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1 | AN ACT concerning civil law. | |||||||||||||||||||
2 | Be it enacted by the People of the State of Illinois, | |||||||||||||||||||
3 | represented in the General Assembly: | |||||||||||||||||||
4 | Section 5. The State Officers and Employees Money | |||||||||||||||||||
5 | Disposition Act is amended by changing Section 2 as follows: | |||||||||||||||||||
6 | (30 ILCS 230/2) (from Ch. 127, par. 171) | |||||||||||||||||||
7 | Sec. 2. Accounts of money received; payment into State | |||||||||||||||||||
8 | treasury. | |||||||||||||||||||
9 | (a) Every officer, board, commission, commissioner, | |||||||||||||||||||
10 | department, institution, arm or agency brought within the | |||||||||||||||||||
11 | provisions of this Act by Section 1 shall keep in proper books | |||||||||||||||||||
12 | a detailed itemized account of all moneys received for or on | |||||||||||||||||||
13 | behalf of the State of Illinois, showing the date of receipt, | |||||||||||||||||||
14 | the payor, and purpose and amount, and the date and manner of | |||||||||||||||||||
15 | disbursement as hereinafter provided, and, unless a different | |||||||||||||||||||
16 | time of payment is expressly provided by law or by rules or | |||||||||||||||||||
17 | regulations promulgated under subsection (b) of this Section, | |||||||||||||||||||
18 | shall pay into the State treasury the gross amount of money so | |||||||||||||||||||
19 | received on the day of actual physical receipt with respect to | |||||||||||||||||||
20 | any single item of receipt exceeding $10,000, within 24 hours | |||||||||||||||||||
21 | of actual physical receipt with respect to an accumulation of | |||||||||||||||||||
22 | receipts of $10,000 or more, or within 48 hours of actual | |||||||||||||||||||
23 | physical receipt with respect to an accumulation of receipts |
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1 | exceeding $500 but less than $10,000, disregarding holidays, | ||||||
2 | Saturdays and Sundays, after the receipt of same, without any | ||||||
3 | deduction on account of salaries, fees, costs, charges, | ||||||
4 | expenses or claims of any description whatever; provided that: | ||||||
5 | (1) the provisions of (i) Section 2505-475 of the | ||||||
6 | Department of Revenue Law, (ii) any specific taxing | ||||||
7 | statute authorizing a claim for credit procedure instead | ||||||
8 | of the actual making of refunds, (iii) Section 505 of the | ||||||
9 | Illinois Controlled Substances Act, (iv) Section 85 of the | ||||||
10 | Methamphetamine Control and Community Protection Act, | ||||||
11 | authorizing the Director of the Illinois State Police to | ||||||
12 | dispose of forfeited property, which includes the sale and | ||||||
13 | disposition of the proceeds of the sale of forfeited | ||||||
14 | property, and the Department of Central Management | ||||||
15 | Services to be reimbursed for costs incurred with the | ||||||
16 | sales of forfeited vehicles, boats or aircraft and to pay | ||||||
17 | to bona fide or innocent purchasers, conditional sales | ||||||
18 | vendors or mortgagees of such vehicles, boats or aircraft | ||||||
19 | their interest in such vehicles, boats or aircraft, and | ||||||
20 | (v) Section 6b-2 of the State Finance Act, establishing | ||||||
21 | procedures for handling cash receipts from the sale of | ||||||
22 | pari-mutuel wagering tickets, shall not be deemed to be in | ||||||
23 | conflict with the requirements of this Section; | ||||||
24 | (2) any fees received by the State Registrar of Vital | ||||||
25 | Records pursuant to the Vital Records Act which are | ||||||
26 | insufficient in amount may be returned by the Registrar as |
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1 | provided in that Act; | ||||||
2 | (3) any fees received by the Department of Public | ||||||
3 | Health under the Food Handling Regulation Enforcement Act | ||||||
4 | that are submitted for renewal of an expired food service | ||||||
5 | sanitation manager certificate may be returned by the | ||||||
6 | Director as provided in that Act; | ||||||
7 | (3.5) examiners of unclaimed property which is | ||||||
8 | reported and remitted to the State Treasurer and | ||||||
9 | custodians contracted by the State of Illinois to hold | ||||||
10 | presumptively abandoned securities or virtual currency may | ||||||
11 | deduct fees prior to remittance in accordance with the | ||||||
12 | Revised Uniform Unclaimed Property Act the State Treasurer | ||||||
13 | may permit the deduction of fees by third-party unclaimed | ||||||
14 | property examiners from the property recovered by the | ||||||
15 | examiners for the State of Illinois during examinations of | ||||||
16 | holders located outside the State under which the Office | ||||||
17 | of the Treasurer has agreed to pay for the examinations | ||||||
18 | based upon a percentage, in accordance with the Revised | ||||||
19 | Uniform Unclaimed Property Act, of the property recovered | ||||||
20 | during the examination ; and | ||||||
21 | (4) if the amount of money received does not exceed | ||||||
22 | $500, such money may be retained and need not be paid into | ||||||
23 | the State treasury until the total amount of money so | ||||||
24 | received exceeds $500, or until the next succeeding 1st or | ||||||
25 | 15th day of each month (or until the next business day if | ||||||
26 | these days fall on Sunday or a holiday), whichever is |
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1 | earlier, at which earlier time such money shall be paid | ||||||
