Rep. Debbie Meyers-Martin
Filed: 4/3/2019
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1 | AMENDMENT TO HOUSE BILL 2461
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2 | AMENDMENT NO. ______. Amend House Bill 2461 by replacing | ||||||
3 | everything after the enacting clause with the following:
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4 | "Section 5. The Revised Uniform Unclaimed Property Act is | ||||||
5 | amended by changing Sections 15-201, 15-210, 15-503, 15-603, | ||||||
6 | 15-904, 15-1002.1, 15-1004, 15-1401, and 15-1402 as follows: | ||||||
7 | (765 ILCS 1026/15-201)
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8 | Sec. 15-201. When property presumed abandoned. Subject to | ||||||
9 | Section 15-210, the following property is presumed abandoned if | ||||||
10 | it is unclaimed by the apparent owner during the period | ||||||
11 | specified below: | ||||||
12 | (1) a traveler's check, 15 years after issuance; | ||||||
13 | (2) a money order, 3 7 years after issuance; | ||||||
14 | (3) any instrument on which a financial organization or | ||||||
15 | business association is directly liable, 3 years after | ||||||
16 | issuance; |
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1 | (4) a state or municipal bond, bearer bond, or | ||||||
2 | original-issue-discount bond, 3 years after the earliest | ||||||
3 | of the date the bond matures or is called or the obligation | ||||||
4 | to pay the principal of the bond arises; | ||||||
5 | (5) a debt of a business association, 3 years after the | ||||||
6 | obligation to pay arises; | ||||||
7 | (6) financial organization deposits as follows: | ||||||
8 | (i) a demand deposit, 3 years after the date of the | ||||||
9 | last indication of interest in the property by the | ||||||
10 | apparent owner; | ||||||
11 | (ii) a savings deposit, 3 years after the date of | ||||||
12 | last indication of interest in the property by the | ||||||
13 | apparent owner; | ||||||
14 | (iii) a time deposit for which the owner has not | ||||||
15 | consented to automatic renewal of the time deposit, 5 | ||||||
16 | years after the date of last indication of interest in | ||||||
17 | the property by the apparent owner; | ||||||
18 | (iv) an automatically renewable time deposit for | ||||||
19 | which the owner consented to the automatic renewal in a | ||||||
20 | record on file with the holder, 5 years after the date | ||||||
21 | of last indication of interest in the property by the | ||||||
22 | apparent owner, following the completion of the | ||||||
23 | initial term of the time deposit and one automatic | ||||||
24 | renewal term of the time deposit a demand, savings, or | ||||||
25 | time deposit, 3 years after the later of maturity or | ||||||
26 | the date of the last indication of interest in the |
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1 | property by the apparent owner, except for a deposit | ||||||
2 | that is automatically renewable, 3 years after its | ||||||
3 | initial date of maturity unless the apparent owner | ||||||
4 | consented in a record on file with the holder to | ||||||
5 | renewal at or about the time of the renewal ; | ||||||
6 | (7) money or a credit owed to a customer as a result of | ||||||
7 | a retail business transaction, other than in-store credit | ||||||
8 | for returned merchandise, 3 years after the obligation | ||||||
9 | arose; | ||||||
10 | (8) an amount owed by an insurance company on a life or | ||||||
11 | endowment insurance policy or an annuity contract that has | ||||||
12 | matured or terminated, 3 years after the obligation to pay | ||||||
13 | arose under the terms of the policy or contract or, if a | ||||||
14 | policy or contract for which an amount is owed on proof of | ||||||
15 | death has not matured by proof of the death of the insured | ||||||
16 | or annuitant, as follows: | ||||||
17 | (A) with respect to an amount owed on a life or | ||||||
