(765 ILCS 1026/Art. 8 heading)
ARTICLE 8. ADMINISTRATION OF PROPERTY
(Source: P.A. 100-22, eff. 1-1-18.) |
(765 ILCS 1026/15-801)
Sec. 15-801. Deposit of funds by administrator. (a) Except as otherwise provided in this Section, the administrator shall deposit in the Unclaimed Property Trust Fund all funds received under this Act, including proceeds from the sale of property under Article 7. The administrator may deposit any amount in the Unclaimed Property Trust Fund into the State Pensions Fund during the fiscal year at his or her discretion; however, he or she shall, on April 15 and October 15 of each year, deposit any amount in the Unclaimed Property Trust Fund exceeding $2,500,000 into the State Pensions Fund. If on either April 15 or October 15, the administrator determines that a balance of $2,500,000 is insufficient for the prompt payment of unclaimed property claims authorized under this Act, the administrator may retain more than $2,500,000 in the Unclaimed Property Trust Fund in order to ensure the prompt payment of claims. Beginning in State fiscal year 2025, all amounts that are deposited into the State Pensions Fund from the Unclaimed Property Trust Fund shall be apportioned to the designated retirement systems as provided in subsection (c-6) of Section 8.12 of the State Finance Act to reduce their actuarial reserve deficiencies. (b) The administrator shall make prompt payment of claims he or she duly allows as provided for in this Act from the Unclaimed Property Trust Fund. This shall constitute an irrevocable and continuing appropriation of all amounts in the Unclaimed Property Trust Fund necessary to make prompt payment of claims duly allowed by the administrator pursuant to this Act.
(Source: P.A. 102-16, eff. 6-17-21; 102-699, eff. 4-19-22; 103-8, eff. 6-7-23.) |
(765 ILCS 1026/15-802)
Sec. 15-802. Administrator to retain records of property. The administrator shall: (1) record and retain the name and last-known address | ||
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(2) record and retain the name and last-known address | ||
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(3) for each policy of insurance or annuity contract | ||
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(4) for each apparent owner listed in the report, | ||
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(5) maintain records sufficient to indicate the | ||
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Records created or maintained pursuant to this Section are subject to the requirements of the Illinois State Records Act.
(Source: P.A. 100-22, eff. 1-1-18 .) |
(765 ILCS 1026/15-803)
Sec. 15-803. Expenses and service charges of administrator. Before making a deposit of funds received under this Act to the Unclaimed Property Trust Fund, the administrator may deduct expenses incurred in examining records of or collecting property from a putative holder or holder as provided in the State Officers and Employees Money Disposition Act.
(Source: P.A. 100-22, eff. 1-1-18 .) |
(765 ILCS 1026/15-804)
Sec. 15-804. Administrator holds property as custodian for owner. Upon the payment or delivery of abandoned property to the administrator, the State shall assume custody and shall be responsible for the safekeeping thereof in perpetuity unless otherwise claimed for the benefit of the owner or the owner's successors in interest.
(Source: P.A. 103-148, eff. 6-30-23.) |
(765 ILCS 1026/15-805) Sec. 15-805. Escheat of certain abandoned local government moneys. Property presumed abandoned where the administrator reasonably believes the owner is a unit of local government in this State shall escheat to the State and shall be deposited into the General Revenue Fund if all of the following apply: (1) the administrator has provided written notice to | ||
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(2) it has been more than 5 years since the | ||
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(3) the administrator has published a notice on the | ||
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(4) the unit of local government has not initiated a | ||
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(Source: P.A. 103-148, eff. 6-30-23.) |
(765 ILCS 1026/15-806) Sec. 15-806. Escheat of certain abandoned State agency moneys. Property presumed abandoned where the administrator reasonably believes the owner is a State agency as defined in the Illinois State Auditing Act, shall escheat to the State and shall be deposited into the General Revenue Fund if all of the following apply: (1) the administrator has provided written notice to | ||
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(2) it has been more than 3 years since the | ||
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(3) the State agency has not initiated a claim or | ||
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(Source: P.A. 103-148, eff. 6-30-23.) |