2 | into the State treasury, except that if a local bank or | ||||||
3 | savings and loan association account has been authorized | ||||||
4 | by law, any balances shall be paid into the State treasury | ||||||
5 | on Monday of each week if more than $500 is to be deposited | ||||||
6 | in any fund. | ||||||
7 | Single items of receipt exceeding $10,000 received after 2 | ||||||
8 | p.m. on a working day may be deemed to have been received on | ||||||
9 | the next working day for purposes of fulfilling the | ||||||
10 | requirement that the item be deposited on the day of actual | ||||||
11 | physical receipt. | ||||||
12 | No money belonging to or left for the use of the State | ||||||
13 | shall be expended or applied except in consequence of an | ||||||
14 | appropriation made by law and upon the warrant of the State | ||||||
15 | Comptroller. However, payments made by the Comptroller to | ||||||
16 | persons by direct deposit need not be made upon the warrant of | ||||||
17 | the Comptroller, but if not made upon a warrant, shall be made | ||||||
18 | in accordance with Section 9.02 of the State Comptroller Act. | ||||||
19 | All moneys so paid into the State treasury shall, unless | ||||||
20 | required by some statute to be held in the State treasury in a | ||||||
21 | separate or special fund, be covered into the General Revenue | ||||||
22 | Fund in the State treasury. Moneys received in the form of | ||||||
23 | checks, drafts or similar instruments shall be properly | ||||||
24 | endorsed, if necessary, and delivered to the State Treasurer | ||||||
25 | for collection. The State Treasurer shall remit such collected | ||||||
26 | funds to the depositing officer, board, commission, |
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1 | commissioner, department, institution, arm or agency by | ||||||
2 | Treasurers Draft or through electronic funds transfer. The | ||||||
3 | draft or notification of the electronic funds transfer shall | ||||||
4 | be provided to the State Comptroller to allow deposit into the | ||||||
5 | appropriate fund. | ||||||
6 | (b) Different time periods for the payment of public funds | ||||||
7 | into the State treasury or to the State Treasurer, in excess of | ||||||
8 | the periods established in subsection (a) of this Section, but | ||||||
9 | not in excess of 30 days after receipt of such funds, may be | ||||||
10 | established and revised from time to time by rules or | ||||||
11 | regulations promulgated jointly by the State Treasurer and the | ||||||
12 | State Comptroller in accordance with the Illinois | ||||||
13 | Administrative Procedure Act. The different time periods | ||||||
14 | established by rule or regulation under this subsection may | ||||||
15 | vary according to the nature and amounts of the funds | ||||||
16 | received, the locations at which the funds are received, | ||||||
17 | whether compliance with the deposit requirements specified in | ||||||
18 | subsection (a) of this Section would be cost effective, and | ||||||
19 | such other circumstances and conditions as the promulgating | ||||||
20 | authorities consider to be appropriate. The Treasurer and the | ||||||
21 | Comptroller shall review all such different time periods | ||||||
22 | established pursuant to this subsection every 2 years from the | ||||||
23 | establishment thereof and upon such review, unless it is | ||||||
24 | determined that it is economically unfeasible for the agency | ||||||
25 | to comply with the provisions of subsection (a), shall repeal | ||||||
26 | such different time period. |
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1 | (Source: P.A. 102-538, eff. 8-20-21.) | ||||||
2 | Section 10. The Revised Uniform Unclaimed Property Act is | ||||||
3 | amended by changing Sections 15-201, 15-301, 15-501, 15-503, | ||||||
4 | 15-603, 15-903, 15-906, and 15-1302 as follows: | ||||||
5 | (765 ILCS 1026/15-201) | ||||||
6 | Sec. 15-201. When property presumed abandoned. Subject to | ||||||
7 | Section 15-210, the following property is presumed abandoned | ||||||
8 | if it is unclaimed by the apparent owner during the period | ||||||
9 | specified below: | ||||||
10 | (1) a traveler's check, 15 years after issuance; | ||||||
11 | (2) a money order, 5 years after issuance; | ||||||
12 | (3) any instrument on which a financial organization | ||||||
13 | or business association is directly liable, other than a | ||||||
14 | money order, 3 years after issuance; | ||||||
15 | (4) a corporate state or municipal bond, bearer bond, | ||||||
16 | or original-issue-discount bond, 3 years after the | ||||||
17 | earliest of the date the bond matures or is called or the | ||||||
18 | obligation to pay the principal of the bond arises; | ||||||
19 | (5) a debt of a business association, 3 years after | ||||||
20 | the obligation to pay arises; | ||||||
21 | (6) financial organization deposits as follows: | ||||||
22 | (i) a demand deposit, 3 years after the date of the | ||||||
23 | last indication of interest in the property by the | ||||||
24 | apparent owner; |
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1 | (ii) a savings deposit, 3 years after the date of | ||||||
2 | last indication of interest in the property by the | ||||||
3 | apparent owner; | ||||||
4 | (iii) a time deposit for which the owner has not | ||||||
5 | consented to automatic renewal of the time deposit, 3 | ||||||
6 | years after the later of maturity or the date of the | ||||||
