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Public Act 91-0316
HB1742 Enrolled LRB9103324WHpr
AN ACT to amend the Uniform Disposition of Unclaimed
Property Act by changing Section 2.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Uniform Disposition of Unclaimed Property
Act is amended by changing Section 2 as follows:
(765 ILCS 1025/2) (from Ch. 141, par. 102)
Sec. 2. Property held by financial organizations;
presumption of abandonment. The following property held or
owing by a banking or financial organization is presumed
abandoned:
(a) Any demand, savings, or matured time deposit with a
banking organization, together with any interest or dividend
thereon, excluding any charges that may lawfully be withheld,
unless the owner has, within 5 years:
(1) Increased or decreased the amount of the
deposit, or presented the passbook or other similar
evidence of the deposit for the crediting of interest; or
(2) Corresponded in writing with the banking
organization concerning the deposit; or
(3) Otherwise indicated an interest in the deposit
as evidenced by a memorandum on file with the banking
organization.
(b) Any funds paid toward the purchase of withdrawable
shares or other interest in a financial organization, or any
deposit made, and any interest or dividends thereon,
excluding any charges that may be lawfully withheld, unless
the owner has within 5 years:
(1) Increased or decreased the amount of the funds,
or deposit, or presented an appropriate record for the
crediting of interest or dividends; or
(2) Corresponded in writing with the financial
organization concerning the funds or deposit; or
(3) Otherwise indicated an interest in the funds or
deposit as evidenced by a memorandum on file with the
financial organization.
(c) Any sum payable on checks or on written instruments
on which a banking or financial organization or business
association is directly liable including, by way of
illustration but not of limitation, certificates of deposit,
drafts, money orders and travelers checks, that with the
exception of travelers checks has been outstanding for more
than 5 years from the date it was payable, or from the date
of its issuance if payable on demand, or, in the case of
travelers checks, that has been outstanding for more than 15
years from the date of its issuance, excluding any charges
that may be lawfully withheld relating to money orders issued
by currency exchanges, unless the owner has within 5 years or
within 15 years in the case of travelers checks corresponded
in writing with the banking or financial organization or
business association concerning it, or otherwise indicated an
interest as evidenced by a memorandum on file with the
banking or financial organization or business association.
(d) Any funds or other personal property, tangible or
intangible, removed from a safe deposit box or any other
safekeeping repository or agency or collateral deposit box on
which the lease or rental period has expired due to
nonpayment of rental charges or other reason, or any surplus
amounts arising from the sale thereof pursuant to law, that
have been unclaimed by the owner for more than 5 years from
the date on which the lease or rental period expired,
subject to lien of the holder for reimbursement of costs
incurred in the opening of a safe deposit box as determined
by the holder's regular schedule of charges.
(e) Notwithstanding any other provision of this Section,
no deposit except passbook, checking, NOW accounts, super NOW
accounts, money market accounts, or such similar accounts as
established by Rule of the Director, held by a banking or
financial organization shall be presumed abandoned if with
respect to such a deposit which specifies a definite maturity
date, such organization was authorized in writing to extend
or rollover the account for an additional like period and
such organization does so extend. Such deposits are not
presumed abandoned less than 5 years from that final maturity
date. Property of any kind held in an individual retirement
account (IRA) is not presumed abandoned earlier than 5 years
after the owner attains the age at which distributions from
the account become mandatory under law.
(f) Notwithstanding any other provision of this Section,
money of a minor deposited pursuant to Section 24-21 of the
Probate Act of 1975 shall not be presumed abandoned earlier
than 5 years after the minor attains legal age. Such money
shall be deposited in an account which shall indicate the
birth date of the minor.
(Source: P.A. 89-604, eff. 8-2-96; 90-167, eff. 7-23-97;
90-796, eff. 12-15-98.)
Section 99. Effective date. This Act takes effect upon
becoming law.
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