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Illinois Compiled Statutes

Information maintained by the Legislative Reference Bureau
Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.

PROPERTY
(765 ILCS 1026/) Revised Uniform Unclaimed Property Act.

765 ILCS 1026/Art. 13

 
    (765 ILCS 1026/Art. 13 heading)
ARTICLE 13. AGREEMENT TO LOCATE PROPERTY OF APPARENT OWNER HELD BY ADMINISTRATOR
(Source: P.A. 100-22, eff. 1-1-18.)

765 ILCS 1026/15-1301

    (765 ILCS 1026/15-1301)
    Sec. 15-1301. When agreement to locate property enforceable. An agreement by an apparent owner and another person, the primary purpose of which is to locate, deliver, recover, or assist in the location, delivery, or recovery of property held by the administrator, is enforceable only if the agreement:
        (1) is in a record that clearly states the nature of
    
the property and the services to be provided;
        (2) is signed by or on behalf of the apparent owner;
    
and
        (3) states the amount or value of the property
    
reasonably expected to be recovered, computed before and after a fee or other compensation to be paid to the person has been deducted.
(Source: P.A. 100-22, eff. 1-1-18.)

765 ILCS 1026/15-1302

    (765 ILCS 1026/15-1302)
    Sec. 15-1302. When agreement to locate property void.
    (a) Subject to subsection (b), an agreement under Section 15-1301 is void if it is entered into during the period beginning on the date the property was presumed abandoned under this Act and ending 24 months after the payment or delivery of the property to the administrator.
    (b) If a provision in an agreement described in Section 15-1301 applies to mineral proceeds for which compensation is to be paid to the other person based in whole or in part on a part of the underlying minerals or mineral proceeds not then presumed abandoned, the provision is void regardless of when the agreement was entered into.
    (c) An agreement under this Article 13 which provides for compensation in an amount that is more than 10% of the amount collected is unenforceable except by the apparent owner.
    (d) An apparent owner or the administrator may assert that an agreement described in this Article 13 is void on a ground other than it provides for payment of unconscionable compensation.
    (e) A person attempting to collect a contingent fee for discovering, on behalf of an apparent owner, presumptively abandoned property must be licensed as a private detective pursuant to the Private Detective, Private Alarm, Private Security, Fingerprint Vendor, and Locksmith Act of 2004.
    (f) This Section does not apply to an apparent owner's agreement with an attorney to pursue a claim for recovery of specifically identified property held by the administrator or to contest the administrator's denial of a claim for recovery of the property.
(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.)