18 | endowment insurance policy, the earlier of: | ||||||
19 | (i) 3 years after the death of the insured; or | ||||||
20 | (ii) 2 years after the insured has attained, or | ||||||
21 | would have attained if living, the limiting age | ||||||
22 | under the mortality table on which the reserve for | ||||||
23 | the policy is based; and | ||||||
24 | (B) with respect to an amount owed on an annuity | ||||||
25 | contract, 3 years after the death of the annuitant. | ||||||
26 | (9) funds on deposit or held in trust pursuant to the |
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1 | Illinois Funeral or Burial Funds Act, the earliest of: | ||||||
2 | (A) 2 years after the date of death of the | ||||||
3 | beneficiary; | ||||||
4 | (B) one year after the date the beneficiary has | ||||||
5 | attained, or would have attained if living, the age of | ||||||
6 | 105 where the holder does not know whether the | ||||||
7 | beneficiary is deceased; | ||||||
8 | (C) 40 years after the contract for prepayment was | ||||||
9 | executed; | ||||||
10 | (10) property distributable by a business association | ||||||
11 | in the course of dissolution or distributions from the | ||||||
12 | termination of a retirement plan, one year after the | ||||||
13 | property becomes distributable; | ||||||
14 | (11) property held by a court, including property | ||||||
15 | received as proceeds of a class action, 3 years after the | ||||||
16 | property becomes distributable; | ||||||
17 | (12) property held by a government or governmental | ||||||
18 | subdivision, agency, or instrumentality, including | ||||||
19 | municipal bond interest and unredeemed principal under the | ||||||
20 | administration of a paying agent or indenture trustee, 3 | ||||||
21 | years after the property becomes distributable; | ||||||
22 | (13) wages, commissions, bonuses, or reimbursements to | ||||||
23 | which an employee is entitled, or other compensation for | ||||||
24 | personal services, including amounts held on a payroll | ||||||
25 | card, one year after the amount becomes payable; | ||||||
26 | (14) a deposit or refund owed to a subscriber by a |
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1 | utility, one year after the deposit or refund becomes | ||||||
2 | payable, except that any capital credits or patronage | ||||||
3 | capital retired, returned, refunded or tendered to a member | ||||||
4 | of an electric cooperative, as defined in Section 3.4 of | ||||||
5 | the Electric Supplier Act, or a telephone or | ||||||
6 | telecommunications cooperative, as defined in Section | ||||||
7 | 13-212 of the Public Utilities Act, that has remained | ||||||
8 | unclaimed by the person appearing on the records of the | ||||||
9 | entitled cooperative for more than 2 years, shall not be | ||||||
10 | subject to, or governed by, any other provisions of this | ||||||
11 | Act, but rather shall be used by the cooperative for the | ||||||
12 | benefit of the general membership of the cooperative; and | ||||||
13 | (15) property not specified in this Section or Sections | ||||||
14 | 15-202 through 15-208, the earlier of 3 years after the | ||||||
15 | owner first has a right to demand the property or the | ||||||
16 | obligation to pay or distribute the property arises. | ||||||
17 | Notwithstanding anything to the contrary in this Section | ||||||
18 | 15-201, and subject to Section 15-210, a deceased owner cannot | ||||||
19 | indicate interest in his or her property. If the owner is | ||||||
20 | deceased and the abandonment period for the owner's property | ||||||
21 | specified in this Section 15-201 is greater than 2 years, then | ||||||
22 | the property, other than an amount owed by an insurance company | ||||||
23 | on a life or endowment insurance policy or an annuity contract | ||||||
24 | that has matured or terminated, shall instead be presumed | ||||||
25 | abandoned 2 years from the date of the owner's last indication | ||||||
26 | of interest in the property.
