101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB2853

 

Introduced , by Rep. Michael J. Zalewski

 

SYNOPSIS AS INTRODUCED:
 
765 ILCS 1026/15-201
765 ILCS 1026/15-210
765 ILCS 1026/15-503
765 ILCS 1026/15-603
765 ILCS 1026/15-1002
765 ILCS 1026/15-1002.1
765 ILCS 1026/15-1004
765 ILCS 1026/15-1401
765 ILCS 1026/15-1402

    Amends the Revised Uniform Unclaimed Property Act. Makes changes concerning the time and circumstances under which financial organization deposits are presumed abandoned. Provides that compensation held on a payroll card is reportable one year after the date of the last indication of interest in the property by the apparent owner, except if the payroll card becomes a demand deposit, then 3 years after the date of the last indication of interest in the property by the apparent owner. Provides that the administrator does not need to notify the Department of Revenue of the names or social security numbers of apparent owners of abandoned property if he or she reasonably believes that the Department of Revenue will be unable to provide information that would provide sufficient evidence to establish that the person in the Department of Revenue's records is the apparent owner of unclaimed property in the custody of the administrator. Provides that the State Treasurer shall examine a financial organization in compliance with the visitation standards established in the National Bank Act or the Federal Credit Union Act, if applicable. Provides that records obtained in examinations of State-regulated financial organizations are subject to the same provisions concerning use and confidentiality as records obtained in examinations of other persons. Makes other changes. Effective immediately.


LRB101 08232 LNS 53298 b

 

 

A BILL FOR

 

HB2853LRB101 08232 LNS 53298 b

1    AN ACT concerning civil law.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Revised Uniform Unclaimed Property Act is
5amended by changing Sections 15-201, 15-210, 15-503, 15-603,
615-1002, 15-1002.1, 15-1004, 15-1401, and 15-1402 as follows:
 
7    (765 ILCS 1026/15-201)
8    Sec. 15-201. When property presumed abandoned. Subject to
9Section 15-210, the following property is presumed abandoned if
10it is unclaimed by the apparent owner during the period
11specified 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;
17        (4) a state or municipal bond, bearer bond, or
18    original-issue-discount bond, 3 years after the earliest
19    of the date the bond matures or is called or the obligation
20    to pay the principal of the bond arises;
21        (5) a debt of a business association, 3 years after the
22    obligation to pay arises;
23        (6) financial organization deposits as follows:

 

 

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1            (i) a demand deposit, 3 years after the date of the
2        last indication of interest in the property by the
3        apparent owner;
4            (ii) a savings deposit, 3 years after the date of
5        the last indication of interest in the property by the
6        apparent owner;
7            (iii) a time deposit for which the owner has not
8        consented to automatic renewal of the time deposit, 3
9        years after the date of the last indication of interest
10        in the property by the apparent owner;
11            (iv) an automatically renewable time deposit for
12        which the owner consented to the automatic renewal in a
13        record on file with the holder, 3 years after the date
14        of the last indication of interest in the property by
15        the apparent owner following the completion of the
16        initial term of the time deposit and one automatic
17        renewal term of the time deposit a demand, savings, or
18        time deposit, 3 years after the later of maturity or
19        the date of the last indication of interest in the
20        property by the apparent owner, except for a deposit
21        that is automatically renewable, 3 years after its
22        initial date of maturity unless the apparent owner
23        consented in a record on file with the holder to
24        renewal at or about the time of the renewal;
25        (7) money or a credit owed to a customer as a result of
26    a retail business transaction, other than in-store credit

 

 

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1    for returned merchandise, 3 years after the obligation
2    arose;
3        (8) an amount owed by an insurance company on a life or
4    endowment insurance policy or an annuity contract that has
5    matured or terminated, 3 years after the obligation to pay
6    arose under the terms of the policy or contract or, if a
7    policy or contract for which an amount is owed on proof of
8    death has not matured by proof of the death of the insured
9    or annuitant, as follows:
10            (A) with respect to an amount owed on a life or
11        endowment insurance policy, the earlier of:
12                (i) 3 years after the death of the insured; or
13                (ii) 2 years after the insured has attained, or
14            would have attained if living, the limiting age
15            under the mortality table on which the reserve for
16            the policy is based; and
17            (B) with respect to an amount owed on an annuity
18        contract, 3 years after the death of the annuitant.
19        (9) funds on deposit or held in trust pursuant to the
20    Illinois Funeral or Burial Funds Act, the earliest of:
21            (A) 2 years after the date of death of the
22        beneficiary;
23            (B) one year after the date the beneficiary has
24        attained, or would have attained if living, the age of
25        105 where the holder does not know whether the
26        beneficiary is deceased;

