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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 7. The Illinois Trust Code is amended by changing |
3 | | Sections 809 and 810 as follows: |
4 | | (760 ILCS 3/809) |
5 | | Sec. 809. Control and protection of trust property. A |
6 | | trustee shall take reasonable steps to take control of and |
7 | | protect the trust property , including searching for and |
8 | | claiming any unclaimed or presumptively abandoned property . If |
9 | | a corporation is acting as co-trustee with one or more |
10 | | individuals, the corporate trustee shall have custody of the |
11 | | trust estate unless all the trustees otherwise agree. |
12 | | (Source: P.A. 101-48, eff. 1-1-20 .) |
13 | | (760 ILCS 3/810) |
14 | | Sec. 810. Recordkeeping and identification of trust |
15 | | property. |
16 | | (a) A trustee shall keep adequate records of the |
17 | | administration of the trust. |
18 | | (b) A trustee shall keep trust property separate from the |
19 | | trustee's own property. |
20 | | (c) Except as otherwise provided in subsection (d), a |
21 | | trustee not subject to federal or state banking regulation |
22 | | shall cause the trust property to be designated so that the |
23 | | interest of the trust, to the extent feasible, appears in |
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1 | | records maintained by a party other than a trustee or |
2 | | beneficiary to whom the trustee has delivered the property. |
3 | | (d) If the trustee maintains records clearly indicating |
4 | | the respective interests, a trustee may invest as a whole the |
5 | | property of 2 or more separate trusts. |
6 | | (e) A trustee shall maintain or cause to be maintained |
7 | | trust records for a minimum of 7 years after the dissolution of |
8 | | the trust. |
9 | | (f) Prior to the destruction of trust records, a trustee |
10 | | shall conduct a reasonable search for any trust property that |
11 | | is presumptively abandoned or that has been reported and |
12 | | remitted to a state unclaimed property administrator. |
13 | | (Source: P.A. 101-48, eff. 1-1-20 .) |
14 | | Section 10. The Revised Uniform Unclaimed Property Act is |
15 | | amended by changing Sections 15-201, 15-301, 15-501, 15-503, |
16 | | 15-603, 15-903, 15-906, and 15-1302 as follows: |
17 | | (765 ILCS 1026/15-201) |
18 | | Sec. 15-201. When property presumed abandoned. Subject to |
19 | | Section 15-210, the following property is presumed abandoned |
20 | | if it is unclaimed by the apparent owner during the period |
21 | | specified below: |
22 | | (1) a traveler's check, 15 years after issuance; |
23 | | (2) a money order, 5 years after issuance; |
24 | | (3) any instrument on which a financial organization |
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1 | | or business association is directly liable, other than a |
2 | | money order, 3 years after issuance; |
3 | | (4) a corporate state or municipal bond, bearer bond, |
4 | | or original-issue-discount bond, 3 years after the |
5 | | earliest of the date the bond matures or is called or the |
6 | | obligation to pay the principal of the bond arises; |
7 | | (5) a debt of a business association, 3 years after |
8 | | the obligation to pay arises; |
9 | | (6) financial organization deposits as follows: |
10 | | (i) a demand deposit, 3 years after the date of the |
11 | | last indication of interest in the property by the |
12 | | apparent owner; |
13 | | (ii) a savings deposit, 3 years after the date of |
14 | | last indication of interest in the property by the |
15 | | apparent owner; |
16 | | (iii) a time deposit for which the owner has not |
17 | | consented to automatic renewal of the time deposit, 3 |
18 | | years after the later of maturity or the date of the |
19 | | last indication of interest in the property by the |
20 | | apparent owner; |
21 | | (iv) an automatically renewable time deposit for |
22 | | which the owner consented to the automatic renewal in |
23 | | a record on file with the holder, 3 years after the |
24 | | date of last indication of interest in the property by |
25 | | the apparent owner, following the completion of the |
26 | | initial term of the time deposit and one automatic |
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1 | | renewal term of the time deposit; |
2 | | (6.5) virtual currency, 5 years after the last |
3 | | indication of interest in the property; |
4 | | (7) money or a credit owed to a customer as a result of |
5 | | a retail business transaction, other than in-store credit |
6 | | for returned merchandise, 3 years after the obligation |
7 | | arose; |
8 | | (8) an amount owed by an insurance company on a life or |
9 | | endowment insurance policy or an annuity contract that has |
10 | | matured or terminated, 3 years after the obligation to pay |
11 | | arose under the terms of the policy or contract or, if a |
12 | | policy or contract for which an amount is owed on proof of |
