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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 Uniform Disposition of Unclaimed Property | |||||||||||||||||||||
5 | Act is amended by changing Sections 2 and 2a as follows:
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6 | (765 ILCS 1025/2) (from Ch. 141, par. 102)
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7 | Sec. 2. Property held by financial organizations; | |||||||||||||||||||||
8 | presumption of
abandonment. The following property held or | |||||||||||||||||||||
9 | owing by a banking or financial
organization is presumed | |||||||||||||||||||||
10 | abandoned:
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11 | (a) Any demand, savings, or matured time deposit with
a | |||||||||||||||||||||
12 | banking organization, together with any interest or dividend | |||||||||||||||||||||
13 | thereon,
excluding any charges that may lawfully be withheld, | |||||||||||||||||||||
14 | unless the owner has,
within 5 years:
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15 | (1) Increased or decreased the amount of the deposit, | |||||||||||||||||||||
16 | or presented the
passbook or other similar evidence of the | |||||||||||||||||||||
17 | deposit for the crediting of
interest; or
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18 | (2) Corresponded in writing with the banking | |||||||||||||||||||||
19 | organization concerning the
deposit;
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20 | (3) Otherwise indicated an interest in the deposit as | |||||||||||||||||||||
21 | evidenced by a
memorandum on file with the banking | |||||||||||||||||||||
22 | organization; or
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23 | (4) Engaged in the following activity regarding other |
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1 | funds or loan accounts with the banking organization: | ||||||
2 | (i) undertook one or more the above actions | ||||||
3 | described in subsection (a) of this Section regarding | ||||||
4 | any account that appears on a consolidated statement | ||||||
5 | with the inactive account; | ||||||
6 | (ii) increased or decreased the amount of funds in | ||||||
7 | any other account the owner has with the banking | ||||||
8 | organization; or | ||||||
9 | (iii) engaged in any other relationship with the | ||||||
10 | banking organization, including payment of any amounts | ||||||
11 | due on a loan. | ||||||
12 | The foregoing apply so long as the mailing address for the | ||||||
13 | owner in the banking organization's books and records is the | ||||||
14 | same for both the inactive account and for the active account.
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15 | (b) Any funds paid toward the purchase of withdrawable
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16 | shares
or other interest in a financial organization, or any | ||||||
17 | deposit made, and any interest or dividends thereon, excluding | ||||||
18 | any charges
that may be lawfully withheld, unless the owner has | ||||||
19 | within 5 years:
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20 | (1) Increased or decreased the amount of the funds, or | ||||||
21 | deposit, or
presented an appropriate record for the | ||||||
22 | crediting of interest or dividends; or
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23 | (2) Corresponded in writing with the financial | ||||||
24 | organization concerning
the funds or deposit;
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25 | (3) Otherwise indicated an interest in the funds or | ||||||
26 | deposit as evidenced
by a memorandum on file with the |
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1 | financial organization; or
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2 | (4) Engaged in the following activity regarding other | ||||||
3 | funds or loan accounts with the financial organization: | ||||||
4 | (i) undertook one or more the above actions | ||||||
5 | described in subsection (b) of this Section regarding | ||||||
6 | any account that appears on a consolidated statement | ||||||
7 | with the inactive account; | ||||||
8 | (ii) increased or decreased the amount of funds in | ||||||
9 | any other account the owner has with the financial | ||||||
10 | organization; or | ||||||
11 | (iii) engaged in any other relationship with the | ||||||
12 | financial organization, including payment of any | ||||||
13 | amounts due on a loan. | ||||||
14 | The foregoing apply so long as the mailing address for the | ||||||
15 | owner in the financial organization's books and records is the | ||||||
16 | same for both the inactive account and for the active account.
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17 | (c) Any sum payable on checks or on written
instruments on | ||||||
18 | which a banking or financial
organization
or business | ||||||
19 | association is directly liable including, by way of | ||||||
20 | illustration
but not of limitation, certificates of deposit, | ||||||
21 | drafts, money orders and
travelers checks, that with the | ||||||
22 | exception of travelers checks and unclaimed wages, payroll, and | ||||||
23 | salary, has been
outstanding for more than 5 years from the | ||||||
24 | date it was payable, or from the
date of its issuance if | ||||||
25 | payable on demand, or, in the case of travelers checks,
that | ||||||
26 | has been outstanding for more than 15 years from the date of |
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1 | its issuance,
or, in the case of unclaimed wages, payroll, or | ||||||
2 | salary, that has been outstanding for more than one year from | ||||||
3 | the date of its issuance, excluding any charges that may be | ||||||
4 | lawfully withheld
relating to money orders issued by currency | ||||||
5 | exchanges,
unless the owner has within 5 years ( or within 15 | ||||||
6 | years in the case of travelers
checks or one year in the case | ||||||
7 | of unclaimed wages, payroll, or salary) corresponded in writing | ||||||
8 | with the banking or financial organization or
business | ||||||
9 | association concerning it, or otherwise indicated an interest | ||||||
10 | as
evidenced by a memorandum on file with the banking or | ||||||
11 | financial organization or
business association.