7 | last indication of interest in the property by the | ||||||
8 | apparent owner; | ||||||
9 | (iv) an automatically renewable time deposit for | ||||||
10 | which the owner consented to the automatic renewal in | ||||||
11 | a record on file with the holder, 3 years after the | ||||||
12 | date of last indication of interest in the property by | ||||||
13 | the apparent owner, following the completion of the | ||||||
14 | initial term of the time deposit and one automatic | ||||||
15 | renewal term of the time deposit; | ||||||
16 | (6.5) virtual currency, 5 years after the last | ||||||
17 | indication of interest in the property; | ||||||
18 | (7) money or a credit owed to a customer as a result of | ||||||
19 | a retail business transaction, other than in-store credit | ||||||
20 | for returned merchandise, 3 years after the obligation | ||||||
21 | arose; | ||||||
22 | (8) an amount owed by an insurance company on a life or | ||||||
23 | endowment insurance policy or an annuity contract that has | ||||||
24 | matured or terminated, 3 years after the obligation to pay | ||||||
25 | arose under the terms of the policy or contract or, if a | ||||||
26 | policy or contract for which an amount is owed on proof of |
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1 | death has not matured by proof of the death of the insured | ||||||
2 | or annuitant, as follows: | ||||||
3 | (A) with respect to an amount owed on a life or | ||||||
4 | endowment insurance policy, the earlier of: | ||||||
5 | (i) 3 years after the death of the insured; or | ||||||
6 | (ii) 2 years after the insured has attained, | ||||||
7 | or would have attained if living, the limiting age | ||||||
8 | under the mortality table on which the reserve for | ||||||
9 | the policy is based; and | ||||||
10 | (B) with respect to an amount owed on an annuity | ||||||
11 | contract, 3 years after the death of the annuitant. | ||||||
12 | (9) funds on deposit or held in trust pursuant to the | ||||||
13 | Illinois Funeral or Burial Funds Act, the earliest of: | ||||||
14 | (A) 2 years after the date of death of the | ||||||
15 | beneficiary; | ||||||
16 | (B) one year after the date the beneficiary has | ||||||
17 | attained, or would have attained if living, the age of | ||||||
18 | 105 where the holder does not know whether the | ||||||
19 | beneficiary is deceased; | ||||||
20 | (C) 40 years after the contract for prepayment was | ||||||
21 | executed, unless the apparent owner has indicated an | ||||||
22 | interest in the property more than 40 years after the | ||||||
23 | contract for prepayment was executed, in which case, 3 | ||||||
24 | years after the last indication of interest in the | ||||||
25 | property by the apparent owner; | ||||||
26 | (10) property distributable by a business association |
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1 | in the course bankruptcy or of dissolution or | ||||||
2 | distributions from the termination of a retirement plan, | ||||||
3 | one year after the property becomes distributable; | ||||||
4 | (11) property held by a court, including property | ||||||
5 | received as proceeds of a class action, 3 years after the | ||||||
6 | property becomes distributable; | ||||||
7 | (12) property held by a government or governmental | ||||||
8 | subdivision, agency, or instrumentality, including | ||||||
9 | municipal bond interest and unredeemed principal under the | ||||||
10 | administration of a paying agent or indenture trustee, 3 | ||||||
11 | years after the property becomes distributable; | ||||||
12 | (12.5) amounts payable pursuant to Section 20-175 of | ||||||
13 | the Property Tax Code, 3 years after the property becomes | ||||||
14 | payable; | ||||||
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 | (14) a deposit or refund owed to a subscriber by a | ||||||
20 | utility, one year after the deposit or refund becomes | ||||||
21 | payable, except that any capital credits or patronage | ||||||
22 | capital retired, returned, refunded or tendered to a | ||||||
23 | member of an electric cooperative, as defined in Section | ||||||
24 | 3.4 of the Electric Supplier Act, or a telephone or | ||||||
25 | telecommunications cooperative, as defined in Section | ||||||
26 | 13-212 of the Public Utilities Act, that has remained |
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1 | unclaimed by the person appearing on the records of the | ||||||
2 | entitled cooperative for more than 2 years, shall not be | ||||||
3 | subject to, or governed by, any other provisions of this | ||||||
4 | Act, but rather shall be used by the cooperative for the | ||||||
5 | benefit of the general membership of the cooperative; and | ||||||
6 | (15) property not specified in this Section or | ||||||
7 | Sections 15-202 through 15-208, the earlier of 3 years | ||||||
8 | after the owner first has a right to demand the property or | ||||||
9 | the obligation to pay or distribute the property arises. | ||||||
10 | Notwithstanding anything to the contrary in this Section | ||||||
11 | 15-201, and subject to Section 15-210, a deceased owner cannot | ||||||
12 | indicate interest in his or her property. If the owner is | ||||||
13 | deceased and the abandonment period for the owner's property | ||||||
14 | specified in this Section 15-201 is greater than 2 years, then | ||||||
15 | the property, other than an amount owed by an insurance | ||||||
16 | company on a life or endowment insurance policy or an annuity | ||||||
17 | contract that has matured or terminated, shall instead be | ||||||