13 | | death has not matured by proof of the death of the insured |
14 | | or annuitant, as follows: |
15 | | (A) with respect to an amount owed on a life or |
16 | | endowment insurance policy, the earlier of: |
17 | | (i) 3 years after the death of the insured; or |
18 | | (ii) 2 years after the insured has attained, |
19 | | or would have attained if living, the limiting age |
20 | | under the mortality table on which the reserve for |
21 | | the policy is based; and |
22 | | (B) with respect to an amount owed on an annuity |
23 | | contract, 3 years after the death of the annuitant. |
24 | | (9) funds on deposit or held in trust pursuant to the |
25 | | Illinois Funeral or Burial Funds Act, the earliest of: |
26 | | (A) 2 years after the date of death of the |
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1 | | beneficiary; |
2 | | (B) one year after the date the beneficiary has |
3 | | attained, or would have attained if living, the age of |
4 | | 105 where the holder does not know whether the |
5 | | beneficiary is deceased; |
6 | | (C) 40 years after the contract for prepayment was |
7 | | executed, unless the apparent owner has indicated an |
8 | | interest in the property more than 40 years after the |
9 | | contract for prepayment was executed, in which case, 3 |
10 | | years after the last indication of interest in the |
11 | | property by the apparent owner; |
12 | | (10) property distributable by a business association |
13 | | in the course of bankruptcy or |
| | dissolution or |
14 | | distributions from the termination of a retirement plan, |
15 | | one year after the property becomes distributable; |
16 | | (11) property held by a court, including property |
17 | | received as proceeds of a class action, 3 years after the |
18 | | property becomes distributable; |
19 | | (12) property held by a government or governmental |
20 | | subdivision, agency, or instrumentality, including |
21 | | municipal bond interest and unredeemed principal under the |
22 | | administration of a paying agent or indenture trustee, 3 |
23 | | years after the property becomes distributable; |
24 | | (12.5) amounts payable pursuant to Section 20-175 of |
25 | | the Property Tax Code, 3 years after the property becomes |
26 | | payable; |
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1 | | (13) wages, commissions, bonuses, or reimbursements to |
2 | | which an employee is entitled, or other compensation for |
3 | | personal services, including amounts held on a payroll |
4 | | card, one year after the amount becomes payable; |
5 | | (14) a deposit or refund owed to a subscriber by a |
6 | | utility, one year after the deposit or refund becomes |
7 | | payable, except that any capital credits or patronage |
8 | | capital retired, returned, refunded or tendered to a |
9 | | member of an electric cooperative, as defined in Section |
10 | | 3.4 of the Electric Supplier Act, or a telephone or |
11 | | telecommunications cooperative, as defined in Section |
12 | | 13-212 of the Public Utilities Act, that has remained |
13 | | unclaimed by the person appearing on the records of the |
14 | | entitled cooperative for more than 2 years, shall not be |
15 | | subject to, or governed by, any other provisions of this |
16 | | Act, but rather shall be used by the cooperative for the |
17 | | benefit of the general membership of the cooperative; and |
18 | | (15) property not specified in this Section or |
19 | | Sections 15-202 through 15-208, the earlier of 3 years |
20 | | after the owner first has a right to demand the property or |
21 | | the obligation to pay or distribute the property arises. |
22 | | Notwithstanding anything to the contrary in this Section |
23 | | 15-201, and subject to Section 15-210, a deceased owner cannot |
24 | | indicate interest in his or her property. If the owner is |
25 | | deceased and the abandonment period for the owner's property |
26 | | specified in this Section 15-201 is greater than 2 years, then |
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1 | | the property, other than an amount owed by an insurance |
2 | | company on a life or endowment insurance policy or an annuity |
3 | | contract that has matured or terminated, shall instead be |
4 | | presumed abandoned 2 years from the date of the owner's last |
5 | | indication of interest in the property. |
6 | | (Source: P.A. 102-288, eff. 8-6-21; 103-148, eff. 6-30-23.) |
7 | | (765 ILCS 1026/15-301) |
8 | | Sec. 15-301. Address of apparent owner to establish |
9 | | priority. In this Article, the following rules apply: |
10 | | (1) The last-known address of an apparent owner is any |
11 | | description, code, or other indication of the location of |
12 | | the apparent owner which identifies the state, even if the |
13 | | description, code, or indication of location is not |
14 | | sufficient to direct the delivery of first-class United |
15 | | States mail to the apparent owner. |
16 | | (2) If the United States postal zip code associated |
