-	18 sick leave shall be payable to the employee in a single lump
88		-	19 sum payment by the jurisdiction from which he or she moved.
89		-	20 (e) Upon the death of a State employee or the retirement,
90		-	21 indeterminate layoff or resignation of a State employee from
91		-	22 State service, the employee's retirement or disability
92		-	23 benefits shall be computed as if the employee had remained in
93		-	24 the State employment at his or her most recent rate of
94		-	25 compensation until his or her accumulated unused leave for
95		-	26 vacation, overtime, sickness and personal business would have
	51	+
	52	+	LRB104 10837 JRC 20918 b
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106		-	1 been exhausted. The employing agency shall certify, in writing
107		-	2 to the employee, the unused leaves the employee has accrued.
108		-	3 This certification may be held by the employee or forwarded to
109		-	4 the retirement fund. Employing agencies not covered by the
110		-	5 Personnel Code shall certify, in writing to the employee, the
111		-	6 unused leaves the employee has accrued.
112		-	7 (f) Accrued sick leave shall be computed by multiplying
113		-	8 1/2 of the number of days of accumulated sick leave by the
114		-	9 daily rate of compensation applicable to the employee at the
115		-	10 time of his or her death, retirement, resignation, or other
116		-	11 termination of service described in this Section.
117		-	12 The payment for qualifying accrued sick leave after the
118		-	13 employee's death, retirement, resignation, or other
119		-	14 termination of service provided by Public Act 83-976 shall be
120		-	15 for sick leave days earned on or after January 1, 1984 and
121		-	16 before January 1, 1998. Sick leave accumulated on or after
122		-	17 January 1, 1998 is not compensable under this Section at the
123		-	18 time of the employee's death, retirement, resignation, or
124		-	19 other termination of service, but may be used to establish
125		-	20 retirement system service credit as provided in the Illinois
126		-	21 Pension Code.
127		-	22 The Department of Central Management Services shall
128		-	23 prescribe by rule the method of computing the accrued sick
129		-	24 leave days for all employees, including those not otherwise
130		-	25 subject to its jurisdiction. Beginning January 1, 1998, sick
131		-	26 leave used by an employee shall be charged against his or her
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	67	+	1 trustee not subject to federal or state banking regulation
	68	+	2 shall cause the trust property to be designated so that the
	69	+	3 interest of the trust, to the extent feasible, appears in
	70	+	4 records maintained by a party other than a trustee or
	71	+	5 beneficiary to whom the trustee has delivered the property.
	72	+	6 (d) If the trustee maintains records clearly indicating
	73	+	7 the respective interests, a trustee may invest as a whole the
	74	+	8 property of 2 or more separate trusts.
	75	+	9 (e) A trustee shall maintain or cause to be maintained,
	76	+	10 for a minimum of 7 years after the termination of the trust, a
	77	+	11 copy of the governing trust instrument under which the trustee
	78	+	12 was authorized to act at the time the trust terminated trust
	79	+	13 records for a minimum of 7 years after the dissolution of the
	80	+	14 trust.
	81	+	15 (f) Prior to the destruction of trust records, a trustee
	82	+	16 shall conduct a reasonable search for any trust property that
	83	+	17 is presumptively abandoned or that has been reported and
	84	+	18 remitted to a state unclaimed property administrator.
	85	+	19 (Source: P.A. 103-977, eff. 1-1-25.)
	86	+	20 Section 10. The Revised Uniform Unclaimed Property Act is
	87	+	21 amended by changing Sections 15-102, 15-203, 15-806, 15-1301,
	88	+	22 and 15-1302 and by adding Sections 15-214, 15-406, 15-1002.2,
	89	+	23 and 15-1303 as follows:
	90	+	24 (765 ILCS 1026/15-102)
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142		-	1 accumulated sick leave in the following order: first, sick
143		-	2 leave accumulated before January 1, 1984; then sick leave
144		-	3 accumulated on or after January 1, 1998; and finally sick
145		-	4 leave accumulated on or after January 1, 1984 but before
146		-	5 January 1, 1998.
147		-	6 (Source: P.A. 93-448, eff. 8-6-03.)
148		-	7 Section 5. The Illinois Trust Code is amended by changing
149		-	8 Sections 809 and 810 as follows:
150		-	9 (760 ILCS 3/809)
151		-	10 Sec. 809. Control and protection of trust property. A
152		-	11 trustee shall take reasonable steps to take control of and
153		-	12 protect the trust property, including searching for and, if
154		-	13 practicable, claiming any unclaimed or presumptively abandoned
155		-	14 property. If a corporation is acting as co-trustee with one or
156		-	15 more individuals, the corporate trustee shall have custody of
157		-	16 the trust estate unless all the trustees otherwise agree.
158		-	17 (Source: P.A. 103-977, eff. 1-1-25.)
159		-	18 (760 ILCS 3/810)
160		-	19 Sec. 810. Recordkeeping and identification of trust
161		-	20 property.
162		-	21 (a) A trustee shall keep adequate records of the
163		-	22 administration of the trust.
164		-	23 (b) A trustee shall keep trust property separate from the
	99	+	HB2568- 3 -LRB104 10837 JRC 20918 b HB2568 - 3 - LRB104 10837 JRC 20918 b
	100	+	HB2568 - 3 - LRB104 10837 JRC 20918 b
	101	+	1 Sec. 15-102. Definitions. In this Act:
	102	+	2 (1) "Administrator" means the State Treasurer.
	103	+	3 (2) "Administrator's agent" means a person with which
	104	+	4 the administrator contracts to conduct an examination
	105	+	5 under Article 10 on behalf of the administrator. The term
	106	+	6 includes an independent contractor of the person and each
	107	+	7 individual participating in the examination on behalf of
	108	+	8 the person or contractor.
	109	+	9 (2.5) (Blank).
	110	+	10 (3) "Apparent owner" means a person whose name appears
	111	+	11 on the records of a holder as the owner of property held,
	112	+	12 issued, or owing by the holder.
	113	+	13 (4) "Business association" means a corporation, joint
	114	+	14 stock company, investment company, unincorporated
	115	+	15 association, joint venture, limited liability company,
	116	+	16 business trust, trust company, land bank, safe deposit
	117	+	17 company, safekeeping depository, financial organization,
	118	+	18 insurance company, federally chartered entity, utility,
	119	+	19 sole proprietorship, or other business entity, whether or
	120	+	20 not for profit.
	121	+	21 (5) "Confidential information" means information that
	122	+	22 is "personal information" under the Personal Information
	123	+	23 Protection Act, "private information" under the Freedom of
	124	+	24 Information Act or personal information contained within
	125	+	25 public records, the disclosure of which would constitute a
	126	+	26 clearly unwarranted invasion of personal privacy, unless
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175		-	1 trustee's own property.
176		-	2 (c) Except as otherwise provided in subsection (d), a
177		-	3 trustee not subject to federal or state banking regulation
178		-	4 shall cause the trust property to be designated so that the
179		-	5 interest of the trust, to the extent feasible, appears in
180		-	6 records maintained by a party other than a trustee or
181		-	7 beneficiary to whom the trustee has delivered the property.
182		-	8 (d) If the trustee maintains records clearly indicating
183		-	9 the respective interests, a trustee may invest as a whole the
184		-	10 property of 2 or more separate trusts.
185		-	11 (e) A trustee shall maintain or cause to be maintained,
186		-	12 for a minimum of 7 years after the termination of the trust, a
187		-	13 copy of the governing trust instrument under which the trustee
188		-	14 was authorized to act at the time the trust terminated trust
189		-	15 records for a minimum of 7 years after the dissolution of the
190		-	16 trust.
191		-	17 (f) Prior to the termination of the trust destruction of
192		-	18 trust records, a trustee shall conduct a reasonable search for
193		-	19 any trust property that is presumptively abandoned or that has
194		-	20 been reported and remitted to a state unclaimed property
195		-	21 administrator.
196		-	22 (Source: P.A. 103-977, eff. 1-1-25.)
197		-	23 Section 10. The Revised Uniform Unclaimed Property Act is
198		-	24 amended by changing Sections 15-102, 15-203, 15-504, 15-806,
199		-	25 15-1301, and 15-1302 and by adding Sections 15-214, 15-406,
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	136	+	HB2568 - 4 - LRB104 10837 JRC 20918 b
	137	+	1 the disclosure is consented to in writing by the
	138	+	2 individual subjects of the information as provided in the
	139	+	3 Freedom of Information Act.
	140	+	4 (6) "Domicile" means:
	141	+	5 (A) for a corporation, the state of its
	142	+	6 incorporation;
	143	+	7 (B) for a business association whose formation
	144	+	8 requires a filing with a state, other than a
	145	+	9 corporation, the state of its filing;
	146	+	10 (C) for a federally chartered entity or an
	147	+	11 investment company registered under the Investment
	148	+	12 Company Act of 1940, the state of its home office; and
	149	+	13 (D) for any other holder, the state of its
	150	+	14 principal place of business.
	151	+	15 (7) "Electronic" means relating to technology having
	152	+	16 electrical, digital, magnetic, wireless, optical,
	153	+	17 electromagnetic, or similar capabilities.
	154	+	18 (8) "Electronic mail" means a communication by
	155	+	19 electronic means which is automatically retained and
	156	+	20 stored and may be readily accessed or retrieved.
	157	+	21 (8.5) "Escheat fee" means any charge imposed solely by
	158	+	22 virtue of property being reported as presumed abandoned.
	159	+	23 (9) "Financial organization" means a bank, savings
	160	+	24 bank, foreign bank, corporate fiduciary, currency
	161	+	25 exchange, money transmitter, or credit union.
	162	+	26 (9.5) "Finder" means (i) a person engaged in the
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210		-	1 15-1002.2, and 15-1303 as follows:
211		-	2 (765 ILCS 1026/15-102)
212		-	3 Sec. 15-102. Definitions. In this Act:
213		-	4 (1) "Administrator" means the State Treasurer.
214		-	5 (2) "Administrator's agent" means a person with which
215		-	6 the administrator contracts to conduct an examination
216		-	7 under Article 10 on behalf of the administrator. The term
217		-	8 includes an independent contractor of the person and each
218		-	9 individual participating in the examination on behalf of
219		-	10 the person or contractor.
220		-	11 (2.5) (Blank).
221		-	12 (3) "Apparent owner" means a person whose name appears
222		-	13 on the records of a holder as the owner of property held,
223		-	14 issued, or owing by the holder.
224		-	15 (4) "Business association" means a corporation, joint
225		-	16 stock company, investment company, unincorporated
226		-	17 association, joint venture, limited liability company,
227		-	18 business trust, trust company, land bank, safe deposit
228		-	19 company, safekeeping depository, financial organization,
229		-	20 insurance company, federally chartered entity, utility,
230		-	21 sole proprietorship, or other business entity, whether or
231		-	22 not for profit.
232		-	23 (5) "Confidential information" means information that
233		-	24 is "personal information" under the Personal Information
234		-	25 Protection Act, "private information" under the Freedom of
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	172	+	HB2568 - 5 - LRB104 10837 JRC 20918 b
	173	+	1 location, recovery, purchase, or assignment of property
	174	+	2 held by the administrator for a fee, compensation,
	175	+	3 commission, or other renumeration paid by the owner of the
	176	+	4 property or (ii) a person engaged in assisting in the
	177	+	5 location, recovery, purchase, or assignment of property
	178	+	6 held by the administrator for a fee, compensation,
	179	+	7 commission, or other renumeration paid by the owner of the
	180	+	8 property.
	181	+	9 (10) "Game-related digital content" means digital
	182	+	10 content that exists only in an electronic game or
	183	+	11 electronic-game platform. The term:
	184	+	12 (A) includes:
	185	+	13 (i) game-play currency such as a virtual
	186	+	14 wallet, even if denominated in United States
	187	+	15 currency; and
	188	+	16 (ii) the following if for use or redemption
	189	+	17 only within the game or platform or another
	190	+	18 electronic game or electronic-game platform:
	191	+	19 (I) points sometimes referred to as gems,
	192	+	20 tokens, gold, and similar names; and
	193	+	21 (II) digital codes; and
	194	+	22 (B) does not include an item that the issuer:
	195	+	23 (i) permits to be redeemed for use outside a
	196	+	24 game or platform for:
	197	+	25 (I) money; or
	198	+	26 (II) goods or services that have more than
235	199
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245		-	1 ~~Information Act~~ or ~~personal information contained within~~
246		-	2 ~~public records,~~ ~~the disclosure of which would constitute~~ a
247		-	3 ~~clearly unwarranted invasion of personal privacy, unless~~
248		-	4 ~~the disclosure is consented to in writing by the~~
249		-	5 ~~individual subjects~~ of the ~~information as provided in the~~
250		-	6 ~~Freedom of Information Act.~~
251		-	7 ~~(6) "Domicile" means:~~
252		-	8 ~~(A) for a corporation, the state of its~~
253		-	9 ~~incorporation;~~
254		-	10 (B) ~~for~~ a ~~business association whose formation~~
255		-	11 ~~requires~~ a ~~filing with a state, other than a~~
256		-	12 ~~corporation, the state of its filing~~;
257		-	13 (C) ~~for a federally chartered entity or an~~
258		-	14 ~~investment company registered under the Investment~~
259		-	15 ~~Company Act of 1940~~, ~~the state of its home office~~; ~~and~~
260		-	16 (D) for ~~any other holder, the state of its~~
261		-	17 ~~principal place of business.~~
262		-	18 (7) ~~"Electronic" means relating to technology having~~
263		-	19 ~~electrical, digital,~~ ~~magnetic, wireless,~~ ~~optical,~~
264		-	20 ~~electromagnetic,~~ or ~~similar capabilities.~~
265		-	21 (8) ~~"Electronic mail" means~~ a ~~communication by~~
266		-	22 ~~electronic means which is automatically retained and~~
267		-	23 ~~stored and may be readily accessed or retrieved.~~
268		-	24 ~~(8.5) "Escheat~~ ~~fee" means any charge imposed solely by~~
269		-	25 ~~virtue of property being reported as presumed abandoned~~.
270		-	26 (9) "~~Financial organization~~" means ~~a bank~~, ~~savings~~
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	208	+	HB2568 - 6 - LRB104 10837 JRC 20918 b
	209	+	1 minimal value; or
	210	+	2 (ii) otherwise monetizes for use outside a
	211	+	3 game or platform.
	212	+	4 (11) "Gift card" means a record evidencing a promise
	213	+	5 made for consideration by the seller or issuer of the
	214	+	6 record that goods, services, or money will be provided to
	215	+	7 the owner of the record to the value or amount shown in the
	216	+	8 record that is either:
	217	+	9 (A) a record:
	218	+	10 (i) issued on a prepaid basis primarily for
	219	+	11 personal, family, or household purposes to a
	220	+	12 consumer in a specified amount;
	221	+	13 (ii) the value of which does not expire;
	222	+	14 (iii) that is not subject to a dormancy,
	223	+	15 inactivity, or post-sale service fee;
	224	+	16 (iv) that is redeemable upon presentation for
	225	+	17 goods or services; and
	226	+	18 (v) that, unless required by law, may not be
	227	+	19 redeemed for or converted into money or otherwise
	228	+	20 monetized by the issuer; or
	229	+	21 (B) a prepaid commercial mobile radio service, as
	230	+	22 defined in 47 CFR 20.3, as amended.
	231	+	23 (12) "Holder" means a person obligated to hold for the
	232	+	24 account of, or to deliver or pay to, the owner, property
	233	+	25 subject to this Act.