18 | presumed abandoned 2 years from the date of the owner's last | ||||||
19 | indication of interest in the property. | ||||||
20 | (Source: P.A. 102-288, eff. 8-6-21; 103-148, eff. 6-30-23.) | ||||||
21 | (765 ILCS 1026/15-301) | ||||||
22 | Sec. 15-301. Address of apparent owner to establish | ||||||
23 | priority. In this Article, the following rules apply: | ||||||
24 | (1) The last-known address of an apparent owner is any | ||||||
25 | description, code, or other indication of the location of |
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1 | the apparent owner which identifies the state, even if the | ||||||
2 | description, code, or indication of location is not | ||||||
3 | sufficient to direct the delivery of first-class United | ||||||
4 | States mail to the apparent owner. | ||||||
5 | (2) If the United States postal zip code associated | ||||||
6 | with the apparent owner is for a post office located in | ||||||
7 | this State, this State is deemed to be the state of the | ||||||
8 | last-known address of the apparent owner unless other | ||||||
9 | records associated with the apparent owner specifically | ||||||
10 | identify the physical address of the apparent owner to be | ||||||
11 | in another state. | ||||||
12 | (3) If the address under paragraph (2) is in another | ||||||
13 | state, the other state is deemed to be the state of the | ||||||
14 | last-known address of the apparent owner. | ||||||
15 | (4) The address of the apparent owner of a life or | ||||||
16 | endowment insurance policy or annuity contract or its | ||||||
17 | proceeds is presumed to be the address of the insured or | ||||||
18 | annuitant if a person other than the insured or annuitant | ||||||
19 | is entitled to the amount owed under the policy or | ||||||
20 | contract and the address of the other person is not known | ||||||
21 | by the insurance company and cannot be determined under | ||||||
22 | Section 15-302. The address of the apparent owner of other | ||||||
23 | property where ownership vests in a beneficiary upon the | ||||||
24 | death of the owner is presumed to be the address of the | ||||||
25 | now-deceased owner if the address of the beneficiary is | ||||||
26 | not known by the holder and cannot be determined under |
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1 | Section 15-302. | ||||||
2 | (5) The address of the owner of other property where | ||||||
3 | ownership vests in a beneficiary upon the death of the | ||||||
4 | owner is presumed to be the address of the deceased owner | ||||||
5 | if the address of the beneficiary is not known by the | ||||||
6 | holder and cannot be determined under Section 15-302. | ||||||
7 | (Source: P.A. 100-22, eff. 1-1-18 .) | ||||||
8 | (765 ILCS 1026/15-501) | ||||||
9 | Sec. 15-501. Notice to apparent owner by holder. | ||||||
10 | (a) Subject to subsections (b) and (c), the holder of | ||||||
11 | property presumed abandoned shall send to the apparent owner | ||||||
12 | notice by first-class United States mail that complies with | ||||||
13 | Section 15-502 in a format acceptable to the administrator not | ||||||
14 | more than one year nor less than 60 days before filing the | ||||||
15 | report under Section 15-401 if: | ||||||
16 | (1) the holder has in its records an address for the | ||||||
17 | apparent owner which the holder's records do not disclose | ||||||
18 | to be invalid and is sufficient to direct the delivery of | ||||||
19 | first-class United States mail to the apparent owner; and | ||||||
20 | (2) the value of the property is $50 or more. | ||||||
21 | (b) If an apparent owner has consented to receive | ||||||
22 | electronic-mail delivery from the holder, the holder shall | ||||||
23 | send the notice described in subsection (a) both by | ||||||
24 | first-class United States mail to the apparent owner's | ||||||
25 | last-known mailing address and by electronic mail, unless the |
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1 | holder believes that the apparent owner's electronic-mail | ||||||
2 | address is invalid. | ||||||
3 | (c) The holder of virtual currency or securities presumed | ||||||
4 | abandoned under Sections 15-202, 15-203, or 15-208 shall send | ||||||
5 | to the apparent owner notice by certified United States mail | ||||||
6 | that complies with Section 15-502 in a format acceptable to | ||||||
7 | the administrator not less than 60 days before filing the | ||||||
8 | report under Section 15-401 if: | ||||||
9 | (1) the holder has in its records an address for the | ||||||
10 | apparent owner which the holder's records do not disclose | ||||||
11 | to be invalid and is sufficient to direct the delivery of | ||||||
12 | United States mail to the apparent owner; and | ||||||
13 | (2) the value of the property is $1,000 or more. | ||||||
14 | (d) In addition to other indications of an apparent | ||||||
15 | owner's interest in property pursuant to Section 15-210, a | ||||||
16 | signed return receipt in response to a notice sent pursuant to | ||||||
17 | this Section by certified United States mail shall constitute | ||||||
18 | a record communicated by the apparent owner to the holder | ||||||
19 | concerning the property or the account in which the property | ||||||
20 | is held. | ||||||
21 | (e) The administrator may adopt rules allowing a holder to | ||||||
22 | deduct reasonable costs incurred in sending a notice by United | ||||||
23 | States mail under this Section. | ||||||
24 | (Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.) | ||||||
25 | (765 ILCS 1026/15-503) |
