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| | 99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB6074 Introduced 2/11/2016, by Rep. Eddie Lee Jackson, Sr. SYNOPSIS AS INTRODUCED:
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| 765 ILCS 1025/8 | from Ch. 141, par. 108 | 765 ILCS 1025/8.1 | from Ch. 141, par. 108.1 |
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Amends the Uniform Disposition of Unclaimed Property Act. Decreases the duration from 7 years to 5 years for unclaimed property held by any federal, State, local government or governmental entity to be presumed abandoned.
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| | A BILL FOR |
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| | HB6074 | | LRB099 16221 AXK 40550 b |
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| 1 | | AN ACT concerning civil law.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Uniform Disposition of Unclaimed Property |
| 5 | | Act is amended by changing Sections 8 and 8.1 as follows:
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| 6 | | (765 ILCS 1025/8) (from Ch. 141, par. 108)
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| 7 | | Sec. 8.
All funds and intangible personal property held for |
| 8 | | the owner by
any court, public authority, or public officer of |
| 9 | | this
State, or a political subdivision thereof, that has |
| 10 | | remained unclaimed by
the owner for more than 5 7 years is |
| 11 | | presumed abandoned.
This Section does not apply to deposits |
| 12 | | made to municipalities as a
condition for the issuance of a |
| 13 | | building permit.
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| 14 | | (Source: P.A. 90-167, eff. 7-23-97.)
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| 15 | | (765 ILCS 1025/8.1) (from Ch. 141, par. 108.1)
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| 16 | | Sec. 8.1. Property held by governments.
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| 17 | | (a) All tangible personal property or intangible personal |
| 18 | | property and all
debts owed or entrusted funds or other |
| 19 | | property held by any federal, state or
local government or |
| 20 | | governmental subdivision, agency, entity, officer or
appointee |
| 21 | | thereof, shall be presumed abandoned if the property has |
| 22 | | remained
unclaimed for 5 7 years.
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