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1 | (Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.) | ||||||
2 | (765 ILCS 1026/15-210)
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3 | Sec. 15-210. Indication of apparent owner interest in | ||||||
4 | property. | ||||||
5 | (a) The period after which property is presumed abandoned | ||||||
6 | is measured from the later of: | ||||||
7 | (1) the date the property is presumed abandoned under | ||||||
8 | this Article; or | ||||||
9 | (2) the latest indication of interest by the apparent | ||||||
10 | owner in the property. | ||||||
11 | (b) Under this Act, an indication of an apparent owner's | ||||||
12 | interest in property includes: | ||||||
13 | (1) a record communicated by the apparent owner to the | ||||||
14 | holder or agent of the holder concerning the property or | ||||||
15 | the account in which the property is held; | ||||||
16 | (2) an oral communication by the apparent owner to the | ||||||
17 | holder or agent of the holder concerning the property or | ||||||
18 | the account in which the property is held, if the holder or | ||||||
19 | its agent contemporaneously makes and preserves a record of | ||||||
20 | the fact of the apparent owner's communication; | ||||||
21 | (3) presentment of a check or other instrument of | ||||||
22 | payment of a dividend, interest payment, or other | ||||||
23 | distribution, or evidence of receipt of a distribution made | ||||||
24 | by electronic or similar means, with respect to an account, | ||||||
25 | underlying security, or interest in a business |
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1 | association; | ||||||
2 | (4) activity directed by an apparent owner in the | ||||||
3 | account in which the property is held, including accessing | ||||||
4 | the account or information concerning the account, or a | ||||||
5 | direction by the apparent owner to increase, decrease, or | ||||||
6 | otherwise change the amount or type of property held in the | ||||||
7 | account; | ||||||
8 | (5) a deposit into or withdrawal from an account at a | ||||||
9 | financial organization, except for a recurring Automated | ||||||
10 | Clearing House (ACH) debit or credit previously authorized | ||||||
11 | by the apparent owner or an automatic reinvestment of | ||||||
12 | dividends or interest; and | ||||||
13 | (6) subject to subsection (e), payment of a premium on | ||||||
14 | an insurance policy. | ||||||
15 | (c) An action by an agent or other representative of an | ||||||
16 | apparent owner, other than the holder acting as the apparent | ||||||
17 | owner's agent, is presumed to be an action on behalf of the | ||||||
18 | apparent owner. | ||||||
19 | (d) A communication with an apparent owner by a person | ||||||
20 | other than the holder or the holder's representative is not an | ||||||
21 | indication of interest in the property by the apparent owner | ||||||
22 | unless a record of the communication evidences the apparent | ||||||
23 | owner's knowledge of a right to the property. | ||||||
24 | (e) If the insured dies or the insured or beneficiary of an | ||||||
25 | insurance policy otherwise becomes entitled to the proceeds | ||||||
26 | before depletion of the cash surrender value of the policy by |
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1 | operation of an automatic-premium-loan provision or other | ||||||
2 | nonforfeiture provision contained in the policy, the operation | ||||||
3 | does not prevent the policy from maturing or terminating. | ||||||
4 | (f) If the apparent owner has another property with the | ||||||
5 | holder to which Section 201(6) applies, then activity directed | ||||||
6 | by an apparent owner in any other accounts, including loan | ||||||
7 | accounts, at a financial organization holding an inactive | ||||||
8 | account of the apparent owner shall be an indication of | ||||||
9 | interest in all such accounts if:
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10 | (A) the apparent owner engages in one or more of | ||||||
11 | the following activities:
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12 | (i) the apparent owner undertakes one or more | ||||||
13 | of the actions described in subsection (b) of this | ||||||
14 | Section regarding any of the other accounts the | ||||||
15 | apparent owner has with the financial organization | ||||||
16 | account that appears on a consolidated statement | ||||||
17 | with the inactive account ;
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18 | (ii) the apparent owner increases or decreases | ||||||
19 | the amount of funds in any other account the | ||||||
20 | apparent owner has with the financial | ||||||
21 | organization; or
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22 | (iii) the apparent owner engages in any other | ||||||
23 | relationship with the financial organization, | ||||||
24 | including payment of any amounts due on a loan; and
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25 | (B) the foregoing apply so long as the mailing | ||||||
26 | address for the apparent owner in the financial |
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1 | organization's books and records is the same for both | ||||||
2 | the inactive account and the active account.