17 | | with the apparent owner is for a post office located in |
18 | | this State, this State is deemed to be the state of the |
19 | | last-known address of the apparent owner unless other |
20 | | records associated with the apparent owner specifically |
21 | | identify the physical address of the apparent owner to be |
22 | | in another state. |
23 | | (3) If the address under paragraph (2) is in another |
24 | | state, the other state is deemed to be the state of the |
25 | | last-known address of the apparent owner. |
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1 | | (4) The address of the apparent owner of a life or |
2 | | endowment insurance policy or annuity contract or its |
3 | | proceeds is presumed to be the address of the insured or |
4 | | annuitant if a person other than the insured or annuitant |
5 | | is entitled to the amount owed under the policy or |
6 | | contract and the address of the other person is not known |
7 | | by the insurance company and cannot be determined under |
8 | | Section 15-302. The address of the apparent owner of other |
9 | | property where ownership vests in a beneficiary upon the |
10 | | death of the owner is presumed to be the address of the |
11 | | now-deceased owner if the address of the beneficiary is |
12 | | not known by the holder and cannot be determined under |
13 | | Section 15-302. |
14 | | (5) The address of the owner of other property where |
15 | | ownership vests in a beneficiary upon the death of the |
16 | | owner is presumed to be the address of the deceased owner |
17 | | if the address of the beneficiary is not known by the |
18 | | holder and cannot be determined under Section 15-302. |
19 | | (Source: P.A. 100-22, eff. 1-1-18 .) |
20 | | (765 ILCS 1026/15-501) |
21 | | Sec. 15-501. Notice to apparent owner by holder. |
22 | | (a) Subject to subsections (b) and (c), the holder of |
23 | | property presumed abandoned shall send to the apparent owner |
24 | | notice by first-class United States mail that complies with |
25 | | Section 15-502 in a format acceptable to the administrator not |
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1 | | more than one year nor less than 60 days before filing the |
2 | | report under Section 15-401 if: |
3 | | (1) the holder has in its records an address for the |
4 | | apparent owner which the holder's records do not disclose |
5 | | to be invalid and is sufficient to direct the delivery of |
6 | | first-class United States mail to the apparent owner; and |
7 | | (2) the value of the property is $50 or more. |
8 | | (b) If an apparent owner has consented to receive |
9 | | electronic-mail delivery from the holder, the holder shall |
10 | | send the notice described in subsection (a) both by |
11 | | first-class United States mail to the apparent owner's |
12 | | last-known mailing address and by electronic mail, unless the |
13 | | holder believes that the apparent owner's electronic-mail |
14 | | address is invalid. |
15 | | (c) The holder of virtual currency or securities presumed |
16 | | abandoned under Sections 15-202, 15-203, or 15-208 shall send |
17 | | to the apparent owner notice by certified United States mail |
18 | | that complies with Section 15-502 in a format acceptable to |
19 | | the administrator not less than 60 days before filing the |
20 | | report under Section 15-401 if: |
21 | | (1) the holder has in its records an address for the |
22 | | apparent owner which the holder's records do not disclose |
23 | | to be invalid and is sufficient to direct the delivery of |
24 | | United States mail to the apparent owner; and |
25 | | (2) the value of the property is $1,000 or more. |
26 | | (d) In addition to other indications of an apparent |
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1 | | owner's interest in property pursuant to Section 15-210, a |
2 | | signed return receipt in response to a notice sent pursuant to |
3 | | this Section by certified United States mail shall constitute |
4 | | a record communicated by the apparent owner to the holder |
5 | | concerning the property or the account in which the property |
6 | | is held. |
7 | | (e) The administrator may adopt rules allowing a holder to |
8 | | deduct reasonable costs incurred in sending a notice by United |
9 | | States mail under this Section. |
10 | | (Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.) |
11 | | (765 ILCS 1026/15-503) |
12 | | Sec. 15-503. Notice by administrator. |
13 | | (a) The administrator shall give notice to an apparent |
14 | | owner that property presumed abandoned and appears to be owned |
15 | | by the apparent owner is held by the administrator under this |
16 | | Act. |
17 | | (b) In providing notice under subsection (a), the |
18 | | administrator shall: |
19 | | (1) except as otherwise provided in paragraph (2), |
20 | | send written notice by first-class United States mail to |
21 | | each apparent owner of property valued at $100 or more |