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1 | Sec. 15-503. Notice by administrator. | ||||||
2 | (a) The administrator shall give notice to an apparent | ||||||
3 | owner that property presumed abandoned and appears to be owned | ||||||
4 | by the apparent owner is held by the administrator under this | ||||||
5 | Act. | ||||||
6 | (b) In providing notice under subsection (a), the | ||||||
7 | administrator shall: | ||||||
8 | (1) except as otherwise provided in paragraph (2), | ||||||
9 | send written notice by first-class United States mail to | ||||||
10 | each apparent owner of property valued at $100 or more | ||||||
11 | held by the administrator, unless the administrator | ||||||
12 | determines that a mailing by first-class United States | ||||||
13 | mail would not be received by the apparent owner, and, in | ||||||
14 | the case of a security held in an account for which the | ||||||
15 | apparent owner had consented to receiving electronic mail | ||||||
16 | from the holder, send notice by electronic mail if the | ||||||
17 | electronic-mail address of the apparent owner is known to | ||||||
18 | the administrator instead of by first-class United States | ||||||
19 | mail; or | ||||||
20 | (2) send the notice to the apparent owner's | ||||||
21 | electronic-mail address if the administrator does not have | ||||||
22 | a valid United States mail address for an apparent owner, | ||||||
23 | but has an electronic-mail address that the administrator | ||||||
24 | does not know to be invalid. | ||||||
25 | (c) In addition to the notice under subsection (b), the | ||||||
26 | administrator shall: |
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1 | (1) publish twice every year every 6 months in at | ||||||
2 | least one English language newspaper of general | ||||||
3 | circulation in each county in this State notice of | ||||||
4 | property held by the administrator which must include: | ||||||
5 | (A) an estimate of the total value of property | ||||||
6 | available to be claimed from received by the | ||||||
7 | administrator during the preceding 6-month period, | ||||||
8 | taken from the reports under Section 15-401 ; | ||||||
9 | (B) the approximate total value of claims paid by | ||||||
10 | the administrator during the preceding fiscal year | ||||||
11 | 6-month period ; | ||||||
12 | (C) the Internet web address of the unclaimed | ||||||
13 | property website maintained by the administrator; | ||||||
14 | (D) an electronic-mail address to contact the | ||||||
15 | administrator to inquire about or claim property; and | ||||||
16 | (E) a statement that a person may access the | ||||||
17 | Internet by a computer to search for unclaimed | ||||||
18 | property and a computer may be available as a service | ||||||
19 | to the public at a local public library. | ||||||
20 | (2) The administrator shall maintain a website | ||||||
21 | accessible by the public and electronically searchable | ||||||
22 | which contains the names reported to the administrator of | ||||||
23 | apparent owners for whom property is being held by the | ||||||
24 | administrator. The administrator need not list property on | ||||||
25 | such website when: no owner name was reported, a claim has | ||||||
26 | been initiated or is pending for the property, the |
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1 | administrator has made direct contact with the apparent | ||||||
2 | owner of the property, and in other instances where the | ||||||
3 | administrator reasonably believes exclusion of the | ||||||
4 | property is in the best interests of both the State and the | ||||||
5 | owner of the property. | ||||||
6 | (d) The website or database maintained under subsection | ||||||
7 | (c)(2) must include instructions for filing with the | ||||||
8 | administrator a claim to property and an online claim form | ||||||
9 | with instructions. The website may also provide a printable | ||||||
10 | claim form with instructions for its use. | ||||||
11 | (e) Tax return identification of apparent owners of | ||||||
12 | abandoned property. | ||||||
13 | (1) At least annually the administrator shall notify | ||||||
14 | the Department of Revenue of the names of persons | ||||||
15 | appearing to be owners of abandoned property under this | ||||||
16 | Section. The administrator shall also provide to the | ||||||
17 | Department of Revenue the social security numbers of the | ||||||
18 | persons, if available. | ||||||
19 | (2) The Department of Revenue shall notify the | ||||||
20 | administrator if any person under subsection (e)(1) has | ||||||
21 | filed an Illinois income tax return and shall provide the | ||||||
22 | administrator with the last known address of the person as | ||||||
23 | it appears in Department of Revenue records, except as | ||||||
24 | prohibited by federal law. The Department of Revenue may | ||||||
25 | also provide additional addresses for the same taxpayer | ||||||
26 | from the records of the Department, except as prohibited |
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1 | by federal law. | ||||||
2 | (3) In order to facilitate the return of property | ||||||
3 | under this subsection, the administrator and the | ||||||
4 | Department of Revenue may enter into an interagency | ||||||
5 | agreement concerning protection of confidential | ||||||
6 | information, data match rules, and other issues. | ||||||
7 | (4) The administrator may deliver, as provided under | ||||||
8 | Section 15-904 of this Act, property or pay the amount | ||||||