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3 | (Source: P.A. 100-22, eff. 1-1-18 .) | ||||||
4 | (765 ILCS 1026/15-503)
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5 | Sec. 15-503. Notice by administrator. | ||||||
6 | (a) The administrator shall give notice to an apparent | ||||||
7 | owner that property presumed abandoned and appears to be owned | ||||||
8 | by the apparent owner is held by the administrator under this | ||||||
9 | Act. | ||||||
10 | (b) In providing notice under subsection (a), the | ||||||
11 | administrator shall: | ||||||
12 | (1) except as otherwise provided in paragraph (2), send | ||||||
13 | written notice by first-class United States mail to each | ||||||
14 | apparent owner of property valued at $100 or more held by | ||||||
15 | the administrator, unless the administrator determines | ||||||
16 | that a mailing by first-class United States mail would not | ||||||
17 | be received by the apparent owner, and, in the case of a | ||||||
18 | security held in an account for which the apparent owner | ||||||
19 | had consented to receiving electronic mail from the holder, | ||||||
20 | send notice by electronic mail if the electronic-mail | ||||||
21 | address of the apparent owner is known to the administrator | ||||||
22 | instead of by first-class United States mail; or | ||||||
23 | (2) send the notice to the apparent owner's | ||||||
24 | electronic-mail address if the administrator does not have | ||||||
25 | a valid United States mail address for an apparent owner, |
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1 | but has an electronic-mail address that the administrator | ||||||
2 | does not know to be invalid. | ||||||
3 | (c) In addition to the notice under subsection (b), the | ||||||
4 | administrator shall: | ||||||
5 | (1) publish every 6 months in at least one English | ||||||
6 | language newspaper of general circulation in each county in | ||||||
7 | this State notice of property held by the administrator | ||||||
8 | which must include: | ||||||
9 | (A) the total value of property received by the | ||||||
10 | administrator during the preceding 6-month period, | ||||||
11 | taken from the reports under Section 15-401; | ||||||
12 | (B) the total value of claims paid by the | ||||||
13 | administrator during the preceding 6-month period; | ||||||
14 | (C) the Internet web address of the unclaimed | ||||||
15 | property website maintained by the administrator; | ||||||
16 | (D) an a telephone number and electronic-mail | ||||||
17 | address to contact the administrator to inquire about | ||||||
18 | or claim property; and | ||||||
19 | (E) a statement that a person may access the | ||||||
20 | Internet by a computer to search for unclaimed property | ||||||
21 | and a computer may be available as a service to the | ||||||
22 | public at a local public library. | ||||||
23 | (2) The administrator shall maintain a website | ||||||
24 | accessible by the public and electronically searchable | ||||||
25 | which contains the names reported to the administrator of | ||||||
26 | apparent owners for whom property is being held by the |
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1 | administrator. The administrator need not list property on | ||||||
2 | such website when: no owner name was reported, a claim has | ||||||
3 | been initiated or is pending for the property, the | ||||||
4 | administrator has made direct contact with the apparent | ||||||
5 | owner of the property, and in other instances where the | ||||||
6 | administrator reasonably believes exclusion of the | ||||||
7 | property is in the best interests of both the State and the | ||||||
8 | owner of the property. | ||||||
9 | (d) The website or database maintained under subsection | ||||||
10 | (c)(2) must include instructions for filing with the | ||||||
11 | administrator a claim to property and an online claim form with | ||||||
12 | instructions. The website may also provide a printable claim | ||||||
13 | form with instructions for its use. | ||||||
14 | (e) Tax return identification of apparent owners of | ||||||
15 | abandoned property. | ||||||
16 | (1) At least annually the administrator shall notify | ||||||
17 | the Department of Revenue of the names of persons appearing | ||||||
18 | to be owners of abandoned property under this Section. The | ||||||
19 | administrator shall also provide to the Department of | ||||||
20 | Revenue the social security numbers of the persons, if | ||||||
21 | available. The administrator does not need to notify the | ||||||
22 | Department of Revenue of the names or social security | ||||||
23 | numbers of apparent owners of abandoned property if he or | ||||||
24 | she reasonably believes that the Department of Revenue will | ||||||
25 | be unable to provide information that would provide | ||||||
26 | sufficient evidence to establish that the person in the |
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1 | Department of Revenue's records is the apparent owner of | ||||||
2 | unclaimed property in the custody of the administrator. | ||||||