	234	+	26 (13) "Insurance company" means an association,
271	235
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274	238
275	239
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	240	+	HB2568 - 6 - LRB104 10837 JRC 20918 b
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278	242
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281		-	1 ~~bank~~, ~~foreign bank~~, ~~corporate fiduciary, currency~~
282		-	2 ~~exchange, money transmitter,~~ or ~~credit union.~~
283		-	3 ~~(9.5) "Finder" means (i) a person engaged in the~~
284		-	4 ~~location~~, ~~recovery~~, ~~purchase~~, ~~or assignment of property~~
285		-	5 ~~held by the administrator for a fee~~, ~~compensation~~,
286		-	6 ~~commission~~, ~~or other remuneration paid by the owner of the~~
287		-	7 ~~property or (ii) a person engaged in assisting in the~~
288		-	8 ~~location, recovery, purchase, or assignment of property~~
289		-	9 ~~held by the administrator for~~ a ~~fee, compensation,~~
290		-	10 ~~commission~~, ~~or other remuneration paid by the owner of the~~
291		-	11 ~~property.~~
292		-	12 ~~(10) "Game-related digital content"~~ ~~means digital~~
293		-	13 ~~content that exists only in an electronic game~~ or
294		-	14 ~~electronic-game platform.~~ ~~The term:~~
295		-	15 ~~(A) includes:~~
296		-	16 (i) ~~game-play currency such as a virtual~~
297		-	17 ~~wallet~~, ~~even if denominated in United States~~
298		-	18 ~~currency; and~~
299		-	19 ~~(ii) the following if for use or redemption~~
300		-	20 ~~only within the game or platform or another~~
301		-	21 ~~electronic game or electronic-game~~ ~~platform:~~
302		-	22 ~~(I) points sometimes referred to as gems,~~
303		-	23 ~~tokens, gold,~~ ~~and similar names;~~ ~~and~~
304		-	24 ~~(II) digital codes;~~ ~~and~~
305		-	25 ~~(B) does not include~~ an ~~item~~ that ~~the issuer:~~
306		-	26 ~~(i) permits to be redeemed for use outside a~~
	243	+	HB2568- 7 -LRB104 10837 JRC 20918 b HB2568 - 7 - LRB104 10837 JRC 20918 b
	244	+	HB2568 - 7 - LRB104 10837 JRC 20918 b
	245	+	1 corporation, or fraternal or mutual-benefit organization,
	246	+	2 whether or not for profit, engaged in the business of
	247	+	3 providing life endowments, annuities, or insurance,
	248	+	4 including accident, burial, casualty, credit-life,
	249	+	5 contract-performance, dental, disability, fidelity, fire,
	250	+	6 health, hospitalization, illness, life, malpractice,
	251	+	7 marine, mortgage, surety, wage-protection, and
	252	+	8 worker-compensation insurance.
	253	+	9 (14) "Loyalty card" means a record given without
	254	+	10 direct monetary consideration under an award, reward,
	255	+	11 benefit, loyalty, incentive, rebate, or promotional
	256	+	12 program which may be used or redeemed only to obtain goods
	257	+	13 or services or a discount on goods or services. The term
	258	+	14 does not include a record that may be redeemed for money or
	259	+	15 otherwise monetized by the issuer.
	260	+	16 (15) "Mineral" means gas, oil, coal, oil shale, other
	261	+	17 gaseous liquid or solid hydrocarbon, cement material, sand
	262	+	18 and gravel, road material, building stone, chemical raw
	263	+	19 material, gemstone, fissionable and nonfissionable ores,
	264	+	20 colloidal and other clay, steam and other geothermal
	265	+	21 resources, and any other substance defined as a mineral by
	266	+	22 law of this State other than this Act.
	267	+	23 (16) "Mineral proceeds" means an amount payable for
	268	+	24 extraction, production, or sale of minerals, or, on the
	269	+	25 abandonment of the amount, an amount that becomes payable
	270	+	26 after abandonment. The term includes an amount payable:
307	271
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310	274
311	275
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	276	+	HB2568 - 7 - LRB104 10837 JRC 20918 b
313	277
314	278
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316		-	HB2568 ~~Engrossed - 10~~ - LRB104 10837 JRC 20918 b
317		-	1 ~~game or platform~~ for:
318		-	2 ~~(I) money;~~ or
319		-	3 ~~(II) goods or services that have more than~~
320		-	4 ~~minimal value~~; or
321		-	5 (ii) ~~otherwise monetizes~~ for ~~use outside a~~
322		-	6 ~~game or platform.~~
323		-	7 ~~(11) "Gift~~ ~~card" means a record evidencing a promise~~
324		-	8 ~~made for consideration by the seller or issuer of the~~
325		-	9 ~~record that goods,~~ ~~services,~~ or ~~money will be provided to~~
326		-	10 ~~the owner of the record to the value or amount shown in the~~
327		-	11 ~~record that is either:~~
328		-	12 (A) a ~~record:~~
329		-	13 ~~(i) issued on a prepaid basis primarily for~~
330		-	14 ~~personal, family,~~ ~~or household purposes to~~ a
331		-	15 ~~consumer in a specified amount;~~
332		-	16 (ii) ~~the value~~ of ~~which does not expire;~~
333		-	17 ~~(iii) that is not subject to~~ a ~~dormancy,~~
334		-	18 ~~inactivity, or post-sale~~ ~~service fee;~~
335		-	19 (iv) ~~that is redeemable upon presentation for~~
336		-	20 ~~goods~~ or ~~services; and~~
337		-	21 ~~(v) that~~, ~~unless required by law, may not be~~
338		-	22 ~~redeemed for~~ or ~~converted into money or otherwise~~
339		-	23 ~~monetized~~ by ~~the issuer; or~~
340		-	24 (B) a ~~prepaid commercial mobile radio service, as~~
341		-	25 ~~defined in 47 CFR 20.3, as amended.~~
342		-	26 ~~(12) "Holder" means a person obligated to hold for the~~
	279	+	HB2568- 8 -LRB104 10837 JRC 20918 b HB2568 - 8 - LRB104 10837 JRC 20918 b
	280	+	HB2568 - 8 - LRB104 10837 JRC 20918 b
	281	+	1 (A) for the acquisition and retention of a mineral
	282	+	2 lease, including a bonus, royalty, compensatory
	283	+	3 royalty, shut-in royalty, minimum royalty, and delay
	284	+	4 rental;
	285	+	5 (B) for the extraction, production, or sale of
	286	+	6 minerals, including a net revenue interest, royalty,
	287	+	7 overriding royalty, extraction payment, and production
	288	+	8 payment; and
	289	+	9 (C) under an agreement or option, including a
	290	+	10 joint-operating agreement, unit agreement, pooling
	291	+	11 agreement, and farm-out agreement.
	292	+	12 (17) "Money order" means a payment order for a
	293	+	13 specified amount of money. The term includes an express
	294	+	14 money order and a personal money order on which the
	295	+	15 remitter is the purchaser.
	296	+	16 (18) "Municipal bond" means a bond or evidence of
	297	+	17 indebtedness issued by a municipality or other political
	298	+	18 subdivision of a state.
	299	+	19 (19) "Net card value" means the original purchase
	300	+	20 price or original issued value of a stored-value card,
	301	+	21 plus amounts added to the original price or value, minus
	302	+	22 amounts used and any service charge, fee, or dormancy
	303	+	23 charge permitted by law.
	304	+	24 (20) "Non-freely transferable security" means a
	305	+	25 security that cannot be delivered to the administrator by
	306	+	26 the Depository Trust Clearing Corporation or similar
343	307
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346	310
347	311
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	312	+	HB2568 - 8 - LRB104 10837 JRC 20918 b
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353		-	1 ~~account~~ of~~, or to deliver or pay to, the owner, property~~
354		-	2 ~~subject~~ to ~~this Act.~~
355		-	3 ~~(13) "Insurance~~ ~~company" means an association,~~
356		-	4 ~~corporation, or fraternal or mutual-benefit~~ ~~organization,~~
357		-	5 ~~whether or not for profit~~, ~~engaged in~~ the ~~business of~~
358		-	6 ~~providing life endowments~~, ~~annuities~~, or ~~insurance,~~
359		-	7 ~~including accident,~~ ~~burial, casualty,~~ ~~credit-life,~~
360		-	8 ~~contract-performance, dental,~~ ~~disability, fidelity,~~ ~~fire,~~
361		-	9 ~~health, hospitalization,~~ ~~illness, life, malpractice,~~
362		-	10 ~~marine~~, ~~mortgage, surety,~~ ~~wage-protection, and~~
363		-	11 ~~worker-compensation insurance.~~
364		-	12 ~~(14) "Loyalty~~ ~~card" means a record given without~~
365		-	13 ~~direct monetary consideration under an award~~, ~~reward~~,
366		-	14 ~~benefit, loyalty, incentive, rebate, or promotional~~
367		-	15 ~~program which~~ may be used ~~or redeemed only to obtain goods~~
368		-	16 ~~or services~~ or a ~~discount on goods or services~~. ~~The term~~
369		-	17 ~~does not include~~ a record that ~~may be redeemed for money or~~
370		-	18 ~~otherwise monetized by the issuer.~~
371		-	19 ~~(15) "Mineral" means gas~~, ~~oil, coal, oil shale, other~~
372		-	20 ~~gaseous liquid or solid hydrocarbon~~, ~~cement material~~, ~~sand~~
373		-	21 ~~and gravel~~, ~~road material~~, ~~building stone, chemical raw~~
374		-	22 ~~material~~, ~~gemstone~~, ~~fissionable and nonfissionable ores,~~
375		-	23 ~~colloidal and~~ other ~~clay~~, ~~steam and other geothermal~~
376		-	24 ~~resources, and any other substance defined as a mineral by~~
377		-	25 ~~law of this State other than this Act.~~
378		-	26 ~~(16) "Mineral~~ ~~proceeds" means an amount payable for~~
	315	+	HB2568- 9 -LRB104 10837 JRC 20918 b HB2568 - 9 - LRB104 10837 JRC 20918 b
	316	+	HB2568 - 9 - LRB104 10837 JRC 20918 b
	317	+	1 custodian of securities providing post-trade clearing and
	318	+	2 settlement services to financial markets or cannot be
	319	+	3 delivered because there is no agent to effect transfer.
	320	+	4 The term includes a worthless security.
	321	+	5 (21) "Owner", unless the context otherwise requires,
	322	+	6 means a person that has a legal, beneficial, or equitable
	323	+	7 interest in property subject to this Act or the person's
	324	+	8 legal representative when acting on behalf of the owner.
	325	+	9 The term includes:
	326	+	10 (A) a depositor, for a deposit;
	327	+	11 (B) a beneficiary, for a trust other than a
	328	+	12 deposit in trust;
	329	+	13 (C) a creditor, claimant, or payee, for other
	330	+	14 property; and
	331	+	15 (D) the lawful bearer of a record that may be used
	332	+	16 to obtain money, a reward, or a thing of value.
	333	+	17 (22) "Payroll card" means a record that evidences a
	334	+	18 payroll-card account as defined in Regulation E, 12 CFR
	335	+	19 Part 1005, as amended.
	336	+	20 (23) "Person" means an individual, estate, business
	337	+	21 association, public corporation, government or
	338	+	22 governmental subdivision, agency, or instrumentality, or
	339	+	23 other legal entity, whether or not for profit.
	340	+	24 (24) "Property" means tangible property described in
	341	+	25 Section 15-201 or a fixed and certain interest in
	342	+	26 intangible property held, issued, or owed in the course of
379	343
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382	346
383	347
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	348	+	HB2568 - 9 - LRB104 10837 JRC 20918 b
385	349
386	350
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389		-	1 ~~extraction, production,~~ or ~~sale of minerals~~, ~~or, on the~~
390		-	2 ~~abandonment of~~ the ~~amount, an amount that becomes payable~~
391		-	3 ~~after abandonment. The term~~ includes ~~an amount payable:~~
392		-	4 ~~(A) for the acquisition and retention of a mineral~~
393		-	5 ~~lease, including a bonus,~~ ~~royalty, compensatory~~
394		-	6 ~~royalty, shut-in royalty, minimum royalty, and delay~~
395		-	7 ~~rental;~~
396		-	8 ~~(B) for the extraction~~, ~~production~~, or ~~sale of~~
397		-	9 ~~minerals, including~~ a ~~net revenue interest~~, ~~royalty~~,
398		-	10 ~~overriding royalty~~, ~~extraction payment~~, ~~and production~~
399		-	11 ~~payment; and~~
400		-	12 ~~(C) under~~ an ~~agreement or option, including~~ a
401		-	13 ~~joint-operating agreement~~, ~~unit agreement~~, ~~pooling~~
402		-	14 ~~agreement, and farm-out agreement.~~
403		-	15 (17) ~~"Money order" means~~ a ~~payment order~~ for a
404		-	16 ~~specified amount of money.~~ ~~The term includes an express~~
405		-	17 ~~money order and~~ a ~~personal money order on which the~~
406		-	18 ~~remitter is~~ the ~~purchaser.~~
407		-	19 ~~(18) "Municipal~~ ~~bond" means a bond~~ or ~~evidence of~~
408		-	20 ~~indebtedness issued by a municipality~~ or ~~other political~~
409		-	21 ~~subdivision of a state.~~
410		-	22 ~~(19) "Net~~ ~~card value"~~ ~~means the original purchase~~
411		-	23 ~~price or original issued value of a stored-value card,~~
412		-	24 ~~plus amounts added to the original price~~ or ~~value, minus~~
413		-	25 ~~amounts used and any service charge, fee, or dormancy~~
414		-	26 ~~charge permitted by law.~~
	351	+	HB2568- 10 -LRB104 10837 JRC 20918 b HB2568 - 10 - LRB104 10837 JRC 20918 b
	352	+	HB2568 - 10 - LRB104 10837 JRC 20918 b
	353	+	1 a holder's business or by a government, governmental
	354	+	2 subdivision, agency, or instrumentality. The term:
	355	+	3 (A) includes all income from or increments to the
	356	+	4 property;
	357	+	5 (B) includes property referred to as or evidenced
	358	+	6 by:
	359	+	7 (i) money, virtual currency, interest, or a
	360	+	8 dividend, check, draft, deposit, or payroll card;
	361	+	9 (ii) a credit balance, customer's overpayment,
	362	+	10 stored-value card, security deposit, refund,
	363	+	11 credit memorandum, unpaid wage, unused ticket for
	364	+	12 which the issuer has an obligation to provide a
	365	+	13 refund, mineral proceeds, or unidentified
	366	+	14 remittance;
	367	+	15 (iii) a security except for:
	368	+	16 (I) a worthless security; or
	369	+	17 (II) a security that is subject to a lien,
	370	+	18 legal hold, or restriction evidenced on the
	371	+	19 records of the holder or imposed by operation
	372	+	20 of law, if the lien, legal hold, or
	373	+	21 restriction restricts the holder's or owner's
	374	+	22 ability to receive, transfer, sell, or
	375	+	23 otherwise negotiate the security;
	376	+	24 (iv) a bond, debenture, note, or other
	377	+	25 evidence of indebtedness;
	378	+	26 (v) money deposited to redeem a security, make
415	379
416	380
417	381
418	382
419	383
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	384	+	HB2568 - 10 - LRB104 10837 JRC 20918 b
421	385
422	386
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425		-	1 ~~(20) "Non-freely transferable security" means~~ a
426		-	2 ~~security that cannot be delivered to the administrator by~~
427		-	3 ~~the Depository Trust Clearing Corporation~~ or ~~similar~~
428		-	4 ~~custodian of securities providing post-trade~~ ~~clearing and~~
429		-	5 ~~settlement services~~ to ~~financial markets or cannot be~~
430		-	6 ~~delivered because there is no agent to effect transfer.~~
431		-	7 ~~The term includes a worthless security.~~
432		-	8 ~~(21) "Owner"~~, ~~unless the context otherwise requires,~~
433		-	9 ~~means a person that has a legal, beneficial~~, or ~~equitable~~
434		-	10 ~~interest in property subject to this Act or the person's~~
435		-	11 ~~legal representative when acting on behalf of the owner.~~
436		-	12 ~~The term includes:~~
437		-	13 (A) ~~a depositor,~~ ~~for a deposit;~~
438		-	14 (B) ~~a beneficiary,~~ ~~for a trust other than a~~
439		-	15 ~~deposit in trust~~;
440		-	16 (C) a ~~creditor, claimant,~~ or ~~payee, for other~~
441		-	17 ~~property; and~~
442		-	18 ~~(D)~~ the ~~lawful bearer of a record that may be used~~
443		-	19 ~~to obtain money, a reward, or a thing of value~~.