22 | | held by the administrator, unless the administrator |
23 | | determines that a mailing by first-class United States |
24 | | mail would not be received by the apparent owner, and, in |
25 | | the case of a security held in an account for which the |
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1 | | apparent owner had consented to receiving electronic mail |
2 | | from the holder, send notice by electronic mail if the |
3 | | electronic-mail address of the apparent owner is known to |
4 | | the administrator instead of by first-class United States |
5 | | mail; or |
6 | | (2) send the notice to the apparent owner's |
7 | | electronic-mail address if the administrator does not have |
8 | | a valid United States mail address for an apparent owner, |
9 | | but has an electronic-mail address that the administrator |
10 | | does not know to be invalid. |
11 | | (c) In addition to the notice under subsection (b), the |
12 | | administrator shall: |
13 | | (1) publish twice every year every 6 months in at |
14 | | least one English language newspaper of general |
15 | | circulation in each county in this State notice of |
16 | | property held by the administrator which must include: |
17 | | (A) an estimate of the total value of property |
18 | | available to be claimed from received by the |
19 | | administrator during the preceding 6-month period, |
20 | | taken from the reports under Section 15-401 ; |
21 | | (B) the approximate total value of claims paid by |
22 | | the administrator during the preceding fiscal year |
23 | | 6-month period ; |
24 | | (C) the Internet web address of the unclaimed |
25 | | property website maintained by the administrator; |
26 | | (D) an electronic-mail address to contact the |
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1 | | administrator to inquire about or claim property; and |
2 | | (E) a statement that a person may access the |
3 | | Internet by a computer to search for unclaimed |
4 | | property and a computer may be available as a service |
5 | | to the public at a local public library. |
6 | | (2) The administrator shall maintain a website |
7 | | accessible by the public and electronically searchable |
8 | | which contains the names reported to the administrator of |
9 | | apparent owners for whom property is being held by the |
10 | | administrator. The administrator need not list property on |
11 | | such website when: no owner name was reported, a claim has |
12 | | been initiated or is pending for the property, the |
13 | | administrator has made direct contact with the apparent |
14 | | owner of the property, and in other instances where the |
15 | | administrator reasonably believes exclusion of the |
16 | | property is in the best interests of both the State and the |
17 | | owner of the property. |
18 | | (d) The website or database maintained under subsection |
19 | | (c)(2) must include instructions for filing with the |
20 | | administrator a claim to property and an online claim form |
21 | | with instructions. The website may also provide a printable |
22 | | claim form with instructions for its use. |
23 | | (e) Tax return identification of apparent owners of |
24 | | abandoned property. |
25 | | (1) At least annually the administrator shall notify |
26 | | the Department of Revenue of the names of persons |
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1 | | appearing to be owners of abandoned property under this |
2 | | Section. The administrator shall also provide to the |
3 | | Department of Revenue the social security numbers of the |
4 | | persons, if available. |
5 | | (2) The Department of Revenue shall notify the |
6 | | administrator if any person under subsection (e)(1) has |
7 | | filed an Illinois income tax return and shall provide the |
8 | | administrator with the last known address of the person as |
9 | | it appears in Department of Revenue records, except as |
10 | | prohibited by federal law. The Department of Revenue may |
11 | | also provide additional addresses for the same taxpayer |
12 | | from the records of the Department, except as prohibited |
13 | | by federal law. |
14 | | (3) In order to facilitate the return of property |
15 | | under this subsection, the administrator and the |
16 | | Department of Revenue may enter into an interagency |
17 | | agreement concerning protection of confidential |
18 | | information, data match rules, and other issues. |
19 | | (4) The administrator may deliver, as provided under |
20 | | Section 15-904 of this Act, property or pay the amount |
21 | | owing to a person matched under this Section without the |
22 | | person filing a claim under Section 15-903 of this Act if |
23 | | the following conditions are met: |
24 | | (A) the value of the property that is owed the |
25 | | person is $5,000 or less; |
26 | | (B) the property is not either tangible property |
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1 | | or securities; |
2 | | (C) the last known address for the person |