3 | (2) The Department of Revenue shall notify the | ||||||
4 | administrator if any person under subsection (e)(1) has | ||||||
5 | filed an Illinois income tax return and shall provide the | ||||||
6 | administrator with the last known address of the person as | ||||||
7 | it appears in Department of Revenue records, except as | ||||||
8 | prohibited by federal law. The Department of Revenue may | ||||||
9 | also provide additional addresses for the same taxpayer | ||||||
10 | from the records of the Department, except as prohibited by | ||||||
11 | federal law. | ||||||
12 | (3) In order to facilitate the return of property under | ||||||
13 | this subsection, the administrator and the Department of | ||||||
14 | Revenue may enter into an interagency agreement concerning | ||||||
15 | protection of confidential information, data match rules, | ||||||
16 | and other issues. | ||||||
17 | (4) The administrator may deliver, as provided under | ||||||
18 | Section 15-904 of this Act, property or pay the amount | ||||||
19 | owing to a person matched under this Section without the | ||||||
20 | person filing a claim under Section 15-903 of this Act if | ||||||
21 | the following conditions are met: | ||||||
22 | (A) the value of the property that is owed the | ||||||
23 | person is $2,000 or less; | ||||||
24 | (B) the property is not either tangible property or | ||||||
25 | securities; | ||||||
26 | (C) the last known address for the person according |
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1 | to the Department of Revenue records is less than 12 | ||||||
2 | months old; and | ||||||
3 | (D) the administrator has evidence sufficient to | ||||||
4 | establish that the person who appears in Department of | ||||||
5 | Revenue records is the owner of the property and the | ||||||
6 | owner currently resides at the last known address from | ||||||
7 | the Department of Revenue. | ||||||
8 | (5) If the value of the property that is owed the | ||||||
9 | person is greater than $2,000, or is tangible property or | ||||||
10 | securities the administrator shall provide notice to the | ||||||
11 | person, informing the person that he or she is the owner of | ||||||
12 | abandoned property held by the State and may file a claim | ||||||
13 | with the administrator for return of the property. | ||||||
14 | (f) The administrator may use additional databases to | ||||||
15 | verify the identity of the person and that the person currently | ||||||
16 | resides at the last known address. The administrator may | ||||||
17 | utilize publicly and commercially available databases to find | ||||||
18 | and update or add information for apparent owners of property | ||||||
19 | held by the administrator. | ||||||
20 | (g) In addition to giving notice under subsection (b), | ||||||
21 | publishing the information under subsection (c)(1) and | ||||||
22 | maintaining the website or database under subsection (c)(2), | ||||||
23 | the administrator may use other printed publication, | ||||||
24 | telecommunication, the Internet, or other media to inform the | ||||||
25 | public of the existence of unclaimed property held by the | ||||||
26 | administrator.
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1 | (Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.) | ||||||
2 | (765 ILCS 1026/15-603)
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3 | Sec. 15-603. Payment or delivery of property to | ||||||
4 | administrator. | ||||||
5 | (a) Except as otherwise provided in this Section, on filing | ||||||
6 | a report under Section 15-401, the holder shall pay or deliver | ||||||
7 | to the administrator the property described in the report. | ||||||
8 | (b) If property in a report under Section 15-401 is an | ||||||
9 | automatically renewable time deposit and the holder determines | ||||||
10 | that a penalty or forfeiture in the payment of interest would | ||||||
11 | result from paying the deposit to the administrator at the time | ||||||
12 | of the report, the date for reporting and delivering payment of | ||||||
13 | the property to the administrator is extended until a penalty | ||||||
14 | or forfeiture no longer would result from delivery of the | ||||||
15 | property to the administrator. The holder shall report and | ||||||
16 | deliver the property on the next regular date prescribed for | ||||||
17 | reporting by the holder under this Act after this extended | ||||||
18 | date, and the holder shall indicate in its report to the | ||||||
19 | administrator that the property is being reported on an | ||||||
20 | extended date pursuant to this subsection (b) payment, if the | ||||||
21 | holder informs the administrator of the extended date . | ||||||
22 | (c) Tangible property in a safe-deposit box may not be | ||||||
23 | delivered to the administrator until a mutually agreed upon | ||||||
24 | date that is no sooner than 60 days after filing the report | ||||||
25 | under Section 15-401. |
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1 | (d) If property reported to the administrator under Section | ||||||