 

 

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1            (C) 40 years after the contract for prepayment was
2        executed;
3        (10) property distributable by a business association
4    in the course of dissolution or distributions from the
5    termination of a retirement plan, one year after the
6    property becomes distributable;
7        (11) property held by a court, including property
8    received as proceeds of a class action, 3 years after the
9    property becomes distributable;
10        (12) property held by a government or governmental
11    subdivision, agency, or instrumentality, including
12    municipal bond interest and unredeemed principal under the
13    administration of a paying agent or indenture trustee, 3
14    years after the property becomes distributable;
15        (13) wages, commissions, bonuses, or reimbursements to
16    which an employee is entitled, or other compensation for
17    personal services: , including amounts held on a payroll
18    card, one year after the amount becomes payable;
19            (A) not held on a payroll card, one year after the
20        amount becomes payable; or
21            (B) held on a payroll card, one year after the date
22        of the last indication of interest in the property by
23        the apparent owner, unless the payroll card becomes a
24        demand deposit and is no longer a payroll card account
25        as defined in Regulation E, 12 CFR Part 1005, as
26        amended, then 3 years after the date of the last

 

 

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1        indication of interest in the property by the apparent
2        owner;
3        (14) a deposit or refund owed to a subscriber by a
4    utility, one year after the deposit or refund becomes
5    payable, except that any capital credits or patronage
6    capital retired, returned, refunded or tendered to a member
7    of an electric cooperative, as defined in Section 3.4 of
8    the Electric Supplier Act, or a telephone or
9    telecommunications cooperative, as defined in Section
10    13-212 of the Public Utilities Act, that has remained
11    unclaimed by the person appearing on the records of the
12    entitled cooperative for more than 2 years, shall not be
13    subject to, or governed by, any other provisions of this
14    Act, but rather shall be used by the cooperative for the
15    benefit of the general membership of the cooperative; and
16        (15) property not specified in this Section or Sections
17    15-202 through 15-208, the earlier of 3 years after the
18    owner first has a right to demand the property or the
19    obligation to pay or distribute the property arises.
20    Notwithstanding anything to the contrary in this Section
2115-201, and subject to Section 15-210, a deceased owner cannot
22indicate interest in his or her property. If the owner is
23deceased and the abandonment period for the owner's property
24specified in this Section 15-201 is greater than 2 years, then
25the property, other than an amount owed by an insurance company
26on a life or endowment insurance policy or an annuity contract

 

 

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1that has matured or terminated, shall instead be presumed
2abandoned 2 years from the date of the owner's last indication
3of interest in the property.
4(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.)
 
5    (765 ILCS 1026/15-210)
6    Sec. 15-210. Indication of apparent owner interest in
7property.
8    (a) The period after which property is presumed abandoned
9is measured from the later of:
10        (1) the date the property is presumed abandoned under
11    this Article; or
12        (2) the latest indication of interest by the apparent
13    owner in the property.
14    (b) Under this Act, an indication of an apparent owner's
15interest in property includes:
16        (1) a record communicated 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;
19        (2) an oral communication by the apparent owner to the
20    holder or agent of the holder concerning the property or
21    the account in which the property is held, if the holder or
22    its agent contemporaneously makes and preserves a record of
23    the fact of the apparent owner's communication;
24        (3) presentment of a check or other instrument of
25    payment of a dividend, interest payment, or other

 

 