9 | owing to a person matched under this Section without the | ||||||
10 | person filing a claim under Section 15-903 of this Act if | ||||||
11 | the following conditions are met: | ||||||
12 | (A) the value of the property that is owed the | ||||||
13 | person is $5,000 or less; | ||||||
14 | (B) the property is not either tangible property | ||||||
15 | or securities; | ||||||
16 | (C) the last known address for the person | ||||||
17 | according to the Department of Revenue records is less | ||||||
18 | than 12 months old; and | ||||||
19 | (D) the administrator has evidence sufficient to | ||||||
20 | establish that the person who appears in Department of | ||||||
21 | Revenue records is the owner of the property and the | ||||||
22 | owner currently resides at the last known address from | ||||||
23 | the Department of Revenue. | ||||||
24 | (5) If the value of the property that is owed the | ||||||
25 | person is greater than $5,000, or is tangible property or | ||||||
26 | securities the administrator shall provide notice to the |
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| |||||||
1 | person, informing the person that he or she is the owner of | ||||||
2 | abandoned property held by the State and may file a claim | ||||||
3 | with the administrator for return of the property. | ||||||
4 | (6) The administrator does not need to notify the | ||||||
5 | Department of Revenue of the names or social security | ||||||
6 | numbers of apparent owners of abandoned property if the | ||||||
7 | administrator reasonably believes that the Department of | ||||||
8 | Revenue will be unable to provide information that would | ||||||
9 | provide sufficient evidence to establish that the person | ||||||
10 | in the Department of Revenue's records is the apparent | ||||||
11 | owner of unclaimed property in the custody of the | ||||||
12 | administrator. | ||||||
13 | (f) The administrator may use additional databases to | ||||||
14 | verify the identity of the person and that the person | ||||||
15 | currently resides at the last known address. The administrator | ||||||
16 | may utilize publicly and commercially available databases to | ||||||
17 | find and update or add information for apparent owners of | ||||||
18 | property held by the administrator. | ||||||
19 | (g) In addition to giving notice under subsection (b), | ||||||
20 | publishing the information under subsection (c)(1) and | ||||||
21 | maintaining the website or database under subsection (c)(2), | ||||||
22 | the administrator may use other printed publication, | ||||||
23 | telecommunication, the Internet, or other media to inform the | ||||||
24 | public of the existence of unclaimed property held by the | ||||||
25 | administrator. | ||||||
26 | (h) Identification of apparent owners of abandoned |
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| |||||||
1 | property using other State databases. | ||||||
2 | (1) The administrator may enter into interagency | ||||||
3 | agreements with the Secretary of State and the Illinois | ||||||
4 | State Board of Elections to identify persons appearing to | ||||||
5 | be owners of abandoned property with databases under the | ||||||
6 | control of the Secretary of State and the Illinois State | ||||||
7 | Board of Elections. Such interagency agreements shall | ||||||
8 | include protection of confidential information, data match | ||||||
9 | rules, and other necessary and proper issues. | ||||||
10 | (2) Except as prohibited by federal law, after January | ||||||
11 | 1, 2022 the administrator may provide the Secretary of | ||||||
12 | State with names and other identifying information of | ||||||
13 | persons appearing to be owners of abandoned property. The | ||||||
14 | Secretary of State may provide the administrator with the | ||||||
15 | last known address as it appears in its respective records | ||||||
16 | of any person reasonably believed to be the apparent owner | ||||||
17 | of abandoned property. | ||||||
18 | (3) The Illinois State Board of Elections shall, upon | ||||||
19 | request, annually provide the administrator with | ||||||
20 | electronic data or compilations of voter registration | ||||||
21 | information. The administrator may use such electronic | ||||||
22 | data or compilations of voter registration information to | ||||||
23 | identify persons appearing to be owners of abandoned | ||||||
24 | property. | ||||||
25 | (4) The administrator may deliver, as provided under | ||||||
26 | Section 15-904, property or pay the amount owing to a |
| |||||||
| |||||||
1 | person matched under this Section without the person | ||||||
2 | filing a claim under Section 15-903 if: | ||||||
3 | (i) the value of the property that is owed the | ||||||
4 | person is $5,000 or less; | ||||||
5 | (ii) the property is not either tangible property | ||||||
6 | or securities; | ||||||
7 | (iii) the last known address for the person | ||||||
8 | according to the records of the Secretary of State or | ||||||
9 | Illinois State Board of Elections is less than 12 | ||||||
10 | months old; and | ||||||
11 | (iv) the administrator has evidence sufficient to | ||||||
12 | establish that the person who appears in the records | ||||||
13 | of the Secretary of State or Illinois State Board of | ||||||
14 | Elections is the owner of the property and the owner | ||||||
15 | currently resides at the last known address from the | ||||||
16 | Secretary of State or the Illinois State Board of | ||||||
17 | Elections. | ||||||