2 | 15-401 is a security, the administrator may: | ||||||
3 | (1) make an endorsement, instruction, or entitlement | ||||||
4 | order on behalf of the apparent owner to invoke the duty of | ||||||
5 | the issuer, its transfer agent, or the securities | ||||||
6 | intermediary to transfer the security; or | ||||||
7 | (2) dispose of the security under Section 15-702. | ||||||
8 | (e) If the holder of property reported to the administrator | ||||||
9 | under Section 15-401 is the issuer of a certificated security, | ||||||
10 | the administrator may obtain a replacement certificate in | ||||||
11 | physical or book-entry form under Section 8-405 of the Uniform | ||||||
12 | Commercial Code. An indemnity bond is not required. | ||||||
13 | (f) The administrator shall establish procedures for the | ||||||
14 | registration, issuance, method of delivery, transfer, and | ||||||
15 | maintenance of securities delivered to the administrator by a | ||||||
16 | holder. | ||||||
17 | (g) An issuer, holder, and transfer agent or other person | ||||||
18 | acting in good faith under this Section under instructions of | ||||||
19 | and on behalf of the issuer or holder is not liable to the | ||||||
20 | apparent owner for a claim arising with respect to property | ||||||
21 | after the property has been delivered to the administrator. | ||||||
22 | (h) A holder is not required to deliver to the | ||||||
23 | administrator a security identified by the holder as a | ||||||
24 | non-freely transferable security in a report filed under | ||||||
25 | Section 15-401. If the administrator or holder determines that | ||||||
26 | a security is no longer a non-freely transferable security, the |
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1 | holder shall report and deliver the security on the next | ||||||
2 | regular date prescribed for delivery of securities by the | ||||||
3 | holder under this Act. The holder shall make a determination | ||||||
4 | annually whether a security identified in a report filed under | ||||||
5 | Section 15-401 as a non-freely transferable security is no | ||||||
6 | longer a non-freely transferable security.
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7 | (Source: P.A. 100-22, eff. 1-1-18 .) | ||||||
8 | (765 ILCS 1026/15-904)
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9 | Sec. 15-904. When administrator must honor claim for | ||||||
10 | property. | ||||||
11 | (a) The administrator shall pay or deliver property to a | ||||||
12 | claimant under subsection (a) of Section 15-903 if the | ||||||
13 | administrator receives evidence sufficient to establish to the | ||||||
14 | satisfaction of the administrator that the claimant is the | ||||||
15 | owner of the property. | ||||||
16 | (b) A claim will be considered complete when a claimant has | ||||||
17 | provided all the information and documentation requested by the | ||||||
18 | administrator as necessary to establish legal ownership and | ||||||
19 | such information or documentation is entered into the | ||||||
20 | administrator's unclaimed property system. Unless extended for | ||||||
21 | reasonable cause, not later than 90 days after a claim is | ||||||
22 | complete the administrator shall allow or deny the claim and | ||||||
23 | give the claimant notice in a record of the decision. If a | ||||||
24 | claimant fails to provide all the information and documentation | ||||||
25 | requested by the administrator as necessary to establish legal |
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1 | ownership of the property and the claim is inactive for at | ||||||
2 | least 90 days, then the administrator may close the claim | ||||||
3 | without issuing a final decision. However, if the claimant | ||||||
4 | makes a request in writing for a final decision prior to the | ||||||
5 | administrator's closing of the claim, the administrator shall | ||||||
6 | issue a final decision. | ||||||
7 | (b-5) An heir or agent who files an unclaimed property | ||||||
8 | claim in which the decedent's property does not exceed $100 may | ||||||
9 | submit an affidavit attesting to the heir's or agent's capacity | ||||||
10 | to claim in lieu of submitting a certified copy to verify a | ||||||
11 | claim. The affidavit shall be accompanied by a copy of other | ||||||
12 | documentary proof that the administrator requests. The | ||||||
13 | administrator may change the maximum value in this subsection | ||||||
14 | by administrative rule. | ||||||
15 | (c) If the claim is denied or there is insufficient | ||||||
16 | evidence to allow the claim under subsection (b): | ||||||
17 | (1) the administrator shall inform the claimant of the | ||||||
18 | reason for the denial and may specify what additional | ||||||
19 | evidence, if any, is required for the claim to be allowed; | ||||||
20 | (2) the claimant may file an amended claim with the | ||||||
21 | administrator or commence an action under Section 15-906; | ||||||
22 | and | ||||||
23 | (3) the administrator shall consider an amended claim | ||||||
24 | filed under paragraph (2) as an initial claim.