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1    distribution, or evidence of receipt of a distribution made
2    by electronic or similar means, with respect to an account,
3    underlying security, or interest in a business
4    association;
5        (4) activity directed by an apparent owner in the
6    account in which the property is held, including accessing
7    the account or information concerning the account, or a
8    direction by the apparent owner to increase, decrease, or
9    otherwise change the amount or type of property held in the
10    account;
11        (5) a deposit into or withdrawal from an account at a
12    financial organization, except for a recurring Automated
13    Clearing House (ACH) debit or credit previously authorized
14    by the apparent owner or an automatic reinvestment of
15    dividends or interest; and
16        (6) subject to subsection (e), payment of a premium on
17    an insurance policy.
18    (c) An action by an agent or other representative of an
19apparent owner, other than the holder acting as the apparent
20owner's agent, is presumed to be an action on behalf of the
21apparent owner.
22    (d) A communication with an apparent owner by a person
23other than the holder or the holder's representative is not an
24indication of interest in the property by the apparent owner
25unless a record of the communication evidences the apparent
26owner's knowledge of a right to the property.

 

 

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1    (e) If the insured dies or the insured or beneficiary of an
2insurance policy otherwise becomes entitled to the proceeds
3before depletion of the cash surrender value of the policy by
4operation of an automatic-premium-loan provision or other
5nonforfeiture provision contained in the policy, the operation
6does not prevent the policy from maturing or terminating.
7    (f) If the apparent owner has another property with the
8holder to which Section 201(6) applies, then activity directed
9by an apparent owner in any other accounts, including loan
10accounts, at a financial organization holding an inactive
11account of the apparent owner shall be an indication of
12interest in all such accounts if:
13            (A) the apparent owner engages in one or more of
14        the following activities:
15                (i) the apparent owner undertakes one or more
16            of the actions described in subsection (b) of this
17            Section regarding any of the other accounts the
18            apparent owner has with the financial organization
19            account that appears on a consolidated statement
20            with the inactive account;
21                (ii) the apparent owner increases or decreases
22            the amount of funds in any other account the
23            apparent owner has with the financial
24            organization; or
25                (iii) the apparent owner engages in any other
26            relationship with the financial organization,

 

 

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1            including payment of any amounts due on a loan; and
2            (B) the foregoing apply so long as the mailing
3        address for the apparent owner in the financial
4        organization's books and records is the same for both
5        the inactive account and the active account.
6(Source: P.A. 100-22, eff. 1-1-18.)
 
7    (765 ILCS 1026/15-503)
8    Sec. 15-503. Notice by administrator.
9    (a) The administrator shall give notice to an apparent
10owner that property presumed abandoned and appears to be owned
11by the apparent owner is held by the administrator under this
12Act.
13    (b) In providing notice under subsection (a), the
14administrator shall:
15        (1) except as otherwise provided in paragraph (2), send
16    written notice by first-class United States mail to each
17    apparent owner of property valued at $100 or more held by
18    the administrator, unless the administrator determines
19    that a mailing by first-class United States mail would not
20    be received by the apparent owner, and, in the case of a
21    security held in an account for which the apparent owner
22    had consented to receiving electronic mail from the holder,
23    send notice by electronic mail if the electronic-mail
24    address of the apparent owner is known to the administrator
25    instead of by first-class United States mail; or

 

 

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1        (2) send the notice to the apparent owner's
2    electronic-mail address if the administrator does not have
3    a valid United States mail address for an apparent owner,
4    but has an electronic-mail address that the administrator
5    does not know to be invalid.
6    (c) In addition to the notice under subsection (b), the
7administrator shall:
8        (1) publish every 6 months in at least one English
9    language newspaper of general circulation in each county in
10    this State notice of property held by the administrator
11    which must include:
12            (A) the total value of property received by the
13        administrator during the preceding 6-month period,
14        taken from the reports under Section 15-401;
15            (B) the total value of claims paid by the
16        administrator during the preceding 6-month period;
17            (C) the Internet web address of the unclaimed
18        property website maintained by the administrator;
19            (D) an a telephone number and electronic-mail
20        address to contact the administrator to inquire about
21        or claim property; and
22            (E) a statement that a person may access the
23        Internet by a computer to search for unclaimed property
24        and a computer may be available as a service to the
25        public at a local public library.
26        (2) The administrator shall maintain a website

 

 