3 | | according to the Department of Revenue records is less |
4 | | than 12 months old; and |
5 | | (D) the administrator has evidence sufficient to |
6 | | establish that the person who appears in Department of |
7 | | Revenue records is the owner of the property and the |
8 | | owner currently resides at the last known address from |
9 | | the Department of Revenue. |
10 | | (5) If the value of the property that is owed the |
11 | | person is greater than $5,000, or is tangible property or |
12 | | securities the administrator shall provide notice to the |
13 | | person, informing the person that he or she is the owner of |
14 | | abandoned property held by the State and may file a claim |
15 | | with the administrator for return of the property. |
16 | | (6) The administrator does not need to notify the |
17 | | Department of Revenue of the names or social security |
18 | | numbers of apparent owners of abandoned property if the |
19 | | administrator reasonably believes that the Department of |
20 | | Revenue will be unable to provide information that would |
21 | | provide sufficient evidence to establish that the person |
22 | | in the Department of Revenue's records is the apparent |
23 | | owner of unclaimed property in the custody of the |
24 | | administrator. |
25 | | (f) The administrator may use additional databases to |
26 | | verify the identity of the person and that the person |
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1 | | currently resides at the last known address. The administrator |
2 | | may utilize publicly and commercially available databases to |
3 | | find and update or add information for apparent owners of |
4 | | property held by the administrator. |
5 | | (g) In addition to giving notice under subsection (b), |
6 | | publishing the information under subsection (c)(1) and |
7 | | maintaining the website or database under subsection (c)(2), |
8 | | the administrator may use other printed publication, |
9 | | telecommunication, the Internet, or other media to inform the |
10 | | public of the existence of unclaimed property held by the |
11 | | administrator. |
12 | | (h) Identification of apparent owners of abandoned |
13 | | property using other State databases. |
14 | | (1) The administrator may enter into interagency |
15 | | agreements with the Secretary of State and the Illinois |
16 | | State Board of Elections to identify persons appearing to |
17 | | be owners of abandoned property with databases under the |
18 | | control of the Secretary of State and the Illinois State |
19 | | Board of Elections. Such interagency agreements shall |
20 | | include protection of confidential information, data match |
21 | | rules, and other necessary and proper issues. |
22 | | (2) Except as prohibited by federal law, after January |
23 | | 1, 2022 the administrator may provide the Secretary of |
24 | | State with names and other identifying information of |
25 | | persons appearing to be owners of abandoned property. The |
26 | | Secretary of State may provide the administrator with the |
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1 | | last known address as it appears in its respective records |
2 | | of any person reasonably believed to be the apparent owner |
3 | | of abandoned property. |
4 | | (3) The Illinois State Board of Elections shall, upon |
5 | | request, annually provide the administrator with |
6 | | electronic data or compilations of voter registration |
7 | | information. The administrator may use such electronic |
8 | | data or compilations of voter registration information to |
9 | | identify persons appearing to be owners of abandoned |
10 | | property. |
11 | | (4) The administrator may deliver, as provided under |
12 | | Section 15-904, property or pay the amount owing to a |
13 | | person matched under this Section without the person |
14 | | filing a claim under Section 15-903 if: |
15 | | (i) the value of the property that is owed the |
16 | | person is $5,000 or less; |
17 | | (ii) the property is not either tangible property |
18 | | or securities; |
19 | | (iii) the last known address for the person |
20 | | according to the records of the Secretary of State or |
21 | | Illinois State Board of Elections is less than 12 |
22 | | months old; and |
23 | | (iv) the administrator has evidence sufficient to |
24 | | establish that the person who appears in the records |
25 | | of the Secretary of State or Illinois State Board of |
26 | | Elections is the owner of the property and the owner |
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1 | | currently resides at the last known address from the |
2 | | Secretary of State or the Illinois State Board of |
3 | | Elections. |
4 | | (Source: P.A. 102-288, eff. 8-6-21; 102-835, eff. 5-13-22.) |
5 | | (765 ILCS 1026/15-603) |
6 | | Sec. 15-603. Payment or delivery of property to |
7 | | administrator. |
8 | | (a) Except as otherwise provided in this Section, on |
