|
Public Act 098-0495
|
| SB1988 Enrolled | LRB098 06531 JDS 36574 b |
|
|
AN ACT concerning government.
|
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 11 as follows:
|
(765 ILCS 1025/11) (from Ch. 141, par. 111)
|
Sec. 11. Report of holder.
|
(a) Except as otherwise provided in
subsection (c) of |
Section
4, every person holding funds or other property, |
tangible or intangible,
presumed abandoned under this Act shall |
report and remit all abandoned property
specified in the report |
to the State Treasurer with respect to the property as
|
hereinafter provided. The State Treasurer may exempt any |
businesses from the
reporting requirement if he deems such |
businesses unlikely to be holding
unclaimed property.
|
(b) The information shall be obtained in one or more |
reports as required
by the State Treasurer. The information |
shall be verified and shall include:
|
(1) the name, social security or federal tax |
identification number,
if known, and last known address, |
including zip code, of each
person appearing from the |
records of the holder to be the owner of any
property of |
the value of $5 $25 or more presumed abandoned under this |
|
Act;
|
(2) in case of unclaimed funds of life insurance |
corporations the
full name of the insured and any |
beneficiary or annuitant and the
last known address |
according to the life insurance corporation's records;
|
(3) the date when the property became payable, |
demandable, or
returnable, and the date of the last |
transaction with the owner with
respect to the property; |
and
|
(4) other information which the State Treasurer |
prescribes by rule as
necessary for the administration of |
this Act.
|
(c) If the person holding property presumed abandoned is a |
successor
to other persons who previously held the property for |
the owner, or if
the holder has changed his name while holding |
the property, he shall
file with his report all prior known |
names and addresses of each holder
of the property.
|
(d) The report and remittance of the property specified in |
the
report shall be filed by banking organizations, financial |
organizations,
insurance companies other than life insurance |
corporations, and governmental
entities before November 1 of |
each year as of June 30 next preceding.
The report and |
remittance of the property specified in the report shall be
|
filed by business associations, utilities, and life insurance |
corporations
before May 1 of each year as of December 31 next |
preceding. The Director may
postpone the reporting date upon |
|
written request by any person required to file
a report. The |
report and remittance of the property specified in the report |
for property subject to subsection (a) of Section 3a of this |
Act shall be filed before a date established by the State |
Treasurer that is on or after the later of: (i) 30 days after |
the effective date of this amendatory Act of the 94th General |
Assembly; or (ii) November 1, 2005.
|
(d-5) Notwithstanding the foregoing, currency exchanges |
shall be required
to report and remit property specified in the |
report within 30 days after the
conclusion of its annual |
examination by the Department of Financial
Institutions.
As |
part of the examination of a currency exchange, the Department |
of Financial
Institutions shall instruct the currency exchange |
to submit a complete
unclaimed
property report using the State |
Treasurer's formatted diskette reporting
program or an |
alternative reporting format approved by the State Treasurer.
|
The Department of Financial Institutions shall provide the |
State Treasurer with
an accounting of the money orders located |
in the course of the annual
examination including, where |
available, the amount of service fees deducted and
the date of |
the
conclusion of the examination.
|
(e) Before filing the annual report, the holder of property |
presumed
abandoned under this Act shall communicate with the |
owner at his last known
address if any address is known to the |
holder, setting forth the provisions
hereof necessary to occur |
in order to prevent abandonment from being presumed.
If the |
|
holder has not communicated with the owner at his last known |
address at
least 120 days before the deadline for filing the |
annual report, the holder
shall mail, at least 60 days before |
that deadline, a letter by first class mail
to the owner at his |
last known address unless any address
is shown to be |
inaccurate, setting forth the provisions hereof
necessary to |
prevent abandonment from being presumed.
|
(f) Verification, if made by a partnership, shall be |
executed by a
partner; if made by an unincorporated association |
or private
corporation, by an officer; and if made by a public |
corporation, by its
chief fiscal officer.
|
(g) Any person who has possession of property which he has |
reason to
believe will be reportable in the future as unclaimed |
property, may
report and deliver it prior to the date required |
for such reporting in
accordance with this Section and is then |
relieved of responsibility as
provided in Section 14.
|
(h) (1) Records pertaining to presumptively abandoned |
property held by a
trust
division or trust department or by a |
trust company, or affiliate of any of the
foregoing that |
provides nondealer corporate custodial services for securities
|
or securities transactions, organized under the laws of this or |
another state
or the United States shall be retained until the |
property is delivered to the
State Treasurer.
|
As of January 1, 1998, this subdivision (h)(1) shall not be |
applicable
unless the Department of Financial Institutions has |
commenced, but
not finalized, an examination of the
holder as |
|
of that date and the property is included in a final |
examination
report for the period covered by the examination.
|
(2) In the case of all other holders commencing on the |
effective date of
this amendatory Act of 1993, property records |
for the period required for
presumptive abandonment plus the 9 |
years immediately preceding the beginning of
that period shall |
be retained for 5 years after the property was reportable.
|
(i) The State Treasurer may promulgate rules establishing
|
the format and media to be used by a holder in submitting |
reports required
under this Act.
|
(j) Other than the Notice to Owners required by Section 12 |
and other
discretionary means employed by the State Treasurer |
for notifying owners of the
existence of abandoned property, |
the State Treasurer shall not disclose any
information provided |
in reports filed with the State Treasurer or any
information |
obtained in the course of an examination by the State Treasurer |
to
any person other than governmental agencies for the purposes |
of returning
abandoned property to its owners or to those |
individuals who appear to be the
owner of the property or |
otherwise have a valid claim to the property, unless
written |
consent from the person entitled to the property is obtained by |
the
State Treasurer.
|
(Source: P.A. 93-531, eff. 8-14-03; 94-686, eff. 11-2-05.)
|
Section 99. Effective date. This Act takes effect upon |
becoming law.
|