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1    accessible by the public and electronically searchable
2    which contains the names reported to the administrator of
3    apparent owners for whom property is being held by the
4    administrator. The administrator need not list property on
5    such website when: no owner name was reported, a claim has
6    been initiated or is pending for the property, the
7    administrator has made direct contact with the apparent
8    owner of the property, and in other instances where the
9    administrator reasonably believes exclusion of the
10    property is in the best interests of both the State and the
11    owner of the property.
12    (d) The website or database maintained under subsection
13(c)(2) must include instructions for filing with the
14administrator a claim to property and an online claim form with
15instructions. The website may also provide a printable claim
16form with instructions for its use.
17    (e) Tax return identification of apparent owners of
18abandoned property.
19        (1) At least annually the administrator shall notify
20    the Department of Revenue of the names of persons appearing
21    to be owners of abandoned property under this Section. The
22    administrator shall also provide to the Department of
23    Revenue the social security numbers of the persons, if
24    available. The administrator does not need to notify the
25    Department of Revenue of the names or social security
26    numbers of apparent owners of abandoned property if he or

 

 

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1    she reasonably believes that the Department of Revenue will
2    be unable to provide information that would provide
3    sufficient evidence to establish that the person in the
4    Department of Revenue's records is the apparent owner of
5    unclaimed property in the custody of the administrator.
6        (2) The Department of Revenue shall notify the
7    administrator if any person under subsection (e)(1) has
8    filed an Illinois income tax return and shall provide the
9    administrator with the last known address of the person as
10    it appears in Department of Revenue records, except as
11    prohibited by federal law. The Department of Revenue may
12    also provide additional addresses for the same taxpayer
13    from the records of the Department, except as prohibited by
14    federal law.
15        (3) In order to facilitate the return of property under
16    this subsection, the administrator and the Department of
17    Revenue may enter into an interagency agreement concerning
18    protection of confidential information, data match rules,
19    and other issues.
20        (4) The administrator may deliver, as provided under
21    Section 15-904 of this Act, property or pay the amount
22    owing to a person matched under this Section without the
23    person filing a claim under Section 15-903 of this Act if
24    the following conditions are met:
25            (A) the value of the property that is owed the
26        person is $2,000 or less;

 

 

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1            (B) the property is not either tangible property or
2        securities;
3            (C) the last known address for the person according
4        to the Department of Revenue records is less than 12
5        months old; and
6            (D) the administrator has evidence sufficient to
7        establish that the person who appears in Department of
8        Revenue records is the owner of the property and the
9        owner currently resides at the last known address from
10        the Department of Revenue.
11        (5) If the value of the property that is owed the
12    person is greater than $2,000, or is tangible property or
13    securities the administrator shall provide notice to the
14    person, informing the person that he or she is the owner of
15    abandoned property held by the State and may file a claim
16    with the administrator for return of the property.
17    (f) The administrator may use additional databases to
18verify the identity of the person and that the person currently
19resides at the last known address. The administrator may
20utilize publicly and commercially available databases to find
21and update or add information for apparent owners of property
22held by the administrator.
23    (g) In addition to giving notice under subsection (b),
24publishing the information under subsection (c)(1) and
25maintaining the website or database under subsection (c)(2),
26the administrator may use other printed publication,

 

 

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1telecommunication, the Internet, or other media to inform the
2public of the existence of unclaimed property held by the
3administrator.
4(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.)
 
5    (765 ILCS 1026/15-603)
6    Sec. 15-603. Payment or delivery of property to
7administrator.
8    (a) Except as otherwise provided in this Section, on filing
9a report under Section 15-401, the holder shall pay or deliver
10to the administrator the property described in the report.
11    (b) If property in a report under Section 15-401 is an
12automatically renewable time deposit and a penalty or
13forfeiture in the payment of interest would result from paying
14the deposit to the administrator at the time of the report, the
15date for reporting and delivering payment of the property to
16the administrator is extended until a penalty or forfeiture no
17longer would result from payment, if the holder informs the
18administrator of the extended date. The holder shall report and
19deliver the property no later than the next regular date
20prescribed for reporting under this Act for the holder.
21    (c) Tangible property in a safe-deposit box may not be
22delivered to the administrator until a mutually agreed upon
23date that is no sooner than 60 days after filing the report
24under Section 15-401.
25    (d) If property reported to the administrator under Section