18 | (Source: P.A. 102-288, eff. 8-6-21; 102-835, eff. 5-13-22.) | ||||||
19 | (765 ILCS 1026/15-603) | ||||||
20 | Sec. 15-603. Payment or delivery of property to | ||||||
21 | administrator. | ||||||
22 | (a) Except as otherwise provided in this Section, on | ||||||
23 | filing a report under Section 15-401, the holder shall pay or | ||||||
24 | deliver to the administrator the property described in the | ||||||
25 | report. |
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| |||||||
1 | (b) If property in a report under Section 15-401 is an | ||||||
2 | automatically renewable time deposit and the holder determines | ||||||
3 | that a penalty or forfeiture in the payment of interest would | ||||||
4 | result from paying the deposit to the administrator at the | ||||||
5 | time of the report, the date for reporting and delivering the | ||||||
6 | property to the administrator is extended until a penalty or | ||||||
7 | forfeiture no longer would result from delivery of the | ||||||
8 | property to the administrator. The holder shall report and | ||||||
9 | deliver the property on the next regular date prescribed for | ||||||
10 | reporting by the holder under this Act after this extended | ||||||
11 | date, and the holder shall indicate in its report to the | ||||||
12 | administrator that the property is being reported on an | ||||||
13 | extended date pursuant to this subsection (b). | ||||||
14 | (c) Tangible property in a safe-deposit box may not be | ||||||
15 | delivered to the administrator until a mutually agreed upon | ||||||
16 | date that is no sooner than 60 days after filing the report | ||||||
17 | under Section 15-401. | ||||||
18 | (d) If property reported to the administrator under | ||||||
19 | Section 15-401 is a security, the administrator may: | ||||||
20 | (1) make an endorsement, instruction, or entitlement | ||||||
21 | order on behalf of the apparent owner to invoke the duty of | ||||||
22 | the issuer, its transfer agent, or the securities | ||||||
23 | intermediary to transfer the security; or | ||||||
24 | (2) dispose of the security under Section 15-702. | ||||||
25 | (e) If the holder of property reported to the | ||||||
26 | administrator under Section 15-401 is the issuer of a |
| |||||||
| |||||||
1 | certificated security, the administrator may obtain a | ||||||
2 | replacement certificate in physical or book-entry form under | ||||||
3 | Section 8-405 of the Uniform Commercial Code. An indemnity | ||||||
4 | bond is not required. | ||||||
5 | (f) The administrator shall establish procedures for the | ||||||
6 | registration, issuance, method of delivery, transfer, and | ||||||
7 | maintenance of securities delivered to the administrator by a | ||||||
8 | holder. | ||||||
9 | (g) An issuer, holder, and transfer agent or other person | ||||||
10 | acting in good faith under this Section under instructions of | ||||||
11 | and on behalf of the issuer or holder is not liable to the | ||||||
12 | apparent owner for a claim arising with respect to property | ||||||
13 | after the property has been delivered to the administrator. | ||||||
14 | (h) A holder is not required to deliver to the | ||||||
15 | administrator a security identified by the holder as a | ||||||
16 | non-freely transferable security in a report filed under | ||||||
17 | Section 15-401. If the administrator or holder determines that | ||||||
18 | a security is no longer a non-freely transferable security, | ||||||
19 | the holder shall report and deliver the security on the next | ||||||
20 | regular date prescribed for delivery of securities by the | ||||||
21 | holder under this Act. The holder shall make a determination | ||||||
22 | annually whether a security identified in a report filed under | ||||||
23 | Section 15-401 as a non-freely transferable security is no | ||||||
24 | longer a non-freely transferable security. | ||||||
25 | (i) Virtual currency. | ||||||
26 | (1) If property reported to the administrator is |
| |||||||
| |||||||
1 | virtual currency, the holder shall liquidate the virtual | ||||||
2 | currency and remit the proceeds to the administrator. | ||||||
3 | (2) The liquidation shall occur anytime within 30 days | ||||||
4 | prior to the filing of the report under Section 15-401. | ||||||
5 | The owner shall not have recourse against the holder or | ||||||
6 | the administrator to recover any gain in value that occurs | ||||||
7 | after the liquidation of the virtual currency under this | ||||||
8 | subsection. | ||||||
9 | (3) If a holder cannot liquidate virtual currency and | ||||||
10 | cannot otherwise cause virtual currency to be liquidated, | ||||||
11 | the holder shall promptly notify the administrator in | ||||||
12 | writing and explain the reasons why the virtual currency | ||||||
13 | cannot be liquidated. The administrator, in his or her | ||||||
14 | absolute and sole discretion, may direct the holder to | ||||||
15 | either (1) transfer the virtual currency that cannot be | ||||||
16 | liquidated to a custodian selected by the administrator, | ||||||
17 | or (2) continue to hold the virtual currency until the | ||||||
18 | administrator or the holder determines that the virtual | ||||||
19 | currency can be liquidated pursuant to this | ||||||
Act or there | |||||||
20 | is an indication of apparent owner interest pursuant to | ||||||
21 | Section 15-210. | ||||||
22 | (Source: P.A. 102-288, eff. 8-6-21.) | ||||||
23 | (765 ILCS 1026/15-903) | ||||||
24 | Sec. 15-903. Claim for property by person claiming to be | ||||||
25 | owner. |
| |||||||
| |||||||
