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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 Revised Uniform Unclaimed Property Act is | ||||||
5 | amended by changing Section 15-210 as follows: | ||||||
6 | (765 ILCS 1026/15-210)
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7 | Sec. 15-210. Indication of apparent owner interest in | ||||||
8 | property. | ||||||
9 | (a) The period after which property is presumed abandoned | ||||||
10 | is measured from the later of: | ||||||
11 | (1) the date the property is presumed abandoned under | ||||||
12 | this Article; or | ||||||
13 | (2) the latest indication of interest by the apparent | ||||||
14 | owner in the property. | ||||||
15 | (b) Under this Act, an indication of an apparent owner's | ||||||
16 | interest in property includes: | ||||||
17 | (1) a record communicated by the apparent owner to the | ||||||
18 | holder or agent of the holder concerning the property or | ||||||
19 | the account in which the property is held; | ||||||
20 | (2) an oral communication by the apparent owner to the | ||||||
21 | holder or agent of the holder concerning the property or | ||||||
22 | the account in which the property is held, if the holder or | ||||||
23 | its agent contemporaneously makes and preserves a record |
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1 | of the fact of the apparent owner's communication; | ||||||
2 | (3) presentment of a check or other instrument of | ||||||
3 | payment of a dividend, interest payment, or other | ||||||
4 | distribution, or evidence of receipt of a distribution | ||||||
5 | made by electronic or similar means, with respect to an | ||||||
6 | account, underlying security, or interest in a business | ||||||
7 | association; | ||||||
8 | (4) activity directed by an apparent owner in the | ||||||
9 | account in which the property is held, including accessing | ||||||
10 | the account or information concerning the account, or a | ||||||
11 | direction by the apparent owner to increase, decrease, or | ||||||
12 | otherwise change the amount or type of property held in | ||||||
13 | the account; | ||||||
14 | (5) a deposit into or withdrawal from an account at a | ||||||
15 | financial organization, except for a recurring Automated | ||||||
16 | Clearing House (ACH) debit or credit previously authorized | ||||||
17 | by the apparent owner or an automatic reinvestment of | ||||||
18 | dividends or interest; and | ||||||
19 | (6) subject to subsection (e), payment of a premium on | ||||||
20 | an insurance policy. | ||||||
21 | (c) An action by an agent or other representative of an | ||||||
22 | apparent owner, other than the holder acting as the apparent | ||||||
23 | owner's agent, is presumed to be an action on behalf of the | ||||||
24 | apparent owner. | ||||||
25 | (d) A communication with an apparent owner by a person | ||||||
26 | other than the holder or the holder's representative is not an |
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1 | indication of interest in the property by the apparent owner | ||||||
2 | unless a record of the communication evidences the apparent | ||||||
3 | owner's knowledge of a right to the property. | ||||||
4 | (e) If the insured dies or the insured or beneficiary of an | ||||||
5 | insurance policy otherwise becomes entitled to the proceeds | ||||||
6 | before depletion of the cash surrender value of the policy by | ||||||
7 | operation of an automatic-premium-loan provision or other | ||||||
8 | nonforfeiture provision contained in the policy, the operation | ||||||
9 | does not prevent the policy from maturing or terminating. | ||||||
10 | (f) If the apparent owner has another property with the | ||||||
11 | holder to which Section 201(6) applies, then activity directed | ||||||
12 | by an apparent owner in any other accounts, including loan | ||||||
13 | accounts, at a financial organization holding an inactive | ||||||
14 | account of the apparent owner shall be an indication of | ||||||
15 | interest in all such accounts if:
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16 | (A) the apparent owner engages in one or more of the | ||||||
17 | following activities:
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18 | (i) the apparent owner undertakes one or more of | ||||||
19 | the actions described in subsection (b) of this | ||||||
20 | Section regarding any of the other accounts the | ||||||
21 | apparent owner has with the financial organization;
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22 | (ii) the apparent owner increases or decreases the | ||||||
23 | amount of funds in any other account the apparent | ||||||
24 | owner has with the financial organization; or
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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
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2 | (B) the foregoing apply so long as the mailing address | ||||||
3 | for the apparent owner in the financial organization's | ||||||
4 | books and records is the same for both the inactive | ||||||
5 | account and the active account. | ||||||
6 | (g) For an amount held on a payroll card, an indication of | ||||||
7 | owner interest includes wages from an employer pursuant to | ||||||
8 | Section 14.5 of the Illinois Wage Payment and Collection Act | ||||||
9 | in the form of a recurring ACH credit previously authorized by | ||||||
10 | the apparent owner; however, an ACH credit is not an | ||||||
11 | indication of owner interest if the holder assesses fees for | ||||||
12 | account inactivity on the payroll card account.
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13 | (Source: P.A. 102-288, eff. 8-6-21.)
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