 

 

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115-401 is a security, the administrator may:
2        (1) make an endorsement, instruction, or entitlement
3    order on behalf of the apparent owner to invoke the duty of
4    the issuer, its transfer agent, or the securities
5    intermediary to transfer the security; or
6        (2) dispose of the security under Section 15-702.
7    (e) If the holder of property reported to the administrator
8under Section 15-401 is the issuer of a certificated security,
9the administrator may obtain a replacement certificate in
10physical or book-entry form under Section 8-405 of the Uniform
11Commercial Code. An indemnity bond is not required.
12    (f) The administrator shall establish procedures for the
13registration, issuance, method of delivery, transfer, and
14maintenance of securities delivered to the administrator by a
15holder.
16    (g) An issuer, holder, and transfer agent or other person
17acting in good faith under this Section under instructions of
18and on behalf of the issuer or holder is not liable to the
19apparent owner for a claim arising with respect to property
20after the property has been delivered to the administrator.
21    (h) A holder is not required to deliver to the
22administrator a security identified by the holder as a
23non-freely transferable security in a report filed under
24Section 15-401. If the administrator or holder determines that
25a security is no longer a non-freely transferable security, the
26holder shall report and deliver the security on the next

 

 

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1regular date prescribed for delivery of securities under this
2Act for the holder. The holder shall make a determination
3annually whether a security identified in a report filed under
4Section 15-401 as a non-freely transferable security is no
5longer a non-freely transferable security.
6(Source: P.A. 100-22, eff. 1-1-18.)
 
7    (765 ILCS 1026/15-1002)
8    Sec. 15-1002. Examination of records to determine
9compliance.
10    (a) The administrator, at reasonable times and on
11reasonable notice, may:
12        (1) examine the records of any person to determine
13    whether the person has complied with this Act even if the
14    person believes it is not in possession of any property
15    that must be reported, paid, or delivered under this Act;
16        (2) issue an administrative subpoena requiring the
17    person or agent of the person to make records available for
18    examination; and
19        (3) bring an action seeking judicial enforcement of the
20    subpoena.
21    (b) Notwithstanding subsection (a) of this Section, if the
22provisions of subsection (b) of Section 484 of the National
23Bank Act (12 U.S.C. 484(b)) or Section 106 of the Federal
24Credit Union Act (12 U.S.C. 1756) apply to a financial
25organization, then the administrator may only initiate an

 

 

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1examination of the financial organization pursuant to the
2visitation standard of the applicable federal law.
3(Source: P.A. 100-22, eff. 1-1-18.)
 
4    (765 ILCS 1026/15-1002.1)
5    Sec. 15-1002.1. Examination of State-regulated financial
6organizations.
7    (a) Notwithstanding Section 15-1002 of this Act, for any
8financial organization for which the Department of Financial
9and Professional Regulation is the primary prudential
10regulator, the administrator shall not examine such financial
11institution unless the administrator has consulted with the
12Secretary of Financial and Professional Regulation and the
13Department of Financial and Professional Regulation has not
14examined such financial organization for compliance with this
15Act within the past 5 years. The Secretary of Financial and
16Professional Regulation may waive in writing the provisions of
17this subsection (a) in order to permit the administrator to
18examine a financial organization or group of financial
19organizations for compliance with this Act.
20    (b) Nothing in this Section shall be construed to prohibit
21the administrator from examining a financial organization for
22which the Department of Financial and Professional Regulation
23is not the primary prudential regulator. Further, nothing in is
24this Act shall be construed to limit the authority of the
25Department of Financial and Professional Regulation to examine

 

 

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1financial organizations.
2(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18;
3revised 10-4-18.)
 
