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Sen. William R. Haine
Filed: 4/1/2015
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| 1 | | AMENDMENT TO SENATE BILL 155
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| 2 | | AMENDMENT NO. ______. Amend Senate Bill 155 by replacing |
| 3 | | everything after the enacting clause with the following:
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| 4 | | "Section 5. The Uniform Disposition of Unclaimed Property |
| 5 | | Act is amended by changing Section 8.1 as follows:
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| 6 | | (765 ILCS 1025/8.1) (from Ch. 141, par. 108.1)
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| 7 | | Sec. 8.1. Property held by governments.
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| 8 | | (a) All tangible personal property or intangible personal |
| 9 | | property and all
debts owed or entrusted funds or other |
| 10 | | property held by any federal, state or
local government or |
| 11 | | governmental subdivision, agency, entity, officer or
appointee |
| 12 | | thereof, shall be presumed abandoned if the property has |
| 13 | | remained
unclaimed for 7 years.
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| 14 | | (b) This Section applies to all abandoned property held by |
| 15 | | any federal,
state or local government or governmental |
| 16 | | subdivision, agency, entity, officer
or appointee thereof, on |
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| 1 | | the effective date of this amendatory Act of 1991 or
at any |
| 2 | | time thereafter, regardless of when the property became or |
| 3 | | becomes
presumptively abandoned.
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| 4 | | (c) United States savings bonds. |
| 5 | | (1) Notwithstanding any provision of this Act to the |
| 6 | | contrary, a United States savings bond that has fully |
| 7 | | matured and has ceased bearing interest and that is |
| 8 | | presumed abandoned under this Section shall escheat to the |
| 9 | | State and all property rights to the United States savings |
| 10 | | bond or proceeds from the bond shall vest solely in the |
| 11 | | State of Illinois. |
| 12 | | (2) Within 180 days after a United States savings bond |
| 13 | | has been presumed abandoned, in the absence of a claim |
| 14 | | having been filed with the Treasurer for the savings bond, |
| 15 | | the Treasurer shall commence a civil action in the Circuit |
| 16 | | Court of Sangamon County for a determination that the |
| 17 | | savings bond has escheated to the State. The Treasurer may |
| 18 | | postpone the bringing of the action until sufficient |
| 19 | | savings bonds have accumulated in the Treasurer's custody |
| 20 | | to justify the expense of the proceedings. |
| 21 | | (3) If no person files a claim or appears at the |
| 22 | | hearing to substantiate a claim or if the court determines |
| 23 | | that a claimant is not entitled to the property claimed by |
| 24 | | the claimant, then the court, if satisfied by evidence that |
| 25 | | the Treasurer has substantially complied with the laws of |
| 26 | | this State, shall enter a judgment that the United States |
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| 1 | | savings bond has escheated to the State. |
| 2 | | (4) The Treasurer shall redeem from the Bureau of the |
| 3 | | Fiscal Service of the United States Treasury the United |
| 4 | | States savings bonds escheated to the State and deposit the |
| 5 | | proceeds from the redemption of United States savings bonds |
| 6 | | into the Unclaimed Property Trust Fund. |
| 7 | | (Source: P.A. 90-167, eff. 7-23-97; 91-357, eff. 7-29-99.)".
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