444		-	20 (22) "~~Payroll card~~" means a ~~record that evidences a~~
445		-	21 ~~payroll-card account as defined in Regulation E~~, ~~12 CFR~~
446		-	22 ~~Part 1005,~~ ~~as amended.~~
447		-	23 ~~(23) "Person" means an individual,~~ ~~estate, business~~
448		-	24 ~~association, public corporation,~~ ~~government~~ or
449		-	25 ~~governmental subdivision,~~ ~~agency, or instrumentality,~~ or
450		-	26 ~~other legal entity, whether~~ or ~~not for profit.~~
	387	+	HB2568- 11 -LRB104 10837 JRC 20918 b HB2568 - 11 - LRB104 10837 JRC 20918 b
	388	+	HB2568 - 11 - LRB104 10837 JRC 20918 b
	389	+	1 a distribution, or pay a dividend;
	390	+	2 (vi) an amount due and payable under an
	391	+	3 annuity contract or insurance policy;
	392	+	4 (vii) an amount distributable from a trust or
	393	+	5 custodial fund established under a plan to provide
	394	+	6 health, welfare, pension, vacation, severance,
	395	+	7 retirement, death, stock purchase, profit-sharing,
	396	+	8 employee-savings, supplemental-unemployment
	397	+	9 insurance, or a similar benefit; and
	398	+	10 (viii) any instrument on which a financial
	399	+	11 organization or business association is directly
	400	+	12 liable; and
	401	+	13 (C) does not include:
	402	+	14 (i) game-related digital content;
	403	+	15 (ii) a loyalty card;
	404	+	16 (iii) a gift card; or
	405	+	17 (iv) funds on deposit or held in trust
	406	+	18 pursuant to Section 16 of the Illinois Pre-Need
	407	+	19 Cemetery Sales Act.
	408	+	20 (25) "Putative holder" means a person believed by the
	409	+	21 administrator to be a holder, until the person pays or
	410	+	22 delivers to the administrator property subject to this Act
	411	+	23 or the administrator or a court makes a final
	412	+	24 determination that the person is or is not a holder.
	413	+	25 (26) "Record" means information that is inscribed on a
	414	+	26 tangible medium or that is stored in an electronic or
451	415
452	416
453	417
454	418
455	419
456		-	HB2568 ~~Engrossed - 13~~ - LRB104 10837 JRC 20918 b
	420	+	HB2568 - 11 - LRB104 10837 JRC 20918 b
457	421
458	422
459		-	HB2568 ~~Engrossed- 14~~ -LRB104 10837 JRC 20918 b HB2568 ~~Engrossed - 14~~ - LRB104 10837 JRC 20918 b
460		-	HB2568 ~~Engrossed - 14~~ - LRB104 10837 JRC 20918 b
461		-	1 ~~(24) "Property" means tangible property described~~ in
462		-	2 ~~Section 15-205~~ ~~15-201 or a fixed and certain interest in~~
463		-	3 ~~intangible property held,~~ ~~issued, or owed in~~ the ~~course of~~
464		-	4 ~~a holder's business or by a government, governmental~~
465		-	5 ~~subdivision, agency,~~ ~~or instrumentality.~~ The ~~term:~~
466		-	6 ~~(A) includes all income from or increments to the~~
467		-	7 ~~property;~~
468		-	8 ~~(B) includes property referred to as or evidenced~~
469		-	9 by:
470		-	10 ~~(i) money,~~ ~~virtual currency,~~ ~~interest, or a~~
471		-	11 ~~dividend, check,~~ ~~draft, deposit, or payroll card;~~
472		-	12 (ii) ~~a credit balance,~~ ~~customer's overpayment,~~
473		-	13 ~~stored-value card, security deposit, refund,~~
474		-	14 ~~credit memorandum,~~ ~~unpaid wage, unused ticket for~~
475		-	15 ~~which~~ the ~~issuer has an obligation to provide a~~
476		-	16 ~~refund, mineral proceeds,~~ or ~~unidentified~~
477		-	17 ~~remittance;~~
478		-	18 (~~iii~~) ~~a security except for:~~
479		-	19 (I) ~~a worthless security;~~ or
480		-	20 ~~(II)~~ a ~~security that is subject to a lien,~~
481		-	21 ~~legal hold,~~ or ~~restriction evidenced on the~~
482		-	22 ~~records of the holder~~ or ~~imposed by operation~~
483		-	23 ~~of law~~, ~~if the lien, legal hold~~, or
484		-	24 ~~restriction restricts~~ the ~~holder's or owner's~~
485		-	25 ~~ability to receive~~, ~~transfer~~, ~~sell, or~~
486		-	26 ~~otherwise negotiate the security;~~
	423	+	HB2568- 12 -LRB104 10837 JRC 20918 b HB2568 - 12 - LRB104 10837 JRC 20918 b
	424	+	HB2568 - 12 - LRB104 10837 JRC 20918 b
	425	+	1 other medium and is retrievable in perceivable form. The
	426	+	2 phrase "records of the holder" includes records maintained
	427	+	3 by a third party that has contracted with the holder.
	428	+	4 (27) "Security" means:
	429	+	5 (A) a security as defined in Article 8 of the
	430	+	6 Uniform Commercial Code;
	431	+	7 (B) a security entitlement as defined in Article 8
	432	+	8 of the Uniform Commercial Code, including a customer
	433	+	9 security account held by a registered broker-dealer,
	434	+	10 to the extent the financial assets held in the
	435	+	11 security account are not:
	436	+	12 (i) registered on the books of the issuer in
	437	+	13 the name of the person for which the broker-dealer
	438	+	14 holds the assets;
	439	+	15 (ii) payable to the order of the person; or
	440	+	16 (iii) specifically indorsed to the person; or
	441	+	17 (C) an equity interest in a business association
	442	+	18 not included in subparagraph (A) or (B).
	443	+	19 (28) "Sign" means, with present intent to authenticate
	444	+	20 or adopt a record:
	445	+	21 (A) to execute or adopt a tangible symbol; or
	446	+	22 (B) to attach to or logically associate with the
	447	+	23 record an electronic symbol, sound, or process.
	448	+	24 (29) "State" means a state of the United States, the
	449	+	25 District of Columbia, the Commonwealth of Puerto Rico, the
	450	+	26 United States Virgin Islands, or any territory or insular
487	451
488	452
489	453
490	454
491	455
492		-	HB2568 ~~Engrossed - 14~~ - LRB104 10837 JRC 20918 b
	456	+	HB2568 - 12 - LRB104 10837 JRC 20918 b
493	457
494	458
495		-	HB2568 ~~Engrossed- 15~~ -LRB104 10837 JRC 20918 b HB2568 ~~Engrossed - 15~~ - LRB104 10837 JRC 20918 b
496		-	HB2568 ~~Engrossed - 15~~ - LRB104 10837 JRC 20918 b
497		-	1 ~~(iv) a bond,~~ ~~debenture, note,~~ ~~or other~~
498		-	2 ~~evidence of indebtedness;~~
499		-	3 (v) ~~money deposited to redeem~~ a ~~security~~, ~~make~~
500		-	4 ~~a distribution,~~ ~~or pay a dividend;~~
501		-	5 (vi) ~~an amount due and payable under an~~
502		-	6 ~~annuity contract~~ or ~~insurance policy;~~
503		-	7 ~~(vii) an~~ amount ~~distributable from a trust or~~
504		-	8 ~~custodial fund established under a plan to provide~~
505		-	9 ~~health, welfare,~~ ~~pension, vacation,~~ ~~severance,~~
506		-	10 ~~retirement, death,~~ ~~stock purchase,~~ ~~profit-sharing,~~
507		-	11 ~~employee-savings, supplemental-unemployment~~
508		-	12 ~~insurance, or~~ a ~~similar benefit; and~~
509		-	13 ~~(viii) any instrument on which a financial~~
510		-	14 ~~organization or business association is directly~~
511		-	15 ~~liable; and~~
512		-	16 ~~(C) does not include:~~
513		-	17 ~~(i) game-related~~ ~~digital content;~~
514		-	18 (ii) ~~a loyalty card~~;
515		-	19 (~~iii~~) ~~a gift card;~~ or
516		-	20 ~~(iv) funds on deposit~~ or ~~held in trust~~
517		-	21 ~~pursuant to Section 16 of the Illinois Pre-Need~~
518		-	22 ~~Cemetery Sales Act.~~
519		-	23 ~~(25) "Putative~~ ~~holder" means a person believed by the~~
520		-	24 ~~administrator to be a holder,~~ ~~until the person pays or~~
521		-	25 ~~delivers to the administrator property subject to this Act~~
522		-	26 ~~or the administrator~~ or a ~~court makes a final~~
	459	+	HB2568- 13 -LRB104 10837 JRC 20918 b HB2568 - 13 - LRB104 10837 JRC 20918 b
	460	+	HB2568 - 13 - LRB104 10837 JRC 20918 b
	461	+	1 possession subject to the jurisdiction of the United
	462	+	2 States.
	463	+	3 (30) "Stored-value card" means a card, code, or other
	464	+	4 device that is:
	465	+	5 (A) issued on a prepaid basis primarily for
	466	+	6 personal, family, or household purposes to a consumer
	467	+	7 in a specified amount, whether or not that amount may
	468	+	8 be increased or reloaded in exchange for payment; and
	469	+	9 (B) redeemable upon presentation at multiple
	470	+	10 unaffiliated merchants for goods or services or usable
	471	+	11 at automated teller machines; and
	472	+	12 "Stored-value card" does not include a gift card,
	473	+	13 payroll card, loyalty card, or game-related digital
	474	+	14 content.
	475	+	15 (31) "Utility" means a person that owns or operates
	476	+	16 for public use a plant, equipment, real property,
	477	+	17 franchise, or license for the following public services:
	478	+	18 (A) transmission of communications or information;
	479	+	19 (B) production, storage, transmission, sale,
	480	+	20 delivery, or furnishing of electricity, water, steam,
	481	+	21 or gas; or
	482	+	22 (C) provision of sewage or septic services, or
	483	+	23 trash, garbage, or recycling disposal.
	484	+	24 (32) "Virtual currency" means any type of digital
	485	+	25 unit, including cryptocurrency, used as a medium of
	486	+	26 exchange, unit of account, or a form of digitally stored
523	487
524	488
525	489
526	490
527	491
528		-	HB2568 ~~Engrossed - 15~~ - LRB104 10837 JRC 20918 b
	492	+	HB2568 - 13 - LRB104 10837 JRC 20918 b
529	493
530	494
531		-	HB2568 Engrossed- 16 -LRB104 10837 JRC 20918 b HB2568 Engrossed - 16 - LRB104 10837 JRC 20918 b
532		-	HB2568 Engrossed - 16 - LRB104 10837 JRC 20918 b
533		-	1 determination that the person is or is not a holder.
534		-	2 (26) "Record" means information that is inscribed on a
535		-	3 tangible medium or that is stored in an electronic or
536		-	4 other medium and is retrievable in perceivable form. The
537		-	5 phrase "records of the holder" includes records maintained
538		-	6 by a third party that has contracted with the holder.
539		-	7 (27) "Security" means:
540		-	8 (A) a security as defined in Article 8 of the
541		-	9 Uniform Commercial Code;
542		-	10 (B) a security entitlement as defined in Article 8
543		-	11 of the Uniform Commercial Code, including a customer
544		-	12 security account held by a registered broker-dealer,
545		-	13 to the extent the financial assets held in the
546		-	14 security account are not:
547		-	15 (i) registered on the books of the issuer in
548		-	16 the name of the person for which the broker-dealer
549		-	17 holds the assets;
550		-	18 (ii) payable to the order of the person; or
551		-	19 (iii) specifically indorsed to the person; or
552		-	20 (C) an equity interest in a business association
553		-	21 not included in subparagraph (A) or (B).
554		-	22 (28) "Sign" means, with present intent to authenticate
555		-	23 or adopt a record:
556		-	24 (A) to execute or adopt a tangible symbol; or
557		-	25 (B) to attach to or logically associate with the
558		-	26 record an electronic symbol, sound, or process.
	495	+	HB2568- 14 -LRB104 10837 JRC 20918 b HB2568 - 14 - LRB104 10837 JRC 20918 b
	496	+	HB2568 - 14 - LRB104 10837 JRC 20918 b
	497	+	1 value, which does not have legal tender status recognized
	498	+	2 by the United States. The term does not include:
	499	+	3 (A) the software or protocols governing the
	500	+	4 transfer of the digital representation of value;
	501	+	5 (B) game-related digital content; or
	502	+	6 (C) a loyalty card or gift card.
	503	+	7 (33) "Worthless security" means a security whose cost
	504	+	8 of liquidation and delivery to the administrator would
	505	+	9 exceed the value of the security on the date a report is
	506	+	10 due under this Act.
	507	+	11 (Source: P.A. 101-552, eff. 1-1-20; 102-288, eff. 8-6-21.)
	508	+	12 (765 ILCS 1026/15-203)
	509	+	13 Sec. 15-203. When other tax-deferred account presumed
	510	+	14 abandoned.
	511	+	15 (a) Subject to Section 15-210 and except for property
	512	+	16 described in Section 15-202, property held in an account or
	513	+	17 plan, including a health savings account, that qualifies for
	514	+	18 tax deferral under the income-tax laws of the United States is
	515	+	19 presumed abandoned if it is unclaimed by the apparent owner 3
	516	+	20 years after the earlier of:
	517	+	21 (1) the date, if determinable by the holder, specified
	518	+	22 in the income-tax laws and regulations of the United
	519	+	23 States by which distribution of the property must begin to
	520	+	24 avoid a tax penalty, with no distribution having been
	521	+	25 made; or
559	522
560	523
561	524
562	525
563	526
564		-	HB2568 ~~Engrossed - 16~~ - LRB104 10837 JRC 20918 b
	527	+	HB2568 - 14 - LRB104 10837 JRC 20918 b
565	528
566	529
567		-	HB2568 Engrossed- 17 -LRB104 10837 JRC 20918 b HB2568 Engrossed - 17 - LRB104 10837 JRC 20918 b
568		-	HB2568 Engrossed - 17 - LRB104 10837 JRC 20918 b
569		-	1 (29) "State" means a state of the United States, the
570		-	2 District of Columbia, the Commonwealth of Puerto Rico, the
571		-	3 United States Virgin Islands, or any territory or insular
572		-	4 possession subject to the jurisdiction of the United
573		-	5 States.
574		-	6 (30) "Stored-value card" means a card, code, or other
575		-	7 device that is:
576		-	8 (A) issued on a prepaid basis primarily for
577		-	9 personal, family, or household purposes to a consumer
578		-	10 in a specified amount, whether or not that amount may
579		-	11 be increased or reloaded in exchange for payment; and
580		-	12 (B) redeemable upon presentation at multiple
581		-	13 unaffiliated merchants for goods or services or usable
582		-	14 at automated teller machines; and
583		-	15 "Stored-value card" does not include a gift card,
584		-	16 payroll card, loyalty card, or game-related digital
585		-	17 content.