1 | (a) A person claiming to be the owner of property held | ||||||
2 | under this Act by the administrator or to the proceeds from the | ||||||
3 | sale thereof may file a claim for the property on a form | ||||||
4 | prescribed by the administrator. The claimant must verify the | ||||||
5 | claim as to its completeness and accuracy. | ||||||
6 | (b) The administrator may waive the requirement in | ||||||
7 | subsection (a) and may pay or deliver property directly to a | ||||||
8 | person if: | ||||||
9 | (1) the person receiving the property or payment is | ||||||
10 | shown to be the apparent owner included on a report filed | ||||||
11 | under Section 15-401; | ||||||
12 | (2) the administrator reasonably believes the person | ||||||
13 | is entitled to receive the property or payment; and | ||||||
14 | (3) the property has a value of less than $5,000 | ||||||
15 | $2,000 . | ||||||
16 | (c) The administrator may change the maximum value in | ||||||
17 | subsection (b) by administrative rule. | ||||||
18 | (d) This Section is the sole administrative and legal | ||||||
19 | procedure for claiming property under this Act. Compliance | ||||||
20 | with this Section is required prior to exercising the | ||||||
21 | exclusive judicial remedy found in Section 15-906. | ||||||
22 | (Source: P.A. 102-835, eff. 5-13-22.) | ||||||
23 | (765 ILCS 1026/15-906) | ||||||
24 | Sec. 15-906. Action by person whose claim is denied. Not | ||||||
25 | later than one year after filing a claim under subsection (a) |
| |||||||
| |||||||
1 | of Section 15-903, the claimant may commence a contested case | ||||||
2 | pursuant to the Illinois Administrative Procedure Act to | ||||||
3 | establish a claim by the preponderance of the evidence after | ||||||
4 | either receiving notice under subsection (b) of Section 15-904 | ||||||
5 | or the claim is deemed denied under subsection (b) of Section | ||||||
6 | 15-904. Any appeal from the administrator's decision pursuant | ||||||
7 | to the Illinois Administrative Procedure Act must be taken via | ||||||
8 | the provisions of the Administrative Review Law. | ||||||
9 | (Source: P.A. 102-288, eff. 8-6-21.) | ||||||
10 | (765 ILCS 1026/15-1302) | ||||||
11 | Sec. 15-1302. When agreement to locate property void. | ||||||
12 | (a) Subject to subsection (b), an agreement under Section | ||||||
13 | 15-1301 is void if it is entered into during the period | ||||||
14 | beginning on the date the property was presumed abandoned | ||||||
15 | under this Act and ending 24 months after the payment or | ||||||
16 | delivery of the property to the administrator. | ||||||
17 | (b) If a provision in an agreement described in Section | ||||||
18 | 15-1301 applies to mineral proceeds for which compensation is | ||||||
19 | to be paid to the other person based in whole or in part on a | ||||||
20 | part of the underlying minerals or mineral proceeds not then | ||||||
21 | presumed abandoned, the provision is void regardless of when | ||||||
22 | the agreement was entered into. | ||||||
23 | (c) An agreement under this Article 13 which provides for | ||||||
24 | compensation in an amount that is more than 10% of the amount | ||||||
25 | collected is unenforceable except by the apparent owner. |
| |||||||
| |||||||
1 | (d) An apparent owner or the administrator may assert that | ||||||
2 | an agreement described in this Article 13 is void on a ground | ||||||
3 | other than it provides for payment of unconscionable | ||||||
4 | compensation. | ||||||
5 | (e) A person attempting to collect a contingent fee for | ||||||
6 | discovering, on behalf of an apparent owner, presumptively | ||||||
7 | abandoned property must be licensed as a private detective | ||||||
8 | pursuant to the Private Detective, Private Alarm, Private | ||||||
9 | Security, Fingerprint Vendor, and Locksmith Act of 2004. | ||||||
10 | (f) This Section does not apply to an apparent owner's | ||||||
11 | agreement between an owner and with an attorney to pursue a | ||||||
12 | claim for recovery of specifically identified property held by | ||||||
13 | the administrator or to contest the administrator's denial of | ||||||
14 | a claim for recovery of the property where the attorney has an | ||||||
15 | attorney-client relationship with the owner . | ||||||
16 | (g) This Section does not apply to an apparent owner's | ||||||
17 | agreement with a CPA firm licensed under the Illinois Public | ||||||
18 | Accounting Act, or with an affiliate of such firm, if all of | ||||||
19 | the following apply: | ||||||
20 | (1) the CPA firm has registered with the administrator | ||||||
21 | and is in good standing with the Illinois Department of | ||||||
22 | Financial and Professional Regulation; | ||||||
23 | (2) the apparent owner is not a natural person; and | ||||||
24 | (3) the CPA firm, or with an affiliate of such firm, | ||||||
25 | also provides the apparent owner professional services to | ||||||
26 | assist with the apparent owner's compliance with the |
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1 | reporting requirements of this Act. The administrator | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 | shall adopt rules to implement and administer the | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 | registration of CPA firms and the claims process under | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4 | this paragraph (g). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 | (Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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