HB4748eng 97TH GENERAL ASSEMBLY

HB4748 Engrossed LRB097 15476 AJO 60576 b

AN ACT concerning civil law.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The State Finance Act is amended by changing Section 6u as follows:

(30 ILCS 105/6u) (from Ch. 127, par. 142u)

Sec. 6u. All money returned to the State Treasurer by the paying agent for any State bonds or interest coupons by reason of the failure of the holder to present such bonds or coupons for payment within 2 years after maturity shall be deposited in the Unclaimed Property Trust Fund Matured Bond and Coupon Fund. Upon the subsequent presentation for payment of any such bond or coupon for payment, payment shall be made from the Unclaimed Property Trust Fund Matured Bond and Coupon Fund.

The Treasurer shall transfer all unobligated and unexpended moneys remaining in the Matured Bond and Coupon Fund into the Unclaimed Property Trust Fund within 60 days after the effective date of this amendatory Act of the 97th General Assembly.

Whenever the State Treasurer and the State Comptroller determine that any such matured bonds or coupons will, in all likelihood, never be presented for payment, they shall transfer the amount represented by such bonds or coupons from the Matured Bond and Coupon Fund to the General Revenue Fund.

(Source: P.A. 79-281; 79-1454.)

(30 ILCS 105/5.65 rep.)

Section 10. The State Finance Act is amended by repealing Section 5.65.

Section 15. The Uniform Disposition of Unclaimed Property Act is amended by adding Section 1.5 as follows:

(765 ILCS 1025/1.5 new)

Sec. 1.5. Application of the Act. This Act applies to all money returned to the Treasurer by the paying agent for any State bonds or interest coupons by reason of the failure of the holder to present such bonds or coupons for payment within 2 years after maturity.

Section 99. Effective date. This Act takes effect upon becoming law.