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91_SB1586enr
SB1586 Enrolled LRB9108980DJcs
1 AN ACT to amend the Uniform Disposition of Unclaimed
2 Property Act by changing Sections 1 and 17.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Uniform Disposition of Unclaimed Property
6 Act is amended by changing Sections 1 and 17 as follows:
7 (765 ILCS 1025/1) (from Ch. 141, par. 101)
8 Sec. 1. As used in this Act, unless the context
9 otherwise requires:
10 (a) "Banking organization" means any bank, trust
11 company, savings bank, industrial bank, land bank, safe
12 deposit company, or a private banker.
13 (b) "Business association" means any corporation, joint
14 stock company, business trust, partnership, or any
15 association, limited liability company, or other business
16 entity consisting of one or more persons, whether or not for
17 profit.
18 (c) "Financial organization" means any savings and loan
19 association, building and loan association, credit union,
20 currency exchange, co-operative bank, mutual funds, or
21 investment company.
22 (d) "Holder" means any person in possession of property
23 subject to this Act belonging to another, or who is trustee
24 in case of a trust, or is indebted to another on an
25 obligation subject to this Act.
26 (e) "Life insurance corporation" means any association
27 or corporation transacting the business of insurance on the
28 lives of persons or insurance appertaining thereto,
29 including, but not by way of limitation, endowments and
30 annuities.
31 (f) "Owner" means a depositor in case of a deposit, a
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1 beneficiary in case of a trust, a creditor, claimant, or
2 payee in case of other property, or any person having a legal
3 or equitable interest in property subject to this Act, or his
4 legal representative.
5 (g) "Person" means any individual, business association,
6 financial organization, government or political subdivision
7 or agency, public authority, estate, trust, or any other
8 legal or commercial entity.
9 (h) "Utility" means any person who owns or operates, for
10 public use, any plant, equipment, property, franchise, or
11 license for the transmission of communications or the
12 production, storage, transmission, sale, delivery, or
13 furnishing of electricity, water, steam, oil or gas.
14 (i) (Blank).
15 (j) "Insurance company" means any person transacting the
16 kinds of business enumerated in Section 4 of the Illinois
17 Insurance Code other than life insurance.
18 (k) "Economic loss", as used in Sections 2a and 9 of
19 this Act includes, but is not limited to, delivery charges,
20 mark-downs and write-offs, carrying costs, restocking
21 charges, lay-aways, special orders, issuance of credit memos,
22 and the costs of special services or goods provided that
23 reduce the property value or that result in lost sales
24 opportunity.
25 (l) "Reportable property" means property, tangible or
26 intangible, presumed abandoned under this Act that must be
27 appropriately and timely reported and remitted to the Office
28 of the State Treasurer under this Act. Interest, dividends,
29 stock splits, warrants, or other rights that become
30 reportable property under this Act include the underlying
31 security or commodity giving rise to the interest, dividend,
32 split, warrant, or other right to which the owner would be
33 entitled.
34 (m) "Firearm" has the meaning ascribed to that term in
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1 the Firearm Owners Identification Card Act.
2 (Source: P.A. 90-167, eff. 7-23-97; 91-16, eff. 7-1-99.)
3 (765 ILCS 1025/17) (from Ch. 141, par. 117)
4 Sec. 17. (a) All abandoned property, other than money
5 and that property exempted by paragraphs (1), and (2), and
6 (3) of this subsection, delivered to the State Treasurer
7 under this Act shall be sold within a reasonable time to the
8 highest bidder at public sale in whatever city in the State
9 affords in his or her judgment the most favorable market for
10 the property involved. The State Treasurer may decline the
11 highest bid and reoffer the property for sale if he or she
12 considers the price bid insufficient. The State Treasurer may
13 group items for auction as "box lots" if the value of the
14 individual items makes it impracticable to sell the items
15 individually. He or she need not offer any property for sale,
16 and may destroy or otherwise dispose of the property, if, in
17 his or her opinion, the probable cost of sale exceeds the
18 value of the property. Securities or commodities received by
19 the Office of the State Treasurer may be sold by the State
20 Treasurer through a broker or sales agent suitable for the
21 sale of the type of securities or commodities being sold.
22 (1) Property which the State Treasurer determines
23 may have historical value may be, at his or her
24 discretion, loaned to a recognized exhibitor in the
25 United States where it will be kept until such time as
26 the State Treasurer orders it to be returned to his or
27 her possession.
28 (2) Property returned to the State Treasurer shall
29 be released to the rightful owner or otherwise disposed
30 of in accordance with this Act. The State Treasurer
31 shall keep identifying records of the property so loaned,
32 the name of rightful owner and the owner's last known
33 address, if available.
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1 (3) The Treasurer, in cooperation with the
2 Department of State Police, shall develop a procedure to
3 determine whether a firearm delivered to the Treasurer
4 under this Act has been stolen or used in the commission
5 of a crime. The Department of State Police shall
6 determine the appropriate disposition of a firearm that
7 has been stolen or used in the commission of a crime. The
8 Treasurer shall attempt to return a firearm that has not
9 been stolen or used in the commission of a crime to the
10 rightful owner, provided that the owner may lawfully
11 possess the firearm as determined by the Department of
12 State Police.
13 If the Treasurer is unable to return a firearm to
14 its owner, the Treasurer shall transfer custody of the
15 firearm to the Department of State Police. Legal title
16 to a firearm transferred to the Department of State
17 Police under this paragraph (3) is vested in the
18 Department of State Police by operation of law:
19 (A) if the Treasurer cannot locate the owner
20 of the firearm;
21 (B) if the owner of the firearm may not
22 lawfully possess the firearm;
23 (C) if the owner does not respond to notice
24 published under Section 12 of this Act; or
25 (D) if the owner responds to notice published
26 under Section 12 and states that he or she no longer
27 claims an interest in the firearm.
28 With respect to a firearm whose title is transferred
29 to the Department of State Police under this paragraph
30 (3), that Department may:
31 (i) retain the firearm for use by the crime
32 laboratory system, for training purposes, or for any
33 other application as deemed appropriate by the
34 Department;
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1 (ii) transfer the firearm to the Illinois
2 State Museum if the firearm has historical value; or
3 (iii) destroy the firearm if it is not
4 retained pursuant to subparagraph (i) or transferred
5 pursuant to subparagraph (ii).
6 (b) Any sale held under this Section, except a sale of
7 securities or commodities, shall be preceded by a single
8 publication of notice thereof, at least 3 weeks in advance of
9 sale in an English language newspaper of general circulation
10 in the county where the property is to be sold. When property
11 fails to sell and is offered again at a subsequent sale, no
12 additional notice is required for the subsequent sale.
13 (c) The purchaser at any sale conducted by the State
14 Treasurer pursuant to this Act shall receive title to the
15 property purchased, free from all claims of the owner or
16 prior holder thereof and of all persons claiming through or
17 under them. The State Treasurer shall execute all documents
18 necessary to complete the transfer of title.
19 (d) The Office of the State Treasurer is not liable for
20 any reduction in the value of property caused by changing
21 market conditions.
22 (Source: P.A. 91-16, eff. 7-1-99.)
23 Section 99. Effective date. This Act takes effect upon
24 becoming law.
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