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12 | (d) Any funds or other personal property, tangible or | ||||||
13 | intangible, removed
from a safe deposit box or any other | ||||||
14 | safekeeping repository or agency or
collateral deposit box on | ||||||
15 | which the lease or rental period
has expired due to nonpayment | ||||||
16 | of rental charges or other reason, or any
surplus amounts | ||||||
17 | arising from the sale thereof pursuant to law, that have
been | ||||||
18 | unclaimed by the owner for more than 5 years from the date on | ||||||
19 | which
the lease or rental period expired, subject to lien of | ||||||
20 | the holder for
reimbursement of costs incurred in the opening | ||||||
21 | of a safe deposit box as
determined by the holder's regular | ||||||
22 | schedule of charges.
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23 | (e) Notwithstanding any other provision of this Section, no | ||||||
24 | deposit
except passbook, checking, NOW accounts, super NOW | ||||||
25 | accounts, money market
accounts, or such similar accounts as | ||||||
26 | established by Rule of the
State Treasurer,
held by a banking |
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1 | or financial organization shall be presumed abandoned if
with | ||||||
2 | respect to such a deposit which specifies a definite maturity | ||||||
3 | date,
such organization was authorized in writing to extend or | ||||||
4 | rollover the
account for an additional like period and such | ||||||
5 | organization does so extend.
Such deposits are not presumed | ||||||
6 | abandoned less than 5 years from that final
maturity date.
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7 | Property of any kind held in an individual retirement account | ||||||
8 | (IRA) is
not presumed abandoned earlier than 5 years after the | ||||||
9 | owner attains the age at
which distributions from the account | ||||||
10 | become mandatory under law.
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11 | (f) Notwithstanding any other provision of this Section, | ||||||
12 | money of a minor
deposited pursuant to Section 24-21 of the | ||||||
13 | Probate Act of 1975 shall not be
presumed abandoned earlier | ||||||
14 | than 5 years after the minor attains legal age.
Such money | ||||||
15 | shall be deposited in an account which shall indicate the birth | ||||||
16 | date
of the minor.
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17 | (Source: P.A. 94-255, eff. 1-1-06.)
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18 | (765 ILCS 1025/2a) (from Ch. 141, par. 102a)
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19 | Sec. 2a.
(a) Business associations shall report, pursuant | ||||||
20 | to Section 11 of
this Act, all property and any earnings | ||||||
21 | thereon to which the owner would be
entitled that have remained | ||||||
22 | unclaimed for 5 years and are therefore presumed
abandoned. | ||||||
23 | Before reporting and delivering property as required under this
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24 | Act, a business association may deduct from the amount of | ||||||
25 | otherwise reportable
intangible personal property the economic |
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1 | loss suffered by it in connection
with that intangible personal | ||||||
2 | property arising from transactions involving the
sale of | ||||||
3 | tangible personal property at retail. This property shall | ||||||
4 | consist of,
but is not limited to:
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5 | (1) (blank); unclaimed wages;
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6 | (2) deposits or payment for repair or purchase of goods | ||||||
7 | or services;
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8 | (3) credit checks or memos, or customer overpayments;
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9 | (4) stocks, bonds, or any other type of securities or | ||||||
10 | debt
instruments, and interest and dividends therefrom;
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11 | (5) unidentified remittances, unrefunded overcharges;
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12 | (6) unpaid claims, unpaid accounts payable or unpaid | ||||||
13 | commissions; and
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14 | (7) credit balances - accounts receivable, checks | ||||||
15 | written off, employee
bond buying and profit-sharing.
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16 | (b) Notwithstanding the provisions of subsection (a), any | ||||||
17 | property due or
owed by a business association to or for the | ||||||
18 | benefit of another business
association resulting from a | ||||||
19 | transaction occurring in the normal and ordinary
course of | ||||||
20 | business shall be exempt from the provisions of this Act.
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21 | (c) Notwithstanding the provisions of subsection (a), | ||||||
22 | unclaimed wages, payroll, and salary, in any form, shall be | ||||||
23 | reported after remaining unclaimed for one year, pursuant to | ||||||
24 | Section 2. | ||||||
25 | (Source: P.A. 90-167, eff. 7-23-97; 91-688, eff. 3-23-00.)
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26 | Section 99. Effective date. This Act takes effect upon |
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1 | becoming law.
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