586		-	18 (31) "Utility" means a person that owns or operates
587		-	19 for public use a plant, equipment, real property,
588		-	20 franchise, or license for the following public services:
589		-	21 (A) transmission of communications or information;
590		-	22 (B) production, storage, transmission, sale,
591		-	23 delivery, or furnishing of electricity, water, steam,
592		-	24 or gas; or
593		-	25 (C) provision of sewage or septic services, or
594		-	26 trash, garbage, or recycling disposal.
	530	+	HB2568- 15 -LRB104 10837 JRC 20918 b HB2568 - 15 - LRB104 10837 JRC 20918 b
	531	+	HB2568 - 15 - LRB104 10837 JRC 20918 b
	532	+	1 (2) 20 30 years after the date the account was opened.
	533	+	2 (b) If the owner is deceased, then property subject to
	534	+	3 this Section is presumed abandoned 2 years from the earliest
	535	+	4 of:
	536	+	5 (1) the date of the distribution or attempted
	537	+	6 distribution of the property;
	538	+	7 (2) the date of the required distribution as stated in
	539	+	8 the plan or trust agreement governing the plan; or
	540	+	9 (3) the date, if determinable by the holder, specified
	541	+	10 in the income tax laws of the United States by which
	542	+	11 distribution of the property must begin in order to avoid
	543	+	12 a tax penalty.
	544	+	13 (c) If an apparent owner who has attained the age of 50,
	545	+	14 70, 90, or 110 has not, within the previous 3 years, indicated
	546	+	15 interest under Section 15-210 in property that is covered by
	547	+	16 this Section and that is not otherwise presumed abandoned,
	548	+	17 then the holder shall attempt to contact the apparent owner in
	549	+	18 a manner substantially similar to the notice required by
	550	+	19 Section 15-501. The administrator shall adopt rules to
	551	+	20 implement this subsection.
	552	+	21 (Source: P.A. 100-22, eff. 1-1-18.)
	553	+	22 (765 ILCS 1026/15-214 new)
	554	+	23 Sec. 15-214. Funds owed to deceased state employees. Upon
	555	+	24 the death of an employee of a State agency, as defined in
	556	+	25 Section 1-7 of the Illinois State Auditing Act, the State
595	557
596	558
597	559
598	560
599	561
600		-	HB2568 ~~Engrossed - 17~~ - LRB104 10837 JRC 20918 b
	562	+	HB2568 - 15 - LRB104 10837 JRC 20918 b
601	563
602	564
603		-	HB2568 Engrossed- 18 -LRB104 10837 JRC 20918 b HB2568 Engrossed - 18 - LRB104 10837 JRC 20918 b
604		-	HB2568 Engrossed - 18 - LRB104 10837 JRC 20918 b
605		-	1 (32) "Virtual currency" means any type of digital
606		-	2 unit, including cryptocurrency, used as a medium of
607		-	3 exchange, unit of account, or a form of digitally stored
608		-	4 value, which does not have legal tender status recognized
609		-	5 by the United States. The term does not include:
610		-	6 (A) the software or protocols governing the
611		-	7 transfer of the digital representation of value;
612		-	8 (B) game-related digital content; or
613		-	9 (C) a loyalty card or gift card.
614		-	10 (33) "Worthless security" means a security whose cost
615		-	11 of liquidation and delivery to the administrator would
616		-	12 exceed the value of the security on the date a report is
617		-	13 due under this Act.
618		-	14 (Source: P.A. 101-552, eff. 1-1-20; 102-288, eff. 8-6-21.)
619		-	15 (765 ILCS 1026/15-203)
620		-	16 Sec. 15-203. When other tax-deferred account presumed
621		-	17 abandoned.
622		-	18 (a) Subject to Section 15-210 and except for property
623		-	19 described in Section 15-202, property held in an account or
624		-	20 plan, including a health savings account, that qualifies for
625		-	21 tax deferral under the income-tax laws of the United States is
626		-	22 presumed abandoned if it is unclaimed by the apparent owner 3
627		-	23 years after the earlier of:
628		-	24 (1) the date, if determinable by the holder, specified
629		-	25 in the income-tax laws and regulations of the United
	565	+	HB2568- 16 -LRB104 10837 JRC 20918 b HB2568 - 16 - LRB104 10837 JRC 20918 b
	566	+	HB2568 - 16 - LRB104 10837 JRC 20918 b
	567	+	1 agency shall report and remit to the administrator within 90
	568	+	2 days of the employee's death any outstanding funds owed to the
	569	+	3 deceased employee and not paid to the deceased employee or the
	570	+	4 deceased employee's estate. The administrator shall promptly
	571	+	5 make notice to the employees' last known address under Section
	572	+	6 15-503 of this Act.
	573	+	7 (765 ILCS 1026/15-406 new)
	574	+	8 Sec. 15-406. Presumptively abandoned property held in
	575	+	9 trust. A holder who holds property presumed abandoned under
	576	+	10 this Act holds the property in trust for the benefit of the
	577	+	11 administrator on behalf of the owner from and after the date
	578	+	12 the property is presumed abandoned under this Act. A holder
	579	+	13 shall establish trust accounts or otherwise segregate property
	580	+	14 held for the benefit of the administrator under this Section
	581	+	15 pending delivery in accordance with Section 15-603, provided
	582	+	16 that any failure to establish trust accounts or otherwise
	583	+	17 segregate the property shall not affect the owner's interest
	584	+	18 in the property or the obligation of the holder to report and
	585	+	19 remit the property.
	586	+	20 (765 ILCS 1026/15-806)
	587	+	21 Sec. 15-806. Escheat of certain abandoned State agency
	588	+	22 moneys. Property presumed abandoned where the administrator
	589	+	23 reasonably believes the owner is a State agency as defined in
	590	+	24 the Illinois State Auditing Act, shall escheat to the State
630	591
631	592
632	593
633	594
634	595
635		-	HB2568 ~~Engrossed - 18~~ - LRB104 10837 JRC 20918 b
	596	+	HB2568 - 16 - LRB104 10837 JRC 20918 b
636	597
637	598
638		-	HB2568 ~~Engrossed- 19~~ -LRB104 10837 JRC 20918 b HB2568 ~~Engrossed - 19~~ - LRB104 10837 JRC 20918 b
639		-	HB2568 ~~Engrossed - 19~~ - LRB104 10837 JRC 20918 b
640		-	1 ~~States by which distribution of~~ the ~~property must begin to~~
641		-	2 ~~avoid a tax penalty, with no distribution having been~~
642		-	3 ~~made; or~~
643		-	4 ~~(2) 20 30 years after~~ the ~~date the account was opened.~~
644		-	5 (b) ~~If the owner is deceased, then property subject to~~
645		-	6 ~~this Section is presumed abandoned 2~~ years ~~from the earliest~~
646		-	7 ~~of:~~
647		-	8 ~~(1)~~ the ~~date of the distribution or attempted~~
648		-	9 ~~distribution~~ of ~~the property~~;
649		-	10 (2) the ~~date of the required distribution as stated in~~
650		-	11 ~~the plan or trust agreement governing~~ the ~~plan; or~~
651		-	12 ~~(3) the date, if determinable by the holder, specified~~
652		-	13 in the ~~income tax laws~~ of the ~~United States by which~~
653		-	14 ~~distribution~~ of the ~~property must begin in order to avoid~~
654		-	15 ~~a tax penalty~~.
655		-	16 (c) ~~In the tenth year after the opening of an account~~
656		-	17 ~~holding property covered by this Section in which the apparent~~
657		-	18 ~~owner has not,~~ ~~within~~ the ~~previous 3 years, indicated an~~
658		-	19 ~~interest under Section 15-210~~ and ~~that is not otherwise~~
659		-	20 ~~presumed abandoned~~, the ~~holder shall attempt to contact the~~
660		-	21 ~~apparent owner~~ of ~~the account in a manner substantially~~
661		-	22 ~~similar~~ to ~~the manner in which notice is provided under~~
662		-	23 ~~Section 15-501.~~ The administrator ~~shall adopt rules to~~
663		-	24 ~~implement this subsection.~~
664		-	25 ~~(Source: P.A. 100-22, eff.~~ ~~1-1-18.)~~
	599	+	HB2568- 17 -LRB104 10837 JRC 20918 b HB2568 - 17 - LRB104 10837 JRC 20918 b
	600	+	HB2568 - 17 - LRB104 10837 JRC 20918 b
	601	+	1 and shall be deposited into the General Revenue Fund if all of
	602	+	2 the following apply:
	603	+	3 (1) the administrator has provided written notice to
	604	+	4 the State agency and the Governor's Office of Management
	605	+	5 and Budget pursuant to subsection (c) of Section 15-504 at
	606	+	6 least 3 times in at least 3 different calendar years;
	607	+	7 (2) it has been more than 1 year 3 years since the
	608	+	8 administrator first provided written notice to the State
	609	+	9 agency pursuant to subsection (c) of Section 15-504; and
	610	+	10 (3) the State agency has not initiated a claim or
	611	+	11 otherwise expressed an indication of interest in the
	612	+	12 property; and
	613	+	13 (4) the administrator provides written notice of the
	614	+	14 escheat to the Director of the Governor's Office of
	615	+	15 Management and Budget.
	616	+	16 (Source: P.A. 103-148, eff. 6-30-23.)
	617	+	17 (765 ILCS 1026/15-1002.2 new)
	618	+	18 Sec. 15-1002.2. Additional authority for the Secretary of
	619	+	19 Financial and Professional Regulation.
	620	+	20 (a) Notwithstanding any law to the contrary, the Secretary
	621	+	21 of Financial and Professional Regulation may order any
	622	+	22 regulated person to immediately report and remit property
	623	+	23 subject to this Act, in whole or in part, to the administrator
	624	+	24 when the Secretary deems, in the Secretary's sole discretion,
	625	+	25 such reporting and remittance to be necessary to protect the
665	626
666	627
667	628
668	629
669	630
670		-	HB2568 ~~Engrossed - 19~~ - LRB104 10837 JRC 20918 b
	631	+	HB2568 - 17 - LRB104 10837 JRC 20918 b
671	632
672	633
673		-	HB2568 Engrossed- 20 -LRB104 10837 JRC 20918 b HB2568 Engrossed - 20 - LRB104 10837 JRC 20918 b
674		-	HB2568 Engrossed - 20 - LRB104 10837 JRC 20918 b
675		-	1 (765 ILCS 1026/15-214 new)
676		-	2 Sec. 15-214. Funds owed to deceased state employees. After
677		-	3 the death of an employee of a State agency, as defined in
678		-	4 Section 1-7 of the Illinois State Auditing Act, any
679		-	5 outstanding funds owed to the deceased employee shall be paid
680		-	6 to the heirs of the deceased employee or the deceased
681		-	7 employee's estate within one year of the employee's death in
682		-	8 accordance with Section 14a of the State Finance Act. Upon
683		-	9 expiration of the one year period, any funds remaining unpaid
684		-	10 shall be reported and remitted to the administrator within 90
685		-	11 days. The administrator shall promptly provide notice to the
686		-	12 employee's last known address under Section 15-503 of this
687		-	13 Act.
688		-	14 (765 ILCS 1026/15-406 new)
689		-	15 Sec. 15-406. Presumptively abandoned property held in
690		-	16 trust. A holder who holds property presumed abandoned under
691		-	17 this Act holds the property in trust for the benefit of the
692		-	18 administrator on behalf of the owner from and after the date
693		-	19 the property is presumed abandoned under this Act. A holder
694		-	20 shall establish trust accounts or otherwise segregate property
695		-	21 held for the benefit of the administrator under this Section
696		-	22 pending delivery in accordance with Section 15-603, provided
697		-	23 that any failure to establish trust accounts or otherwise
698		-	24 segregate the property shall not affect the owner's interest
699		-	25 in the property or the obligation of the holder to report and
	634	+	HB2568- 18 -LRB104 10837 JRC 20918 b HB2568 - 18 - LRB104 10837 JRC 20918 b
	635	+	HB2568 - 18 - LRB104 10837 JRC 20918 b
	636	+	1 interest of owners.
	637	+	2 (b) Any order issued by the Secretary under this Section
	638	+	3 shall accelerate the dormancy period otherwise set forth in
	639	+	4 this Act.
	640	+	5 (c) Notwithstanding any law to the contrary, a regulated
	641	+	6 person may accelerate the dormancy period otherwise set forth
	642	+	7 in this Act and immediately report and remit property subject
	643	+	8 to this Act, in whole or in part, with written permission from
	644	+	9 the Secretary of Financial and Professional Regulation,
	645	+	10 subject to any terms and conditions that the Secretary deems,
	646	+	11 in the Secretary's sole discretion, to be necessary to protect
	647	+	12 the interest of owners.
	648	+	13 (d) The Secretary of Financial and Professional Regulation
	649	+	14 may adopt rules consistent with the purposes of this Section
	650	+	15 necessary to administer, implement, interpret, and enforce
	651	+	16 this Section.
	652	+	17 (e) The administrator is authorized and empowered to adopt
	653	+	18 rules consistent with the purposes of this Section, including,
	654	+	19 but not limited to, rules necessary to administer, implement,
	655	+	20 interpret, and enforce this Section.
	656	+	21 (f) For purposes of this Section, "regulated person" means
	657	+	22 any person or entity who is certified, permitted, approved,
	658	+	23 chartered, registered, licensed, or otherwise authorized to
	659	+	24 engage in any profession, trade, occupation, or industry by
	660	+	25 the Department of Financial and Professional Regulation's
	661	+	26 Division of Banking or Division of Financial Institutions
700	662
701	663
702	664
703	665
704	666
705		-	HB2568 ~~Engrossed - 20~~ - LRB104 10837 JRC 20918 b
	667	+	HB2568 - 18 - LRB104 10837 JRC 20918 b
706	668
707	669
708		-	HB2568 ~~Engrossed- 21~~ -LRB104 10837 JRC 20918 b HB2568 ~~Engrossed - 21~~ - LRB104 10837 JRC 20918 b
709		-	HB2568 ~~Engrossed - 21~~ - LRB104 10837 JRC 20918 b
710		-	1 ~~remit~~ the ~~property. This Section does not apply to property~~
711		-	2 ~~held by an insurance company as defined in this Act~~ or ~~property~~
712		-	3 ~~insured by the Federal Deposit Insurance Corporation~~, ~~National~~
713		-	4 ~~Credit Union Administration, or other insurer~~ of ~~accounts~~
714		-	5 ~~approved by a depository institution's primary financial~~
715		-	6 ~~regulatory agency~~.