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25 | (Source: P.A. 100-22, eff. 1-1-18 .) |
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1 | (765 ILCS 1026/15-1002.1)
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2 | Sec. 15-1002.1. Examination of State-regulated financial | ||||||
3 | organizations. | ||||||
4 | (a) Notwithstanding Section 15-1002 of this Act, for any | ||||||
5 | financial organization for which the Department of Financial | ||||||
6 | and Professional Regulation is the primary prudential | ||||||
7 | regulator, the administrator shall not examine such financial | ||||||
8 | institution unless the administrator has consulted with the | ||||||
9 | Secretary of Financial and Professional Regulation and the | ||||||
10 | Department of Financial and Professional Regulation has not | ||||||
11 | examined such financial organization for compliance with this | ||||||
12 | Act within the past 5 years. The Secretary of Financial and | ||||||
13 | Professional Regulation may waive in writing the provisions of | ||||||
14 | this subsection (a) in order to permit the administrator to | ||||||
15 | examine a financial organization or group of financial | ||||||
16 | organizations for compliance with this Act. | ||||||
17 | (b) Nothing in this Section shall be construed to prohibit | ||||||
18 | the administrator from examining a financial organization for | ||||||
19 | which the Department of Financial and Professional Regulation | ||||||
20 | is not the primary prudential regulator. Further, nothing in is | ||||||
21 | this Act shall be construed to limit the authority of the | ||||||
22 | Department of Financial and Professional Regulation to examine | ||||||
23 | financial organizations.
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24 | (c) Notwithstanding Section 15-1002, the administrator | ||||||
25 | may, at reasonable times and upon reasonable notice: | ||||||
26 | (1) examine the records of a financial organization |
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1 | that is a federally chartered bank, savings bank, or credit | ||||||
2 | union if the administrator has reason to believe that the | ||||||
3 | financial organization has failed to comply with this Act; | ||||||
4 | (2) issue an administrative subpoena requiring the | ||||||
5 | financial organization or an agent of the financial | ||||||
6 | organization to make records available for examination; | ||||||
7 | and | ||||||
8 | (3) bring an action seeking judicial enforcement of the | ||||||
9 | subpoena. | ||||||
10 | The administrator may adopt administrative rules that | ||||||
11 | specify conditions under which the administrator has a reason | ||||||
12 | to believe that a financial organization is not in compliance | ||||||
13 | with this Act. | ||||||
14 | (Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18; | ||||||
15 | revised 10-4-18.) | ||||||
16 | (765 ILCS 1026/15-1004)
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17 | Sec. 15-1004. Records obtained in examination. Records | ||||||
18 | obtained and records, including work papers, compiled by the | ||||||
19 | administrator or administrator's agent in the course of | ||||||
20 | conducting an examination under Section 15-1002 or Section | ||||||
21 | 15-1002.1 : | ||||||
22 | (1) are subject to the confidentiality and security | ||||||
23 | provisions of Article 14 and are exempt from disclosure | ||||||
24 | under the Freedom of Information Act; | ||||||
25 | (2) may be used by the administrator in an action to |
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1 | collect property or otherwise enforce this Act; | ||||||
2 | (3) may be used in a joint examination conducted with | ||||||
3 | another state, the United States, a foreign country or | ||||||
4 | subordinate unit of a foreign country, or any other | ||||||
5 | governmental entity if the governmental entity conducting | ||||||
6 | the examination is legally bound to maintain the | ||||||
7 | confidentiality and security of information obtained from | ||||||
8 | a person subject to examination in a manner substantially | ||||||
9 | equivalent to Article 14; | ||||||
10 | (4) may be disclosed, on request, to the person that | ||||||
11 | administers the unclaimed property law of another state for | ||||||
12 | that state's use in circumstances equivalent to | ||||||
13 | circumstances described in this Article, if the other state | ||||||
14 | is required to maintain the confidentiality and security of | ||||||
15 | information obtained in a manner substantially equivalent | ||||||
16 | to Article 14; | ||||||
17 | (5) must be produced by the administrator under an | ||||||
18 | administrative or judicial subpoena or administrative or | ||||||
19 | court order; and | ||||||
20 | (6) must be produced by the administrator on request of | ||||||
21 | the person subject to the examination in an administrative | ||||||
22 | or judicial proceeding relating to the property.