9 | | filing a report under Section 15-401, the holder shall pay or |
10 | | deliver to the administrator the property described in the |
11 | | report. |
12 | | (b) If property in a report under Section 15-401 is an |
13 | | automatically renewable time deposit and the holder determines |
14 | | that a penalty or forfeiture in the payment of interest would |
15 | | result from paying the deposit to the administrator at the |
16 | | time of the report, the date for reporting and delivering the |
17 | | property to the administrator is extended until a penalty or |
18 | | forfeiture no longer would result from delivery of the |
19 | | property to the administrator. The holder shall report and |
20 | | deliver the property on the next regular date prescribed for |
21 | | reporting by the holder under this Act after this extended |
22 | | date, and the holder shall indicate in its report to the |
23 | | administrator that the property is being reported on an |
24 | | extended date pursuant to this subsection (b). |
25 | | (c) Tangible property in a safe-deposit box may not be |
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1 | | delivered to the administrator until a mutually agreed upon |
2 | | date that is no sooner than 60 days after filing the report |
3 | | under Section 15-401. |
4 | | (d) If property reported to the administrator under |
5 | | Section 15-401 is a security, the administrator may: |
6 | | (1) make an endorsement, instruction, or entitlement |
7 | | order on behalf of the apparent owner to invoke the duty of |
8 | | the issuer, its transfer agent, or the securities |
9 | | intermediary to transfer the security; or |
10 | | (2) dispose of the security under Section 15-702. |
11 | | (e) If the holder of property reported to the |
12 | | administrator under Section 15-401 is the issuer of a |
13 | | certificated security, the administrator may obtain a |
14 | | replacement certificate in physical or book-entry form under |
15 | | Section 8-405 of the Uniform Commercial Code. An indemnity |
16 | | bond is not required. |
17 | | (f) The administrator shall establish procedures for the |
18 | | registration, issuance, method of delivery, transfer, and |
19 | | maintenance of securities delivered to the administrator by a |
20 | | holder. |
21 | | (g) An issuer, holder, and transfer agent or other person |
22 | | acting in good faith under this Section under instructions of |
23 | | and on behalf of the issuer or holder is not liable to the |
24 | | apparent owner for a claim arising with respect to property |
25 | | after the property has been delivered to the administrator. |
26 | | (h) A holder is not required to deliver to the |
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1 | | administrator a security identified by the holder as a |
2 | | non-freely transferable security in a report filed under |
3 | | Section 15-401. If the administrator or holder determines that |
4 | | a security is no longer a non-freely transferable security, |
5 | | the holder shall report and deliver the security on the next |
6 | | regular date prescribed for delivery of securities by the |
7 | | holder under this Act. The holder shall make a determination |
8 | | annually whether a security identified in a report filed under |
9 | | Section 15-401 as a non-freely transferable security is no |
10 | | longer a non-freely transferable security. |
11 | | (i) Virtual currency. |
12 | | (1) If property reported to the administrator is |
13 | | virtual currency, the holder shall liquidate the virtual |
14 | | currency and remit the proceeds to the administrator. |
15 | | (2) The liquidation shall occur anytime within 30 days |
16 | | prior to the filing of the report under Section 15-401. |
17 | | The owner shall not have recourse against the holder or |
18 | | the administrator to recover any gain in value that occurs |
19 | | after the liquidation of the virtual currency under this |
20 | | subsection. |
21 | | (3) If a holder cannot liquidate virtual currency and |
22 | | cannot otherwise cause virtual currency to be liquidated, |
23 | | the holder shall promptly notify the administrator in |
24 | | writing and explain the reasons why the virtual currency |
25 | | cannot be liquidated. The administrator, in his or her |
26 | | absolute and sole discretion, may direct the holder to |
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1 | | either (1) transfer the virtual currency that cannot be |
2 | | liquidated to a custodian selected by the administrator, |
3 | | or (2) continue to hold the virtual currency until the |
4 | | administrator or the holder determines that the virtual |
5 | | currency can be liquidated pursuant to this Act or there |
6 | | is an indication of apparent owner interest pursuant to |
7 | | Section 15-210. |
8 | | (Source: P.A. 102-288, eff. 8-6-21.) |
9 | | (765 ILCS 1026/15-903) |
10 | | Sec. 15-903. Claim for property by person claiming to be |
11 | | owner. |
12 | | (a) A person claiming to be the owner of property held |