716		-	7 ~~(765 ILCS 1026/15-504)~~
717		-	8 ~~Sec. 15-504. Cooperation among State officers~~ and ~~agencies~~
718		-	9 to ~~locate apparent owner.~~
719		-	10 ~~(a) Unless prohibited by law of this State other than this~~
720		-	11 ~~Act, on request~~ of the administrator, ~~each officer, agency,~~
721		-	12 ~~board~~, commission, ~~division~~, ~~and department of this State, any~~
722		-	13 ~~body politic and corporate created by this State for a public~~
723		-	14 ~~purpose, and each political subdivision~~ of ~~this State shall~~
724		-	15 ~~make its books~~ and ~~records available~~ to ~~the administrator and~~
725		-	16 ~~cooperate with~~ the ~~administrator to determine the current~~
726		-	17 ~~address of an apparent owner of property held by the~~
727		-	18 ~~administrator under this Act~~ or ~~to otherwise assist~~ the
728		-	19 ~~administrator in the administration of this Act.~~ ~~The~~
729		-	20 ~~administrator may also enter into data sharing agreements to~~
730		-	21 ~~enable such other governmental agencies~~ to ~~provide an~~
731		-	22 ~~additional notice to apparent owners of property held by the~~
732		-	23 ~~administrator.~~
733		-	24 ~~(b) If~~ the administrator ~~reasonably believes that the~~
734		-	25 ~~apparent owner of property presumed abandoned held by the~~
	670	+	HB2568- 19 -LRB104 10837 JRC 20918 b HB2568 - 19 - LRB104 10837 JRC 20918 b
	671	+	HB2568 - 19 - LRB104 10837 JRC 20918 b
	672	+	1 under any Act or rule administered by the Division of Banking
	673	+	2 or Division of Financial Institutions. Notwithstanding the
	674	+	3 foregoing, banks, savings banks, and credit unions organized
	675	+	4 under the laws of this State are not subject to this Section.
	676	+	5 (765 ILCS 1026/15-1301)
	677	+	6 Sec. 15-1301. When agreement to locate property
	678	+	7 enforceable.
	679	+	8 (a) An agreement by an owner or an apparent owner and a
	680	+	9 finder another person, the primary purpose of which is to
	681	+	10 locate, deliver, recover, or assist in the location, delivery,
	682	+	11 or recovery of property held by the administrator for a fee,
	683	+	12 compensation, commission, or other renumeration, is
	684	+	13 enforceable only if the agreement:
	685	+	14 (1) is in a record that clearly states the nature of
	686	+	15 the property and the services to be provided;
	687	+	16 (2) is signed by or on behalf of the owner or apparent
	688	+	17 owner; and
	689	+	18 (3) states the amount or value of the property
	690	+	19 reasonably expected to be recovered, computed before and
	691	+	20 after a fee, or other compensation , commission, or other
	692	+	21 renumeration to be paid to the finder person has been
	693	+	22 deducted; .
	694	+	23 (4) clearly states that the property is in the
	695	+	24 possession of the administrator and may be recovered from
	696	+	25 the administrator without paying a fee; and
735	697
736	698
737	699
738	700
739	701
740		-	HB2568 ~~Engrossed - 21~~ - LRB104 10837 JRC 20918 b
	702	+	HB2568 - 19 - LRB104 10837 JRC 20918 b
741	703
742	704
743		-	HB2568 ~~Engrossed- 22~~ -LRB104 10837 JRC 20918 b HB2568 ~~Engrossed - 22~~ - LRB104 10837 JRC 20918 b
744		-	HB2568 ~~Engrossed - 22~~ - LRB104 10837 JRC 20918 b
745		-	1 ~~administrator under this Act is a unit of local government in~~
746		-	2 ~~this State which files an audit report or annual financial~~
747		-	3 ~~report~~ with the ~~Comptroller, the administrator may give~~
748		-	4 ~~written notice to the person~~ or ~~persons identified in~~ the ~~most~~
749		-	5 ~~recent annual financial report as~~ the ~~contact person,~~ ~~the~~
750		-	6 ~~chief executive officer, and~~ the ~~chief financial officer.~~
751		-	7 ~~(c) If~~ the ~~administrator reasonably believes that the~~
752		-	8 ~~apparent owner of property presumed abandoned held by~~ the
753		-	9 administrator ~~under this Act is~~ a ~~State agency as defined in~~
754		-	10 ~~the Illinois State Auditing Act,~~ the ~~administrator may give~~
755		-	11 ~~written notice~~ to the ~~person whom the records of the~~
756		-	12 ~~Comptroller indicate are~~ the ~~chief executive officer and chief~~
757		-	13 ~~fiscal officer~~ of ~~such State agency and~~ the ~~Governor's Office~~
758		-	14 ~~of Management and Budget~~.
759		-	15 (Source: P.A. ~~103-148~~, eff. ~~6-30-23~~.)
760		-	16 (765 ILCS 1026/15-~~806~~)
761		-	17 Sec. 15-~~806~~. ~~Escheat of certain abandoned State agency~~
762		-	18 ~~moneys~~. ~~Property presumed abandoned where the administrator~~
763		-	19 ~~reasonably believes the owner~~ is ~~a State agency as defined in~~
764		-	20 ~~the Illinois State Auditing Act, shall escheat to~~ the ~~State~~
765		-	21 and ~~shall be deposited into~~ the ~~General Revenue Fund if all of~~
766		-	22 the ~~following apply:~~
767		-	23 (1) ~~the administrator has provided written notice to~~
768		-	24 ~~the State agency and the Governor's Office of Management~~
769		-	25 ~~and Budget pursuant~~ to ~~subsection (c) of Section 15-504 at~~
	705	+	HB2568- 20 -LRB104 10837 JRC 20918 b HB2568 - 20 - LRB104 10837 JRC 20918 b
	706	+	HB2568 - 20 - LRB104 10837 JRC 20918 b
	707	+	1 (5) provides the contact information for recovering
	708	+	2 the property from the administrator.
	709	+	3 (b) In conjunction with the filing of any claim involving
	710	+	4 an agreement by an owner or apparent owner and a finder, the
	711	+	5 administrator shall receive from the claimant a full and
	712	+	6 unredacted copy of the agreement signed by the owner or
	713	+	7 apparent owner and the finder.
	714	+	8 (c) A finder may receive payment directly from the
	715	+	9 administrator only if the claimant provides a fully executed
	716	+	10 and unredacted copy of the agreement together with the claim
	717	+	11 and if the agreement provides for the direct payment to the
	718	+	12 finder. In all other cases, the administrator must remit the
	719	+	13 entirety of the payment to the claimant. All payments remain
	720	+	14 subject to offset as provided in Section 15-905.
	721	+	15 (Source: P.A. 100-22, eff. 1-1-18.)
	722	+	16 (765 ILCS 1026/15-1302)
	723	+	17 Sec. 15-1302. When agreement to locate property void.
	724	+	18 (a) Time period. Subject to subsection (b), an agreement
	725	+	19 under Section 15-1301 is void if it is entered into during the
	726	+	20 period beginning on the date the property was presumed
	727	+	21 abandoned under this Act and ending 24 months after the
	728	+	22 payment or delivery of the property to the administrator.
	729	+	23 (b) Prohibition on future assignments. If a provision in
	730	+	24 an agreement described in Section 15-1301 applies to an
	731	+	25 obligation that did not exist or was not owed to the assignor
770	732
771	733
772	734
773	735
774	736
775		-	HB2568 ~~Engrossed - 22~~ - LRB104 10837 JRC 20918 b
	737	+	HB2568 - 20 - LRB104 10837 JRC 20918 b
776	738
777	739
778		-	HB2568 Engrossed- 23 -LRB104 10837 JRC 20918 b HB2568 Engrossed - 23 - LRB104 10837 JRC 20918 b
779		-	HB2568 Engrossed - 23 - LRB104 10837 JRC 20918 b
780		-	1 least 3 times in at least 3 different calendar years;
781		-	2 (2) it has been more than 1 year 3 years since the
782		-	3 administrator first provided written notice to the State
783		-	4 agency pursuant to subsection (c) of Section 15-504; and
784		-	5 (3) the State agency has not initiated a claim or
785		-	6 otherwise expressed an indication of interest in the
786		-	7 property; and
787		-	8 (4) the administrator provides written notice of the
788		-	9 escheat to the Director of the Governor's Office of
789		-	10 Management and Budget.
790		-	11 (Source: P.A. 103-148, eff. 6-30-23.)
791		-	12 (765 ILCS 1026/15-1002.2 new)
792		-	13 Sec. 15-1002.2. Additional authority for the Secretary of
793		-	14 Financial and Professional Regulation.
794		-	15 (a) Notwithstanding any law to the contrary, the Secretary
795		-	16 of Financial and Professional Regulation may order any
796		-	17 regulated person to immediately report and remit property
797		-	18 subject to this Act, in whole or in part, to the administrator
798		-	19 when the Secretary deems, in the Secretary's sole discretion,
799		-	20 such reporting and remittance to be necessary to protect the
800		-	21 interest of owners.
801		-	22 (b) Any order issued by the Secretary under this Section
802		-	23 shall accelerate the dormancy period otherwise set forth in
803		-	24 this Act.
804		-	25 (c) Notwithstanding any law to the contrary, a regulated
	740	+	HB2568- 21 -LRB104 10837 JRC 20918 b HB2568 - 21 - LRB104 10837 JRC 20918 b
	741	+	HB2568 - 21 - LRB104 10837 JRC 20918 b
	742	+	1 at the time of execution of the agreement mineral proceeds for
	743	+	2 which compensation is to be paid to the other person based in
	744	+	3 whole or in part on a part of the underlying minerals or
	745	+	4 mineral proceeds not then presumed abandoned, the provision is
	746	+	5 void regardless of when the agreement was entered into.
	747	+	6 (c) Limit on fees. An agreement under this Article 13 that
	748	+	7 which provides for a fee, compensation, commission, or other
	749	+	8 renumeration in an amount that is more than 10% of the amount
	750	+	9 collected is unenforceable except by the apparent owner. The
	751	+	10 purchase, assignment, or other conveyance of unclaimed
	752	+	11 property to a finder, resulting in a net fee, compensation,
	753	+	12 commission, renumeration, or other profit to the finder in
	754	+	13 excess of 10% of the amount collected is prohibited.
	755	+	14 (d) Other grounds for being void. An apparent owner or the
	756	+	15 administrator may assert that an agreement described in this
	757	+	16 Article 13 is void on a ground other than it provides for
	758	+	17 payment of unconscionable compensation in excess of the amount
	759	+	18 authorized by paragraph (c) of this Section.
	760	+	19 (e) License required. A person attempting or seeking to
	761	+	20 act as a finder must be licensed as a finder by the
	762	+	21 administrator pursuant to Section 15-1503 collect a contingent
	763	+	22 fee for discovering, on behalf of an apparent owner,
	764	+	23 presumptively abandoned property must be licensed as a private
	765	+	24 detective pursuant to the Private Detective, Private Alarm,
	766	+	25 Private Security, Fingerprint Vendor, and Locksmith Act of
	767	+	26 2004.
805	768
806	769
807	770
808	771
809	772
810		-	HB2568 ~~Engrossed - 23~~ - LRB104 10837 JRC 20918 b
	773	+	HB2568 - 21 - LRB104 10837 JRC 20918 b
811	774
812	775
813		-	HB2568 ~~Engrossed- 24~~ -LRB104 10837 JRC 20918 b HB2568 ~~Engrossed - 24~~ - LRB104 10837 JRC 20918 b
814		-	HB2568 ~~Engrossed - 24~~ - LRB104 10837 JRC 20918 b
815		-	1 ~~person may accelerate the dormancy period otherwise set forth~~
816		-	2 ~~in this Act~~ and ~~immediately report and remit property subject~~
817		-	3 ~~to this Act,~~ ~~in whole or in part, with written permission from~~
818		-	4 the ~~Secretary~~ of ~~Financial and Professional Regulation,~~
819		-	5 ~~subject to any terms and conditions that~~ the ~~Secretary deems,~~
820		-	6 in the ~~Secretary's sole discretion, to be necessary to protect~~
821		-	7 ~~the interest of owners.~~
822		-	8 ~~(d)~~ The ~~Secretary of Financial and Professional Regulation~~
823		-	9 ~~may adopt rules consistent~~ with ~~the purposes~~ of ~~this Section~~
824		-	10 ~~necessary to administer,~~ ~~implement, interpret, and enforce~~
825		-	11 ~~this Section.~~
826		-	12 ~~(e)~~ The ~~administrator is authorized and empowered to adopt~~
827		-	13 ~~rules consistent with the purposes of this Section, including,~~
828		-	14 ~~but~~ not ~~limited to,~~ ~~rules necessary to administer, implement,~~
829		-	15 ~~interpret~~, ~~and enforce this Section.~~
830		-	16 ~~(f) For purposes of this Section,~~ ~~"regulated person" means~~
831		-	17 ~~any person or entity who is certified,~~ ~~permitted, approved,~~
832		-	18 ~~chartered, registered,~~ ~~licensed, or otherwise authorized to~~
833		-	19 ~~engage in any profession,~~ ~~trade, occupation,~~ ~~or industry by~~
834		-	20 ~~the Department~~ of ~~Financial~~ and ~~Professional Regulation's~~
835		-	21 ~~Division of Banking or Division of Financial Institutions~~
836		-	22 ~~under any Act or rule administered by~~ the ~~Division of Banking~~
837		-	23 ~~or Division of Financial Institutions.~~ ~~Notwithstanding the~~
838		-	24 ~~foregoing, banks, savings banks, and credit unions organized~~
839		-	25 ~~under the laws of this State are not subject to this Section~~.
	776	+	HB2568- 22 -LRB104 10837 JRC 20918 b HB2568 - 22 - LRB104 10837 JRC 20918 b
	777	+	HB2568 - 22 - LRB104 10837 JRC 20918 b
	778	+	1 (f) Attorneys. This Section does not apply to an agreement
	779	+	2 between an owner and an attorney to pursue a claim for recovery
	780	+	3 of specifically identified property held by the administrator
	781	+	4 or to contest the administrator's denial of a claim for
	782	+	5 recovery of the property where the attorney has an
	783	+	6 attorney-client relationship with the owner.
	784	+	7 (g) CPA firms. This Section does not apply to an apparent
	785	+	8 owner's agreement with a CPA firm licensed under the Illinois
	786	+	9 Public Accounting Act, or with an affiliate of such firm, if
	787	+	10 all of the following apply:
	788	+	11 (1) the CPA firm has registered with the administrator
	789	+	12 and is in good standing with the Illinois Department of
	790	+	13 Financial and Professional Regulation;
	791	+	14 (2) the apparent owner is not a natural person; and
	792	+	15 (3) the CPA firm, or with an affiliate of such firm,
	793	+	16 also provides the apparent owner professional services to
	794	+	17 assist with the apparent owner's compliance with the
	795	+	18 reporting requirements of this Act. The administrator
	796	+	19 shall adopt rules to implement and administer the
	797	+	20 registration of CPA firms and the claims process under
	798	+	21 this paragraph (g).
	799	+	22 (h) Enforcement. The administrator may use all the powers
	800	+	23 under Section 15-1002 to determine compliance with this
	801	+	24 Article.
	802	+	25 (Source: P.A. 103-977, eff. 1-1-25.)
840	803
841	804
842	805
843	806
844	807
845		-	HB2568 ~~Engrossed - 24~~ - LRB104 10837 JRC 20918 b
	808	+	HB2568 - 22 - LRB104 10837 JRC 20918 b
846	809
847	810
848		-	HB2568 ~~Engrossed- 25~~ -LRB104 10837 JRC 20918 b HB2568 ~~Engrossed - 25~~ - LRB104 10837 JRC 20918 b
849		-	HB2568 ~~Engrossed - 25~~ - LRB104 10837 JRC 20918 b
850		-	1 (765 ILCS 1026/15-~~1301~~)
851		-	2 Sec. 15-~~1301~~. ~~When agreement~~ to ~~locate property~~
852		-	3 ~~enforceable~~.