4    (765 ILCS 1026/15-1004)
5    Sec. 15-1004. Records obtained in examination. Records
6obtained and records, including work papers, compiled by the
7administrator or administrator's agent in the course of
8conducting an examination under Section 15-1002 or Section
915-1002.1:
10        (1) are subject to the confidentiality and security
11    provisions of Article 14 and are exempt from disclosure
12    under the Freedom of Information Act;
13        (2) may be used by the administrator in an action to
14    collect property or otherwise enforce this Act;
15        (3) may be used in a joint examination conducted with
16    another state, the United States, a foreign country or
17    subordinate unit of a foreign country, or any other
18    governmental entity if the governmental entity conducting
19    the examination is legally bound to maintain the
20    confidentiality and security of information obtained from
21    a person subject to examination in a manner substantially
22    equivalent to Article 14;
23        (4) may be disclosed, on request, to the person that
24    administers the unclaimed property law of another state for
25    that state's use in circumstances equivalent to

 

 

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1    circumstances described in this Article, if the other state
2    is required to maintain the confidentiality and security of
3    information obtained in a manner substantially equivalent
4    to Article 14;
5        (5) must be produced by the administrator under an
6    administrative or judicial subpoena or administrative or
7    court order; and
8        (6) must be produced by the administrator on request of
9    the person subject to the examination in an administrative
10    or judicial proceeding relating to the property.
11(Source: P.A. 100-22, eff. 1-1-18.)
 
12    (765 ILCS 1026/15-1401)
13    Sec. 15-1401. Confidential information.
14    (a) Except as otherwise provided in this Section,
15information that is confidential under law of this State other
16than this Act, another state, or the United States, including
17"private information" as defined in the Freedom of Information
18Act and "personal information" as defined in the Personal
19Information Protection Act, continues to be confidential when
20disclosed or delivered under this Act to the administrator or
21administrator's agent.
22    (b) Information provided in reports filed pursuant to
23Section 15-401, information obtained in the course of an
24examination pursuant to Section 15-1002 or Section 15-1002.1,
25and the database required by Section 15-503 is exempt from

 

 

HB2853- 20 -LRB101 08232 LNS 53298 b

1disclosure under the Freedom of Information Act.
2    (c) If reasonably necessary to enforce or implement this
3Act, the administrator or the administrator's agent may
4disclose confidential information concerning property held by
5the administrator or the administrator's agent to:
6        (1) an apparent owner or the apparent owner's
7    representative under the Probate Act of 1975, attorney,
8    other legal representative, or relative;
9        (2) the representative under the Probate Act of 1975,
10    other legal representative, relative of a deceased
11    apparent owner, or a person entitled to inherit from the
12    deceased apparent owner;
13        (3) another department or agency of this State or the
14    United States;
15        (4) the person that administers the unclaimed property
16    law of another state, if the other state accords
17    substantially reciprocal privileges to the administrator
18    of this State if the other state is required to maintain
19    the confidentiality and security of information obtained
20    in a manner substantially equivalent to Article 14;
21        (5) a person subject to an examination as required by
22    Section 15-1004; and
23        (6) an agent of the administrator.
24    (d) The administrator may include on the website or in the
25database the names and addresses of apparent owners of property
26held by the administrator as provided in Section 15-503. The

 

 

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1administrator may include in published notices, printed
2publications, telecommunications, the Internet, or other media
3and on the website or in the database additional information
4concerning the apparent owner's property if the administrator
5believes the information will assist in identifying and
6returning property to the owner and does not disclose personal
7information as defined in the Personal Information Protection
8Act.
9    (e) The administrator and the administrator's agent may not
10use confidential information provided to them or in their
11possession except as expressly authorized by this Act or
12required by law other than this Act.
13(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.)
 
14    (765 ILCS 1026/15-1402)
15    Sec. 15-1402. Confidentiality agreement. A person to be
16examined under Section 15-1002 or Section 15-1002.1 may
17require, as a condition of disclosure of the records of the
18person to be examined, that the administrator or the
19administrator's agent execute and deliver to the person to be
20examined a confidentiality agreement that:
21        (1) is in a form that is reasonably satisfactory to the
22    administrator; and
23        (2) requires the person having access to the records to
24    comply with the provisions of this Article applicable to
25    the person.

 

 

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1(Source: P.A. 100-22, eff. 1-1-18.)
 
2    Section 99. Effective date. This Act takes effect upon
3becoming law.