SB1667sam004 104TH GENERAL ASSEMBLY

Sen. Robert F. Martwick

Filed: 4/1/2025

10400SB1667sam004 LRB104 10835 JRC 24699 a

AMENDMENT TO SENATE BILL 1667

AMENDMENT NO. ______. Amend Senate Bill 1667 as follows:

on page 2, by replacing lines 15 through 18 with the following:

"(f) Prior to the termination of the trust destruction of trust records, a trustee shall conduct a reasonable search for any trust property that is presumptively abandoned or that has been reported and remitted to a state unclaimed property administrator."; and

on page 2, line 21, after "15-203," by adding "15-504,"; and

on page 9, line 25, by replacing "15-201" with "15-205 15-201"; and

on page 15, by replacing lines 13 through 20 with

"(c) In the tenth year after the opening of an account holding property covered by this Section in which the apparent owner has not, within the previous 3 years, indicated an interest under Section 15-210 and that is not otherwise presumed abandoned, the holder shall attempt to contact the apparent owner of the account in a manner substantially similar to the manner in which notice is provided under Section 15-501. The administrator shall adopt rules to implement this subsection."; and

on page 16, line 19, after "property." by inserting "This Section does not apply to property insured by the Federal Deposit Insurance Corporation, National Credit Union Administration, or other insurer of accounts approved by a depository institution's primary financial regulatory agency."; and

on page 16, below line 19, by adding the following:

"(765 ILCS 1026/15-504)

Sec. 15-504. Cooperation among State officers and agencies to locate apparent owner.

(a) Unless prohibited by law of this State other than this Act, on request of the administrator, each officer, agency, board, commission, division, and department of this State, any body politic and corporate created by this State for a public purpose, and each political subdivision of this State shall make its books and records available to the administrator and cooperate with the administrator to determine the current address of an apparent owner of property held by the administrator under this Act or to otherwise assist the administrator in the administration of this Act. The administrator may also enter into data sharing agreements to enable such other governmental agencies to provide an additional notice to apparent owners of property held by the administrator.

(b) If the administrator reasonably believes that the apparent owner of property presumed abandoned held by the administrator under this Act is a unit of local government in this State which files an audit report or annual financial report with the Comptroller, the administrator may give written notice to the person or persons identified in the most recent annual financial report as the contact person, the chief executive officer, and the chief financial officer.

(c) If the administrator reasonably believes that the apparent owner of property presumed abandoned held by the administrator under this Act is a State agency as defined in the Illinois State Auditing Act, the administrator may give written notice to the person whom the records of the Comptroller indicate are the chief executive officer and chief fiscal officer of such State agency and the Governor's Office of Management and Budget.

(Source: P.A. 103-148, eff. 6-30-23.)"; and

on page 21, by replacing line 19 with the following:

"(e) License required. On or after January 1, 2026, a A person attempting or seeking to"; and

on page 32, below line 10, by inserting the following:

"(l) This Section applies on and after January 1, 2026.".