853		-	4 ~~(a) An agreement~~ by ~~an owner~~ or ~~an apparent owner and a~~
854		-	5 ~~finder another person,~~ the ~~primary purpose~~ of ~~which is to~~
855		-	6 ~~locate, deliver, recover,~~ or ~~assist in the location,~~ ~~delivery,~~
856		-	7 ~~or recovery of property held by the administrator~~ for ~~a fee,~~
857		-	8 ~~compensation, commission,~~ ~~or other remuneration,~~ is
858		-	9 ~~enforceable only if the agreement~~:
859		-	10 (1) is in a ~~record that clearly states~~ the ~~nature of~~
860		-	11 ~~the property and the services to be provided;~~
861		-	12 (2) is ~~signed by or on behalf~~ of ~~the owner or apparent~~
862		-	13 ~~owner; and~~
863		-	14 ~~(3) states~~ the ~~amount or value of the property~~
864		-	15 ~~reasonably expected to be recovered,~~ ~~computed before and~~
865		-	16 ~~after a fee,~~ or ~~other compensation,~~ ~~commission, or other~~
866		-	17 ~~remuneration to be paid to~~ the ~~finder person~~ has been
867		-	18 ~~deducted; .~~
868		-	19 ~~(4) clearly states that the property is in the~~
869		-	20 ~~possession~~ of ~~the administrator and may be recovered from~~
870		-	21 ~~the administrator without paying a fee;~~ ~~and~~
871		-	22 ~~(5) provides~~ the ~~contact information for recovering~~
872		-	23 ~~the~~ property ~~from the administrator.~~
873		-	24 ~~(b) In conjunction with the filing~~ of any ~~claim involving~~
874		-	25 ~~an agreement by an owner or apparent owner and a finder,~~ the
875		-	26 ~~administrator shall receive from the claimant~~ a ~~full and~~
	811	+	HB2568- 23 -LRB104 10837 JRC 20918 b HB2568 - 23 - LRB104 10837 JRC 20918 b
	812	+	HB2568 - 23 - LRB104 10837 JRC 20918 b
	813	+	1 (765 ILCS 1026/15-1303 new)
	814	+	2 Sec. 15-1303. License to act as finder.
	815	+	3 (a) License required. No person shall, without a valid
	816	+	4 license issued by the administrator, (i) represent or present
	817	+	5 to the public in any manner to be a finder in the State of
	818	+	6 Illinois or (ii) act as a finder.
	819	+	7 (b) Qualification for licensure. An applicant is qualified
	820	+	8 for licensure as a finder if the applicant meets all the
	821	+	9 following qualifications:
	822	+	10 (1) If the applicant is a natural person, the person
	823	+	11 is at least 21 years of age.
	824	+	12 (2) The applicant is of good moral character. When
	825	+	13 determining the moral character of an applicant, the
	826	+	14 administrator shall take into consideration the following:
	827	+	15 (A) Whether the applicant has engaged in any
	828	+	16 unethical or dishonest business practices.
	829	+	17 (B) Whether the applicant has been adjudicated,
	830	+	18 civilly or criminally, to have committed fraud or to
	831	+	19 have violated any law of any state involving unfair
	832	+	20 trade or business practices, has been convicted of a
	833	+	21 misdemeanor of which fraud is an essential element or
	834	+	22 which involves any aspect of the finder business or
	835	+	23 claiming or reporting of unclaimed property, or has
	836	+	24 been convicted of any felony.
	837	+	25 (C) Whether the applicant has intentionally
	838	+	26 violated any provision of this Act or a predecessor
876	839
877	840
878	841
879	842
880	843
881		-	HB2568 ~~Engrossed - 25~~ - LRB104 10837 JRC 20918 b
	844	+	HB2568 - 23 - LRB104 10837 JRC 20918 b
882	845
883	846
884		-	HB2568 Engrossed- 26 -LRB104 10837 JRC 20918 b HB2568 Engrossed - 26 - LRB104 10837 JRC 20918 b
885		-	HB2568 Engrossed - 26 - LRB104 10837 JRC 20918 b
886		-	1 unredacted copy of the agreement signed by the owner or
887		-	2 apparent owner and the finder.
888		-	3 (c) A finder may receive payment directly from the
889		-	4 administrator only if the claimant provides a fully executed
890		-	5 and unredacted copy of the agreement together with the claim
891		-	6 and if the agreement provides for the direct payment to the
892		-	7 finder. In all other cases, the administrator must remit the
893		-	8 entirety of the payment to the claimant. All payments remain
894		-	9 subject to offset as provided in Section 15-905.
895		-	10 (Source: P.A. 100-22, eff. 1-1-18.)
896		-	11 (765 ILCS 1026/15-1302)
897		-	12 Sec. 15-1302. When agreement to locate property void.
898		-	13 (a) Time period. Subject to subsection (b), an agreement
899		-	14 under Section 15-1301 is void if it is entered into during the
900		-	15 period beginning on the date the property was presumed
901		-	16 abandoned under this Act and ending 24 months after the
902		-	17 payment or delivery of the property to the administrator.
903		-	18 (b) Prohibition on future assignments. If a provision in
904		-	19 an agreement described in Section 15-1301 applies to an
905		-	20 obligation that did not exist or was not owed to the assignor
906		-	21 at the time of execution of the agreement mineral proceeds for
907		-	22 which compensation is to be paid to the other person based in
908		-	23 whole or in part on a part of the underlying minerals or
909		-	24 mineral proceeds not then presumed abandoned, the provision is
910		-	25 void regardless of when the agreement was entered into.
	847	+	HB2568- 24 -LRB104 10837 JRC 20918 b HB2568 - 24 - LRB104 10837 JRC 20918 b
	848	+	HB2568 - 24 - LRB104 10837 JRC 20918 b
	849	+	1 law or any regulations relating thereto.
	850	+	2 (D) Whether the applicant has been permanently or
	851	+	3 temporarily suspended, enjoined, or barred by any
	852	+	4 government agency or court of competent jurisdiction
	853	+	5 in any state from engaging in or continuing any
	854	+	6 conduct or practice involving any aspect of the finder
	855	+	7 business, the claiming or reporting of unclaimed
	856	+	8 property, or any other regulated business or
	857	+	9 occupation.
	858	+	10 (E) Whether any charges or complaints lodged
	859	+	11 against the applicant for which fraud, deceptive
	860	+	12 business practices, or similar offenses involving
	861	+	13 moral turpitude were an essential element that
	862	+	14 resulted in civil or criminal litigation or
	863	+	15 administrative proceedings.
	864	+	16 (F) Whether the applicant has made any
	865	+	17 misrepresentations or false statements or concealed
	866	+	18 any material fact.
	867	+	19 (3) If the applicant is a corporation, limited
	868	+	20 liability company, partnership, or other entity permitted
	869	+	21 by law, then the administrator shall take into
	870	+	22 consideration each principal, owner, member, officer, and
	871	+	23 shareholder holding 25% or more of corporate stock for
	872	+	24 compliance with subsection (b) of this Section.
	873	+	25 (4) The applicant demonstrates knowledge and
	874	+	26 understanding of this Act, including, but not limited to,
911	875
912	876
913	877
914	878
915	879
916		-	HB2568 ~~Engrossed - 26~~ - LRB104 10837 JRC 20918 b
	880	+	HB2568 - 24 - LRB104 10837 JRC 20918 b
917	881
918	882
919		-	HB2568 ~~Engrossed- 27~~ -LRB104 10837 JRC 20918 b HB2568 ~~Engrossed - 27~~ - LRB104 10837 JRC 20918 b
920		-	HB2568 ~~Engrossed - 27~~ - LRB104 10837 JRC 20918 b
921		-	1 ~~(c) Limit on fees. An agreement under this~~ Article 13 ~~that~~
922		-	2 ~~which provides~~ for ~~a fee,~~ ~~compensation, commission,~~ ~~or other~~
923		-	3 ~~remuneration in an amount that is more than 10% of~~ the ~~amount~~
924		-	4 ~~collected is unenforceable except~~ by the ~~apparent owner. The~~
925		-	5 ~~purchase, assignment, or other conveyance of unclaimed~~
926		-	6 ~~property to~~ a ~~finder, resulting in a net~~ fee~~, compensation,~~
927		-	7 ~~commission, remuneration, or other profit to~~ the ~~finder in~~
928		-	8 ~~excess of 10%~~ ~~of the amount collected is prohibited~~.
929		-	9 (d) ~~Other grounds for being void.~~ ~~An apparent owner or the~~
930		-	10 administrator ~~may assert that an agreement described in this~~
931		-	11 ~~Article 13 is void on a ground other than it provides for~~
932		-	12 ~~payment~~ of ~~unconscionable compensation in excess of the amount~~
933		-	13 ~~authorized by paragraph (c)~~ of ~~this Section.~~
934		-	14 ~~(e) License required.~~ ~~On or after January 1,~~ ~~2026, a A~~
935		-	15 ~~person attempting~~ or ~~seeking to act as a finder must be~~
936		-	16 ~~licensed as a finder by the administrator pursuant to Section~~
937		-	17 ~~15-1503 collect a contingent fee for discovering,~~ ~~on behalf of~~
938		-	18 ~~an apparent owner,~~ ~~presumptively abandoned property must be~~
939		-	19 ~~licensed as~~ a ~~private detective pursuant to the Private~~
940		-	20 ~~Detective, Private Alarm,~~ ~~Private Security,~~ ~~Fingerprint~~
941		-	21 ~~Vendor~~, ~~and Locksmith Act of 2004.~~
942		-	22 ~~(f) Attorneys.~~ ~~This Section does not apply to an agreement~~
943		-	23 ~~between an~~ owner and ~~an attorney to pursue a claim for recovery~~
944		-	24 of ~~specifically identified property held by the administrator~~
945		-	25 ~~or to contest~~ the administrator~~'s denial of~~ a ~~claim~~ for
946		-	26 ~~recovery of~~ the ~~property where the attorney has an~~
	883	+	HB2568- 25 -LRB104 10837 JRC 20918 b HB2568 - 25 - LRB104 10837 JRC 20918 b
	884	+	HB2568 - 25 - LRB104 10837 JRC 20918 b
	885	+	1 the provisions of Article 13 of this Act.
	886	+	2 (c) Application for license. Every person seeking to be
	887	+	3 licensed as a finder shall apply to the administrator in
	888	+	4 writing on forms or electronically as prescribed by the
	889	+	5 administrator.
	890	+	6 (1) Every application shall be accompanied by a fee
	891	+	7 that the administrator shall establish by rule. The fee
	892	+	8 may not be refundable.
	893	+	9 (2) All applicants shall provide a valid mailing
	894	+	10 address and email address to the administrator, which
	895	+	11 shall serve as the address of record and email address of
	896	+	12 record, respectively, at the time of application for
	897	+	13 licensure or renewal of a license, and shall inform the
	898	+	14 administrator in writing of any change in address of
	899	+	15 record or email address of record within 14 days after the
	900	+	16 change.
	901	+	17 (3) The applicant shall authorize the administrator to
	902	+	18 conduct a criminal background check to determine if the
	903	+	19 applicant has ever been charged with a crime and, if so,
	904	+	20 the disposition of those charges. If the applicant is a
	905	+	21 corporation, limited liability company, partnership, or
	906	+	22 other entity permitted by law, then the authorization
	907	+	23 shall include each principal, owner, member, officer, and
	908	+	24 shareholder holding 10% or more of corporate stock, as
	909	+	25 applicable. The administrator shall charge a fee for
	910	+	26 conducting the criminal background check that shall not
947	911
948	912
949	913
950	914
951	915
952		-	HB2568 ~~Engrossed - 27~~ - LRB104 10837 JRC 20918 b
	916	+	HB2568 - 25 - LRB104 10837 JRC 20918 b
953	917
954	918
955		-	HB2568 Engrossed- 28 -LRB104 10837 JRC 20918 b HB2568 Engrossed - 28 - LRB104 10837 JRC 20918 b
956		-	HB2568 Engrossed - 28 - LRB104 10837 JRC 20918 b
957		-	1 attorney-client relationship with the owner.
958		-	2 (g) CPA firms. This Section does not apply to an apparent
959		-	3 owner's agreement with a CPA firm licensed under the Illinois
960		-	4 Public Accounting Act, or with an affiliate of such firm, if
961		-	5 all of the following apply:
962		-	6 (1) the CPA firm has registered with the administrator
963		-	7 and is in good standing with the Illinois Department of
964		-	8 Financial and Professional Regulation;
965		-	9 (2) the apparent owner is not a natural person; and
966		-	10 (3) the CPA firm, or with an affiliate of such firm,
967		-	11 also provides the apparent owner professional services to
968		-	12 assist with the apparent owner's compliance with the
969		-	13 reporting requirements of this Act. The administrator
970		-	14 shall adopt rules to implement and administer the
971		-	15 registration of CPA firms and the claims process under
972		-	16 this paragraph (g).
973		-	17 (h) Enforcement. The administrator may use all the powers
974		-	18 under Section 15-1002 to determine compliance with this
975		-	19 Article.
976		-	20 (Source: P.A. 103-977, eff. 1-1-25.)
977		-	21 (765 ILCS 1026/15-1303 new)
978		-	22 Sec. 15-1303. License to act as finder.
979		-	23 (a) License required. No person shall, without a valid
980		-	24 license issued by the administrator, (i) represent or present
981		-	25 to the public in any manner to be a finder in the State of
	919	+	HB2568- 26 -LRB104 10837 JRC 20918 b HB2568 - 26 - LRB104 10837 JRC 20918 b
	920	+	HB2568 - 26 - LRB104 10837 JRC 20918 b
	921	+	1 exceed the actual cost of the criminal background check.
	922	+	2 (4) The applicant shall provide all information that,
	923	+	3 in the judgment of the administrator, enables the
	924	+	4 administrator to pass on the qualifications of the
	925	+	5 applicant for licensure as a finder under this Act. The
	926	+	6 administrator shall establish the minimum information
	927	+	7 required to be provided by administrative rule, but is
	928	+	8 authorized to request additional information when, in the
	929	+	9 judgment of the administrator, such information is
	930	+	10 necessary.
	931	+	11 (5) In addition to any other information required to
	932	+	12 be provided in the application, the applicant shall
	933	+	13 provide the applicant's Social Security Number, Individual
	934	+	14 Taxpayer Identification Number, or Federal Employer
	935	+	15 Identification Number. If the applicant is a corporation,
	936	+	16 limited liability company, partnership, or other entity
	937	+	17 permitted by law, then the applicant shall provide the
	938	+	18 Social Security Number or Individual Taxpayer
	939	+	19 Identification Number for each principal, owner, member,
	940	+	20 officer, and shareholder holding 10% or more of corporate
	941	+	21 stock, as applicable.
	942	+	22 (d) Fidelity bond. Applications for licensure shall also
	943	+	23 be accompanied by a fidelity bond issued by a bonding company
	944	+	24 or insurance company authorized to do business in this State,
	945	+	25 as approved by the administrator, in an amount established by
	946	+	26 the administrator by rule not to exceed $100,000. This bond
982	947
983	948
984	949
985	950
986	951
987		-	HB2568 ~~Engrossed - 28~~ - LRB104 10837 JRC 20918 b
	952	+	HB2568 - 26 - LRB104 10837 JRC 20918 b
988	953
989	954
990		-	HB2568 ~~Engrossed- 29~~ -LRB104 10837 JRC 20918 b HB2568 ~~Engrossed - 29~~ - LRB104 10837 JRC 20918 b
991		-	HB2568 ~~Engrossed - 29~~ - LRB104 10837 JRC 20918 b
992		-	1 ~~Illinois or (ii) act as a finder.~~
993		-	2 ~~(b) Qualification~~ for ~~licensure. An applicant is qualified~~
994		-	3 ~~for licensure as a finder if the applicant meets all the~~
995		-	4 ~~following qualifications:~~
996		-	5 (1) If the ~~applicant is a natural person,~~ ~~the person~~
997		-	6 ~~is at least 21 years of age~~.