13 | | under this Act by the administrator or to the proceeds from the |
14 | | sale thereof may file a claim for the property on a form |
15 | | prescribed by the administrator. The claimant must verify the |
16 | | claim as to its completeness and accuracy. |
17 | | (b) The administrator may waive the requirement in |
18 | | subsection (a) and may pay or deliver property directly to a |
19 | | person if: |
20 | | (1) the person receiving the property or payment is |
21 | | shown to be the apparent owner included on a report filed |
22 | | under Section 15-401; |
23 | | (2) the administrator reasonably believes the person |
24 | | is entitled to receive the property or payment; and |
25 | | (3) the property has a value of less than $5,000 |
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1 | | $2,000 . |
2 | | (c) The administrator may change the maximum value in |
3 | | subsection (b) by administrative rule. |
4 | | (d) This Section is the sole administrative and legal |
5 | | procedure for claiming property under this Act. Compliance |
6 | | with this Section is required prior to exercising the |
7 | | exclusive judicial remedy found in Section 15-906. |
8 | | (Source: P.A. 102-835, eff. 5-13-22.) |
9 | | (765 ILCS 1026/15-906) |
10 | | Sec. 15-906. Action by person whose claim is denied. Not |
11 | | later than one year after filing a claim under subsection (a) |
12 | | of Section 15-903, the claimant may commence a contested case |
13 | | pursuant to the Illinois Administrative Procedure Act to |
14 | | establish a claim by the preponderance of the evidence after |
15 | | either receiving notice under subsection (b) of Section 15-904 |
16 | | or the claim is deemed denied under subsection (b) of Section |
17 | | 15-904. Any appeal from the administrator's decision pursuant |
18 | | to the Illinois Administrative Procedure Act must be taken via |
19 | | the provisions of the Administrative Review Law. |
20 | | (Source: P.A. 102-288, eff. 8-6-21.) |
21 | | (765 ILCS 1026/15-1302) |
22 | | Sec. 15-1302. When agreement to locate property void. |
23 | | (a) Subject to subsection (b), an agreement under Section |
24 | | 15-1301 is void if it is entered into during the period |
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1 | | beginning on the date the property was presumed abandoned |
2 | | under this Act and ending 24 months after the payment or |
3 | | delivery of the property to the administrator. |
4 | | (b) If a provision in an agreement described in Section |
5 | | 15-1301 applies to mineral proceeds for which compensation is |
6 | | to be paid to the other person based in whole or in part on a |
7 | | part of the underlying minerals or mineral proceeds not then |
8 | | presumed abandoned, the provision is void regardless of when |
9 | | the agreement was entered into. |
10 | | (c) An agreement under this Article 13 which provides for |
11 | | compensation in an amount that is more than 10% of the amount |
12 | | collected is unenforceable except by the apparent owner. |
13 | | (d) An apparent owner or the administrator may assert that |
14 | | an agreement described in this Article 13 is void on a ground |
15 | | other than it provides for payment of unconscionable |
16 | | compensation. |
17 | | (e) A person attempting to collect a contingent fee for |
18 | | discovering, on behalf of an apparent owner, presumptively |
19 | | abandoned property must be licensed as a private detective |
20 | | pursuant to the Private Detective, Private Alarm, Private |
21 | | Security, Fingerprint Vendor, and Locksmith Act of 2004. |
22 | | (f) This Section does not apply to an apparent owner's |
23 | | agreement between an owner and with an attorney to pursue a |
24 | | claim for recovery of specifically identified property held by |
25 | | the administrator or to contest the administrator's denial of |
26 | | a claim for recovery of the property where the attorney has an |
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1 | | attorney-client relationship with the owner . |
2 | | (g) This Section does not apply to an apparent owner's |
3 | | agreement with a CPA firm licensed under the Illinois Public |
4 | | Accounting Act, or with an affiliate of such firm, if all of |
5 | | the following apply: |
6 | | (1) the CPA firm has registered with the administrator |
7 | | and is in good standing with the Illinois Department of |
8 | | Financial and Professional Regulation; |
9 | | (2) the apparent owner is not a natural person; and |
10 | | (3) the CPA firm, or with an affiliate of such firm, |
11 | | also provides the apparent owner professional services to |
12 | | assist with the apparent owner's compliance with the |
13 | | reporting requirements of this Act. The administrator |
14 | | shall adopt rules to implement and administer the |
15 | | registration of CPA firms and the claims process under |
16 | | this paragraph (g). |
17 | | (Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.) |