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23 | (Source: P.A. 100-22, eff. 1-1-18 .) | ||||||
24 | (765 ILCS 1026/15-1401)
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25 | Sec. 15-1401. Confidential information. |
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1 | (a) Except as otherwise provided in this Section, | ||||||
2 | information that is confidential under law of this State other | ||||||
3 | than this Act, another state, or the United States, including | ||||||
4 | "private information" as defined in the Freedom of Information | ||||||
5 | Act and "personal information" as defined in the Personal | ||||||
6 | Information Protection Act, continues to be confidential when | ||||||
7 | disclosed or delivered under this Act to the administrator or | ||||||
8 | administrator's agent. | ||||||
9 | (b) Information provided in reports filed pursuant to | ||||||
10 | Section 15-401, information obtained in the course of an | ||||||
11 | examination pursuant to Section 15-1002 or Section 15-1002.1 , | ||||||
12 | and the database required by Section 15-503 is exempt from | ||||||
13 | disclosure under the Freedom of Information Act. | ||||||
14 | (c) If reasonably necessary to enforce or implement this | ||||||
15 | Act, the administrator or the administrator's agent may | ||||||
16 | disclose confidential information concerning property held by | ||||||
17 | the administrator or the administrator's agent to: | ||||||
18 | (1) an apparent owner or the apparent owner's | ||||||
19 | representative under the Probate Act of 1975, attorney, | ||||||
20 | other legal representative, or relative; | ||||||
21 | (2) the representative under the Probate Act of 1975, | ||||||
22 | other legal representative, relative of a deceased | ||||||
23 | apparent owner, or a person entitled to inherit from the | ||||||
24 | deceased apparent owner; | ||||||
25 | (3) another department or agency of this State or the | ||||||
26 | United States; |
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1 | (4) the person that administers the unclaimed property | ||||||
2 | law of another state, if the other state accords | ||||||
3 | substantially reciprocal privileges to the administrator | ||||||
4 | of this State if the other state is required to maintain | ||||||
5 | the confidentiality and security of information obtained | ||||||
6 | in a manner substantially equivalent to Article 14; | ||||||
7 | (5) a person subject to an examination as required by | ||||||
8 | Section 15-1004; and | ||||||
9 | (6) an agent of the administrator. | ||||||
10 | (d) The administrator may include on the website or in the | ||||||
11 | database the names and addresses of apparent owners of property | ||||||
12 | held by the administrator as provided in Section 15-503. The | ||||||
13 | administrator may include in published notices, printed | ||||||
14 | publications, telecommunications, the Internet, or other media | ||||||
15 | and on the website or in the database additional information | ||||||
16 | concerning the apparent owner's property if the administrator | ||||||
17 | believes the information will assist in identifying and | ||||||
18 | returning property to the owner and does not disclose personal | ||||||
19 | information as defined in the Personal Information Protection | ||||||
20 | Act. | ||||||
21 | (e) The administrator and the administrator's agent may not | ||||||
22 | use confidential information provided to them or in their | ||||||
23 | possession except as expressly authorized by this Act or | ||||||
24 | required by law other than this Act.
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25 | (Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.) |
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1 | (765 ILCS 1026/15-1402)
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2 | Sec. 15-1402. Confidentiality agreement. A person to be | ||||||
3 | examined under Section 15-1002 or Section 15-1002.1 may | ||||||
4 | require, as a condition of disclosure of the records of the | ||||||
5 | person to be examined, that the administrator or the | ||||||
6 | administrator's agent execute and deliver to the person to be | ||||||
7 | examined a confidentiality agreement that: | ||||||
8 | (1) is in a form that is reasonably satisfactory to the | ||||||
9 | administrator; and | ||||||
10 | (2) requires the person having access to the records to | ||||||
11 | comply with the provisions of this Article applicable to | ||||||
12 | the person.
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13 | (Source: P.A. 100-22, eff. 1-1-18 .)
| ||||||
14 | Section 99. Effective date. This Act takes effect upon | ||||||
15 | becoming law.".
|