998		-	7 (2) The ~~applicant is~~ of ~~good moral character.~~ ~~When~~
999		-	8 ~~determining~~ the ~~moral character of an applicant,~~ the
1000		-	9 ~~administrator shall take into consideration~~ the ~~following:~~
1001		-	10 (A~~) Whether~~ the ~~applicant has engaged in any~~
1002		-	11 ~~unethical or dishonest business practices.~~
1003		-	12 ~~(B) Whether~~ the ~~applicant has been adjudicated,~~
1004		-	13 ~~civilly or criminally,~~ ~~to have committed fraud or to~~
1005		-	14 ~~have violated~~ any ~~law of any state involving unfair~~
1006		-	15 ~~trade or business practices,~~ ~~has been convicted of a~~
1007		-	16 ~~misdemeanor of which fraud is an essential element~~ or
1008		-	17 ~~which involves~~ any ~~aspect~~ of the ~~finder business or~~
1009		-	18 ~~claiming~~ or ~~reporting of unclaimed property, or~~ has
1010		-	19 ~~been convicted of~~ any ~~felony.~~
1011		-	20 ~~(C) Whether the applicant has intentionally~~
1012		-	21 ~~violated any provision of this Act~~ or ~~a predecessor~~
1013		-	22 ~~law~~ or ~~any regulations relating thereto.~~
1014		-	23 ~~(D) Whether the applicant has been permanently~~ or
1015		-	24 ~~temporarily suspended~~, ~~enjoined, or barred by any~~
1016		-	25 ~~government agency~~ or ~~court of competent jurisdiction~~
1017		-	26 ~~in any state from engaging in~~ or ~~continuing any~~
	955	+	HB2568- 27 -LRB104 10837 JRC 20918 b HB2568 - 27 - LRB104 10837 JRC 20918 b
	956	+	HB2568 - 27 - LRB104 10837 JRC 20918 b
	957	+	1 runs to the benefit of the administrator and the
	958	+	2 administrator's successor for the benefit of the Unclaimed
	959	+	3 Property Trust Fund.
	960	+	4 (e) Renewal of license.
	961	+	5 (1) The expiration date and renewal period for each
	962	+	6 license issued under this Section shall be set by rule.
	963	+	7 (2) The holder of a license issued under this Section
	964	+	8 may renew the license within 90 days preceding the
	965	+	9 expiration date by (A) completing and submitting to the
	966	+	10 administrator a renewal application in the manner
	967	+	11 prescribed by the administrator and (B) paying the
	968	+	12 required fees, which shall be established by the
	969	+	13 administrator by administrative rule.
	970	+	14 (f) Any application for licensure or for renewal not acted
	971	+	15 upon within 90 days may be deemed denied.
	972	+	16 (g) The administrator may refuse to issue or may suspend
	973	+	17 or revoke a license on any of the following grounds:
	974	+	18 (1) The applicant or licensee has made any
	975	+	19 misrepresentations or false statements or concealed any
	976	+	20 material fact.
	977	+	21 (2) The applicant or licensee is insolvent.
	978	+	22 (3) The applicant or licensee has conducted or is
	979	+	23 about to engage in dishonorable, unethical, or
	980	+	24 unprofessional conduct of a character likely to deceive,
	981	+	25 defraud, or harm the public.
	982	+	26 (4) The applicant or licensee has failed to satisfy
1018	983
1019	984
1020	985
1021	986
1022	987
1023		-	HB2568 ~~Engrossed - 29~~ - LRB104 10837 JRC 20918 b
	988	+	HB2568 - 27 - LRB104 10837 JRC 20918 b
1024	989
1025	990
1026		-	HB2568 ~~Engrossed- 30~~ -LRB104 10837 JRC 20918 b HB2568 ~~Engrossed - 30~~ - LRB104 10837 JRC 20918 b
1027		-	HB2568 ~~Engrossed - 30~~ - LRB104 10837 JRC 20918 b
1028		-	1 ~~conduct~~ or ~~practice involving~~ any ~~aspect of the finder~~
1029		-	2 ~~business,~~ the ~~claiming~~ or ~~reporting of unclaimed~~
1030		-	3 ~~property, or any other regulated business or~~
1031		-	4 ~~occupation.~~
1032		-	5 ~~(E) Whether any charges or complaints lodged~~
1033		-	6 ~~against~~ the ~~applicant for which fraud, deceptive~~
1034		-	7 ~~business practices,~~ or ~~similar offenses involving~~
1035		-	8 ~~moral turpitude were an essential element that~~
1036		-	9 ~~resulted in civil~~ or ~~criminal litigation~~ or
1037		-	10 ~~administrative proceedings.~~
1038		-	11 ~~(F) Whether the applicant~~ has ~~made~~ any
1039		-	12 ~~misrepresentations~~ or ~~false statements or concealed~~
1040		-	13 ~~any material fact~~.
1041		-	14 (3) If the applicant ~~is a corporation,~~ ~~limited~~
1042		-	15 ~~liability company,~~ ~~partnership,~~ or ~~other entity permitted~~
1043		-	16 ~~by law,~~ ~~then the administrator shall take into~~
1044		-	17 ~~consideration each principal,~~ ~~owner, member,~~ ~~officer, and~~
1045		-	18 ~~shareholder holding 25%~~ or ~~more of corporate stock for~~
1046		-	19 ~~compliance with subsection (b) of this Section~~.
1047		-	20 (4) The ~~applicant demonstrates knowledge and~~
1048		-	21 ~~understanding~~ of ~~this Act, including, but not limited to,~~
1049		-	22 the ~~provisions of Article 13 of this Act.~~
1050		-	23 ~~(c) Application for~~ license. ~~Every person seeking to be~~
1051		-	24 ~~licensed as a finder shall apply to the administrator in~~
1052		-	25 ~~writing on forms or electronically as prescribed by~~ the
1053		-	26 ~~administrator.~~
	991	+	HB2568- 28 -LRB104 10837 JRC 20918 b HB2568 - 28 - LRB104 10837 JRC 20918 b
	992	+	HB2568 - 28 - LRB104 10837 JRC 20918 b
	993	+	1 any enforceable judgment or decree rendered by any court
	994	+	2 of competent jurisdiction against the applicant or
	995	+	3 licensee.
	996	+	4 (5) The applicant or licensee fails to make a
	997	+	5 substantive response to a request for information by the
	998	+	6 administrator within 30 days of the request.
	999	+	7 (6) The applicant or licensee, including any member,
	1000	+	8 officer, or director thereof if the applicant or licensee
	1001	+	9 is a firm, partnership, association, or corporation or any
	1002	+	10 shareholder holding more than 10% of the corporate stock,
	1003	+	11 has violated any provision of this Act or any rule adopted
	1004	+	12 under this Act or a valid order entered by the
	1005	+	13 administrator under this Act.
	1006	+	14 (7) The applicant or licensee aided or assisted
	1007	+	15 another person in violating any provision of this Act or
	1008	+	16 rules adopted under this Act.
	1009	+	17 (8) The applicant or licensee engaged in solicitation
	1010	+	18 of professional services by using false or misleading
	1011	+	19 advertising.
	1012	+	20 (9) The administrator finds any fact or condition
	1013	+	21 existing which, if it had existed at the time of the
	1014	+	22 original application for the license, would have warranted
	1015	+	23 the administrator in refusing the issuance of the license.
	1016	+	24 (h) Denial, suspension, or revocation of license.
	1017	+	25 (1) If the administrator determines that an
	1018	+	26 application for licensure or for renewal of a license
1054	1019
1055	1020
1056	1021
1057	1022
1058	1023
1059		-	HB2568 ~~Engrossed - 30~~ - LRB104 10837 JRC 20918 b
	1024	+	HB2568 - 28 - LRB104 10837 JRC 20918 b
1060	1025
1061	1026
1062		-	HB2568 ~~Engrossed- 31~~ -LRB104 10837 JRC 20918 b HB2568 ~~Engrossed - 31~~ - LRB104 10837 JRC 20918 b
1063		-	HB2568 ~~Engrossed - 31~~ - LRB104 10837 JRC 20918 b
1064		-	1 ~~(1) Every application~~ shall be ~~accompanied by~~ a ~~fee~~
1065		-	2 ~~that~~ the ~~administrator~~ shall ~~establish by rule. The fee~~
1066		-	3 ~~may not be refundable.~~
1067		-	4 ~~(2) All applicants shall provide~~ a ~~valid mailing~~
1068		-	5 ~~address and email address to~~ the administrator~~, which~~
1069		-	6 ~~shall serve as~~ the ~~address of record and email address of~~
1070		-	7 ~~record, respectively,~~ at the ~~time of application for~~
1071		-	8 ~~licensure or renewal of a license, and~~ shall ~~inform~~ the
1072		-	9 ~~administrator in writing~~ of ~~any change in address of~~
1073		-	10 ~~record~~ or ~~email address of record within 14 days after the~~
1074		-	11 ~~change.~~
1075		-	12 ~~(3)~~ The ~~applicant shall authorize the administrator to~~
1076		-	13 ~~conduct a criminal background check to determine if the~~
1077		-	14 ~~applicant has ever been charged with a crime and, if so,~~
1078		-	15 ~~the disposition of those charges.~~ ~~If the applicant is a~~
1079		-	16 ~~corporation, limited liability company, partnership, or~~
1080		-	17 ~~other entity permitted~~ by ~~law, then the authorization~~
1081		-	18 ~~shall include each principal~~, ~~owner, member,~~ ~~officer, and~~
1082		-	19 ~~shareholder holding 10%~~ or ~~more of corporate stock~~, as
1083		-	20 ~~applicable.~~ The ~~administrator shall charge a fee for~~
1084		-	21 ~~conducting the criminal background check that shall not~~
1085		-	22 ~~exceed~~ the ~~actual cost~~ of the ~~criminal background check.~~
1086		-	23 ~~(4)~~ The ~~applicant shall provide all information that~~,
1087		-	24 in the ~~judgment of the administrator,~~ ~~enables the~~
1088		-	25 ~~administrator to pass on the qualifications of the~~
1089		-	26 ~~applicant for licensure as a finder under this Act.~~ ~~The~~
	1027	+	HB2568- 29 -LRB104 10837 JRC 20918 b HB2568 - 29 - LRB104 10837 JRC 20918 b
	1028	+	HB2568 - 29 - LRB104 10837 JRC 20918 b
	1029	+	1 should be denied, then the applicant shall be sent a
	1030	+	2 notice of intent to deny and the applicant shall be given
	1031	+	3 the opportunity to request, within 20 days of the notice,
	1032	+	4 a hearing on the denial.
	1033	+	5 (2) If the administrator determines that a license
	1034	+	6 should be suspended or revoked, then the licensee shall be
	1035	+	7 sent a notice of intent to suspend or revoke the license
	1036	+	8 and the licensee shall be given the opportunity to
	1037	+	9 request, within 20 days of the notice, a hearing on the
	1038	+	10 suspension or revocation.
	1039	+	11 (3) Any hearing on the denial, suspension, or
	1040	+	12 revocation shall be conducted in accordance with the State
	1041	+	13 Treasurer's administrative rules concerning rules of
	1042	+	14 practice in administrative hearings.
	1043	+	15 (i) Practice without license; injunction; cease and desist
	1044	+	16 order; civil penalties.
	1045	+	17 (1) Acting as a finder by any person who has not been
	1046	+	18 issued a license by the administrator, whose license has
	1047	+	19 been suspended or revoked, or whose license has not been
	1048	+	20 renewed, is hereby declared to be inimical to the public
	1049	+	21 welfare and to constitute a public nuisance.
	1050	+	22 (2) The administrator may, in the name of the People
	1051	+	23 of the State of Illinois through the Attorney General,
	1052	+	24 apply for an injunction in the circuit court to enjoin any
	1053	+	25 person who has not been issued a license or whose license
	1054	+	26 has been suspended or revoked, or whose license has not
1090	1055
1091	1056
1092	1057
1093	1058
1094	1059
1095		-	HB2568 ~~Engrossed - 31~~ - LRB104 10837 JRC 20918 b
	1060	+	HB2568 - 29 - LRB104 10837 JRC 20918 b
1096	1061
1097	1062
1098		-	HB2568 ~~Engrossed- 32~~ -LRB104 10837 JRC 20918 b HB2568 ~~Engrossed - 32~~ - LRB104 10837 JRC 20918 b
1099		-	HB2568 ~~Engrossed - 32~~ - LRB104 10837 JRC 20918 b
1100		-	1 ~~administrator shall establish~~ the ~~minimum information~~
1101		-	2 ~~required to be provided~~ by ~~administrative rule, but is~~
1102		-	3 ~~authorized to request additional information when, in~~ the
1103		-	4 ~~judgment of the administrator,~~ ~~such information is~~
1104		-	5 ~~necessary.~~
1105		-	6 ~~(5) In addition to any other information required to~~
1106		-	7 ~~be provided in the application~~, ~~the applicant shall~~
1107		-	8 ~~provide~~ the ~~applicant's Social Security Number,~~ ~~Individual~~
1108		-	9 ~~Taxpayer Identification Number,~~ ~~or Federal Employer~~
1109		-	10 ~~Identification Number. If~~ the ~~applicant is a corporation,~~
1110		-	11 ~~limited liability company, partnership, or~~ other ~~entity~~
1111		-	12 ~~permitted by law,~~ ~~then the applicant shall provide the~~
1112		-	13 ~~Social Security Number~~ or ~~Individual Taxpayer~~
1113		-	14 ~~Identification Number for each principal~~, ~~owner~~, ~~member,~~
1114		-	15 ~~officer~~, ~~and shareholder holding 10%~~ ~~or more of corporate~~
1115		-	16 ~~stock,~~ as ~~applicable~~.
1116		-	17 ~~(d) Fidelity bond.~~ ~~Applications for licensure shall also~~
1117		-	18 ~~be accompanied by a fidelity bond issued by a bonding company~~
1118		-	19 ~~or insurance company authorized to do business in this State,~~
1119		-	20 ~~as approved by the administrator,~~ in ~~an amount established by~~
1120		-	21 ~~the administrator by rule not to exceed $100,000.~~ This ~~bond~~
1121		-	22 ~~runs to~~ the ~~benefit~~ of the administrator ~~and the~~
1122		-	23 ~~administrator's successor for the benefit~~ of ~~the Unclaimed~~
1123		-	24 ~~Property Trust Fund.~~
1124		-	25 ~~(e) Renewal of license.~~
1125		-	26 ~~(1)~~ The ~~expiration date and renewal period for each~~
	1063	+	HB2568- 30 -LRB104 10837 JRC 20918 b HB2568 - 30 - LRB104 10837 JRC 20918 b
	1064	+	HB2568 - 30 - LRB104 10837 JRC 20918 b
	1065	+	1 been renewed, from acting as a finder. Upon the filing of a
	1066	+	2 verified complaint in court, the court, if satisfied by
	1067	+	3 affidavit or otherwise that the person is or has been
	1068	+	4 acting as a finder without having been issued a license or
	1069	+	5 after the person's license has been suspended, revoked, or
	1070	+	6 not renewed, may issue a temporary restraining order or
	1071	+	7 preliminary injunction, without notice or bond, enjoining
	1072	+	8 the defendant from further acting as a finder. A copy of
	1073	+	9 the verified complaint shall be served upon the defendant
	1074	+	10 and the proceedings shall thereafter be conducted as in
	1075	+	11 other civil cases. If it is established that the defendant
	1076	+	12 has been or is acting as a finder without having been
	1077	+	13 issued a license or has been or is acting as a finder after
	1078	+	14 his or her license has been suspended, revoked, or not
	1079	+	15 renewed, the court may enter a judgment perpetually
	1080	+	16 enjoining the defendant from further acting as a finder.
	1081	+	17 In case of violation of any injunction entered under this
	1082	+	18 Section, the court may summarily try and punish the
	1083	+	19 offender for contempt of court. Any injunction proceeding
	1084	+	20 shall be in addition to, and not in lieu of, all penalties
	1085	+	21 and other remedies in this Act.
	1086	+	22 (3) Whenever, in the opinion of the administrator, any
	1087	+	23 person or other entity violates any provision of this
	1088	+	24 Article, the administrator may issue a notice to show
	1089	+	25 cause why an order to cease and desist should not be
	1090	+	26 entered against that person or other entity. The rule
1126	1091
1127	1092
1128	1093
1129	1094
1130	1095
1131		-	HB2568 ~~Engrossed - 32~~ - LRB104 10837 JRC 20918 b
	1096	+	HB2568 - 30 - LRB104 10837 JRC 20918 b
1132	1097
1133	1098
1134		-	HB2568 ~~Engrossed- 33~~ -LRB104 10837 JRC 20918 b HB2568 ~~Engrossed - 33~~ - LRB104 10837 JRC 20918 b
1135		-	HB2568 ~~Engrossed - 33~~ - LRB104 10837 JRC 20918 b
1136		-	1 ~~license issued under this Section~~ shall be set by ~~rule.~~
1137		-	2 ~~(2) The holder~~ of ~~a license issued under this Section~~
1138		-	3 ~~may renew~~ the ~~license within 90 days preceding~~ the
1139		-	4 ~~expiration date by (A) completing and submitting~~ to ~~the~~
1140		-	5 ~~administrator a renewal application in~~ the ~~manner~~
1141		-	6 ~~prescribed by the administrator~~ and ~~(B) paying the~~
1142		-	7 ~~required fees,~~ ~~which shall be established~~ by ~~the~~
1143		-	8 ~~administrator by administrative rule.~~
1144		-	9 ~~(f) Any application for licensure or for renewal not acted~~
1145		-	10 ~~upon within 90 days may be deemed denied.~~
1146		-	11 ~~(g)~~ The ~~administrator may refuse to issue or may suspend~~
1147		-	12 ~~or revoke a license on any of~~ the ~~following grounds:~~
1148		-	13 ~~(1) The applicant or licensee has made any~~
1149		-	14 ~~misrepresentations or false statements or concealed any~~
1150		-	15 ~~material fact~~.
1151		-	16 ~~(2)~~ The ~~applicant~~ or ~~licensee is insolvent.~~
1152		-	17 ~~(3) The applicant~~ or ~~licensee has conducted or is~~
1153		-	18 ~~about to engage in dishonorable,~~ ~~unethical, or~~
1154		-	19 ~~unprofessional conduct of a character likely~~ to ~~deceive~~,
1155		-	20 ~~defraud, or harm~~ the ~~public.~~
1156		-	21 ~~(4)~~ The ~~applicant or licensee has failed to satisfy~~
1157		-	22 ~~any enforceable judgment or decree rendered by any court~~
1158		-	23 ~~of competent jurisdiction against~~ the ~~applicant or~~
1159		-	24 ~~licensee.~~
1160		-	25 ~~(5)~~ The ~~applicant~~ or ~~licensee fails to make~~ a
1161		-	26 ~~substantive response~~ to ~~a request for~~ information ~~by the~~
	1099	+	HB2568- 31 -LRB104 10837 JRC 20918 b HB2568 - 31 - LRB104 10837 JRC 20918 b
	1100	+	HB2568 - 31 - LRB104 10837 JRC 20918 b
	1101	+	1 shall clearly set forth the grounds relied upon by the
	1102	+	2 administrator and shall provide a period of at least 7
	1103	+	3 days from the date of the rule to file an answer to the
	1104	+	4 satisfaction of the administrator. Failure to answer to
	1105	+	5 the satisfaction of the administrator shall cause an order
	1106	+	6 to cease and desist to be issued immediately.
	1107	+	7 (4) In addition to any other penalty provided by law,
	1108	+	8 any person that violates any provision of this Article
	1109	+	9 shall forfeit and pay a civil penalty in an amount
	1110	+	10 determined by the administrator not to exceed $10,000 for
	1111	+	11 each violation. The penalty shall be assessed in
	1112	+	12 proceedings as provided in the State Treasurer's
	1113	+	13 administrative rules concerning rules of practice in
	1114	+	14 administrative hearings.
	1115	+	15 (j) Confidentiality. All information collected by the
	1116	+	16 administrator in the course of an examination or investigation
	1117	+	17 of a licensee or applicant, including, but not limited to, any
	1118	+	18 complaint against a licensee filed with the administrator and
	1119	+	19 information collected to investigate any such complaint, shall
	1120	+	20 be maintained for the confidential use of the administrator
	1121	+	21 and shall not be disclosed, except that the administrator may
	1122	+	22 disclose such information to law enforcement officials, other
	1123	+	23 government agencies including the unclaimed property programs
	1124	+	24 of other states that have an appropriate regulatory interest
	1125	+	25 as determined by the administrator, or a party presenting a
	1126	+	26 lawful subpoena to the administrator. Information and
1162	1127
1163	1128
1164	1129
1165	1130
1166	1131
1167		-	HB2568 ~~Engrossed - 33~~ - LRB104 10837 JRC 20918 b
	1132	+	HB2568 - 31 - LRB104 10837 JRC 20918 b
1168	1133
1169	1134
1170		-	HB2568 Engrossed- 34 -LRB104 10837 JRC 20918 b HB2568 Engrossed - 34 - LRB104 10837 JRC 20918 b
1171		-	HB2568 Engrossed - 34 - LRB104 10837 JRC 20918 b
1172		-	1 administrator within 30 days of the request.
1173		-	2 (6) The applicant or licensee, including any member,
1174		-	3 officer, or director thereof if the applicant or licensee
1175		-	4 is a firm, partnership, association, or corporation or any
1176		-	5 shareholder holding more than 10% of the corporate stock,
1177		-	6 has violated any provision of this Act or any rule adopted
1178		-	7 under this Act or a valid order entered by the
1179		-	8 administrator under this Act.
1180		-	9 (7) The applicant or licensee aided or assisted
1181		-	10 another person in violating any provision of this Act or
1182		-	11 rules adopted under this Act.
1183		-	12 (8) The applicant or licensee engaged in solicitation
1184		-	13 of professional services by using false or misleading
1185		-	14 advertising.
1186		-	15 (9) The administrator finds any fact or condition
1187		-	16 existing which, if it had existed at the time of the
1188		-	17 original application for the license, would have warranted
1189		-	18 the administrator in refusing the issuance of the license.
1190		-	19 (h) Denial, suspension, or revocation of license.
1191		-	20 (1) If the administrator determines that an
1192		-	21 application for licensure or for renewal of a license
1193		-	22 should be denied, then the applicant shall be sent a
1194		-	23 notice of intent to deny and the applicant shall be given
1195		-	24 the opportunity to request, within 20 days of the notice,
1196		-	25 a hearing on the denial.
1197		-	26 (2) If the administrator determines that a license
	1135	+	HB2568- 32 -LRB104 10837 JRC 20918 b HB2568 - 32 - LRB104 10837 JRC 20918 b
	1136	+	HB2568 - 32 - LRB104 10837 JRC 20918 b
	1137	+	1 documents disclosed to a federal, State, county, or local law
	1138	+	2 enforcement agency shall not be disclosed by the agency for
	1139	+	3 any purpose to any other agency or person. A formal complaint
	1140	+	4 filed against a licensee by the administrator, or any order
	1141	+	5 issued by the administrator against a licensee or applicant,
	1142	+	6 shall be a public record, except as otherwise prohibited by
	1143	+	7 law.
	1144	+	8 (k) All moneys received by the administrator under this
	1145	+	9 Article shall be deposited into the State Treasurer's
	1146	+	10 Administrative Fund.
	1147	+	11 Section 99. Effective date. This Act takes effect upon
	1148	+	12 becoming law.
	1149	+	HB2568- 33 -LRB104 10837 JRC 20918 b 1 INDEX 2 Statutes amended in order of appearance HB2568- 33 -LRB104 10837 JRC 20918 b HB2568 - 33 - LRB104 10837 JRC 20918 b 1 INDEX 2 Statutes amended in order of appearance
	1150	+	HB2568- 33 -LRB104 10837 JRC 20918 b HB2568 - 33 - LRB104 10837 JRC 20918 b
	1151	+	HB2568 - 33 - LRB104 10837 JRC 20918 b
	1152	+	1 INDEX
	1153	+	2 Statutes amended in order of appearance
1198	1154
1199	1155
1200	1156
1201	1157
1202	1158
1203		-	HB2568 ~~Engrossed - 34~~ - LRB104 10837 JRC 20918 b
	1159	+	HB2568 - 32 - LRB104 10837 JRC 20918 b
1204	1160
1205	1161
1206		-	HB2568 Engrossed- 35 -LRB104 10837 JRC 20918 b HB2568 Engrossed - 35 - LRB104 10837 JRC 20918 b
1207		-	HB2568 Engrossed - 35 - LRB104 10837 JRC 20918 b
1208		-	1 should be suspended or revoked, then the licensee shall be
1209		-	2 sent a notice of intent to suspend or revoke the license
1210		-	3 and the licensee shall be given the opportunity to
1211		-	4 request, within 20 days of the notice, a hearing on the
1212		-	5 suspension or revocation.
1213		-	6 (3) Any hearing on the denial, suspension, or
1214		-	7 revocation shall be conducted in accordance with the State
1215		-	8 Treasurer's administrative rules concerning rules of
1216		-	9 practice in administrative hearings.
1217		-	10 (i) Practice without license; injunction; cease and desist
1218		-	11 order; civil penalties.
1219		-	12 (1) Acting as a finder by any person who has not been
1220		-	13 issued a license by the administrator, whose license has
1221		-	14 been suspended or revoked, or whose license has not been
1222		-	15 renewed, is hereby declared to be inimical to the public
1223		-	16 welfare and to constitute a public nuisance.
1224		-	17 (2) The administrator may, in the name of the People
1225		-	18 of the State of Illinois through the Attorney General,
1226		-	19 apply for an injunction in the circuit court to enjoin any
1227		-	20 person who has not been issued a license or whose license
1228		-	21 has been suspended or revoked, or whose license has not
1229		-	22 been renewed, from acting as a finder. Upon the filing of a
1230		-	23 verified complaint in court, the court, if satisfied by
1231		-	24 affidavit or otherwise that the person is or has been
1232		-	25 acting as a finder without having been issued a license or
1233		-	26 after the person's license has been suspended, revoked, or
	1162	+
	1163	+	HB2568- 33 -LRB104 10837 JRC 20918 b HB2568 - 33 - LRB104 10837 JRC 20918 b
	1164	+	HB2568 - 33 - LRB104 10837 JRC 20918 b
	1165	+	1 INDEX
	1166	+	2 Statutes amended in order of appearance
1234	1167
1235	1168
1236	1169
1237	1170
1238	1171
1239		-	HB2568 Engrossed - 35 - LRB104 10837 JRC 20918 b
1240		-
1241		-
1242		-	HB2568 Engrossed- 36 -LRB104 10837 JRC 20918 b HB2568 Engrossed - 36 - LRB104 10837 JRC 20918 b
1243		-	HB2568 Engrossed - 36 - LRB104 10837 JRC 20918 b
1244		-	1 not renewed, may issue a temporary restraining order or
1245		-	2 preliminary injunction, without notice or bond, enjoining
1246		-	3 the defendant from further acting as a finder. A copy of
1247		-	4 the verified complaint shall be served upon the defendant
1248		-	5 and the proceedings shall thereafter be conducted as in
1249		-	6 other civil cases. If it is established that the defendant
1250		-	7 has been or is acting as a finder without having been
1251		-	8 issued a license or has been or is acting as a finder after
1252		-	9 his or her license has been suspended, revoked, or not
1253		-	10 renewed, the court may enter a judgment perpetually
1254		-	11 enjoining the defendant from further acting as a finder.
1255		-	12 In case of violation of any injunction entered under this
1256		-	13 Section, the court may summarily try and punish the
1257		-	14 offender for contempt of court. Any injunction proceeding
1258		-	15 shall be in addition to, and not in lieu of, all penalties
1259		-	16 and other remedies in this Act.
1260		-	17 (3) Whenever, in the opinion of the administrator, any
1261		-	18 person or other entity violates any provision of this
1262		-	19 Article, the administrator may issue a notice to show
1263		-	20 cause why an order to cease and desist should not be
1264		-	21 entered against that person or other entity. The rule
1265		-	22 shall clearly set forth the grounds relied upon by the
1266		-	23 administrator and shall provide a period of at least 7
1267		-	24 days from the date of the rule to file an answer to the
1268		-	25 satisfaction of the administrator. Failure to answer to
1269		-	26 the satisfaction of the administrator shall cause an order
1270		-
1271		-
1272		-
1273		-
1274		-
1275		-	HB2568 Engrossed - 36 - LRB104 10837 JRC 20918 b
1276		-
1277		-
1278		-	HB2568 Engrossed- 37 -LRB104 10837 JRC 20918 b HB2568 Engrossed - 37 - LRB104 10837 JRC 20918 b
1279		-	HB2568 Engrossed - 37 - LRB104 10837 JRC 20918 b
1280		-	1 to cease and desist to be issued immediately.
1281		-	2 (4) In addition to any other penalty provided by law,
1282		-	3 any person that violates any provision of this Article
1283		-	4 shall forfeit and pay a civil penalty in an amount
1284		-	5 determined by the administrator not to exceed $10,000 for
1285		-	6 each violation. The penalty shall be assessed in
1286		-	7 proceedings as provided in the State Treasurer's
1287		-	8 administrative rules concerning rules of practice in
1288		-	9 administrative hearings.
1289		-	10 (j) Confidentiality. All information collected by the
1290		-	11 administrator in the course of an examination or investigation
1291		-	12 of a licensee or applicant, including, but not limited to, any
1292		-	13 complaint against a licensee filed with the administrator and
1293		-	14 information collected to investigate any such complaint, shall
1294		-	15 be maintained for the confidential use of the administrator
1295		-	16 and shall not be disclosed, except that the administrator may
1296		-	17 disclose such information to law enforcement officials, other
1297		-	18 government agencies including the unclaimed property programs
1298		-	19 of other states that have an appropriate regulatory interest
1299		-	20 as determined by the administrator, or a party presenting a
1300		-	21 lawful subpoena to the administrator. Information and
1301		-	22 documents disclosed to a federal, State, county, or local law
1302		-	23 enforcement agency shall not be disclosed by the agency for
1303		-	24 any purpose to any other agency or person. A formal complaint
1304		-	25 filed against a licensee by the administrator, or any order
1305		-	26 issued by the administrator against a licensee or applicant,
1306		-
1307		-
1308		-
1309		-
1310		-
1311		-	HB2568 Engrossed - 37 - LRB104 10837 JRC 20918 b
1312		-
1313		-
1314		-	HB2568 Engrossed- 38 -LRB104 10837 JRC 20918 b HB2568 Engrossed - 38 - LRB104 10837 JRC 20918 b
1315		-	HB2568 Engrossed - 38 - LRB104 10837 JRC 20918 b
1316		-	1 shall be a public record, except as otherwise prohibited by
1317		-	2 law.
1318		-	3 (k) All moneys received by the administrator under this
1319		-	4 Article shall be deposited into the State Treasurer's
1320		-	5 Administrative Fund.
1321		-	6 (l) This Section applies on and after January 1, 2026.
1322		-
1323		-
1324		-
1325		-
1326		-
1327		-	HB2568 Engrossed - 38 - LRB104 10837 JRC 20918 b
	1172	+	HB2568 - 33 - LRB104 10837 JRC 20918 b