98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB3755

 

Introduced , by Rep. Lou Lang

 

SYNOPSIS AS INTRODUCED:
 
765 ILCS 1025/12  from Ch. 141, par. 112

    Amends the Uniform Disposition of Unclaimed Property Act. Provides that the State Treasurer is not required to publish notice for reportable property if the entity identified as the owner is a federal, State, or local government or governmental subdivision, agency, entity, officer, or appointee thereof, or any successor entity provided by statute. Requires the State Treasurer to directly transfer reportable property to the identified owner unless the identified owner has been renamed, merged with another entity or officer, or abolished, in which case the State Treasurer shall contact the successor entity or officer to confirm ownership and make arrangements for the transfer. Effective immediately.


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FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

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1    AN ACT concerning civil law.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Uniform Disposition of Unclaimed Property
5Act is amended by changing Section 12 as follows:
 
6    (765 ILCS 1025/12)  (from Ch. 141, par. 112)
7    Sec. 12. Notice to owners.
8    (a) Except as otherwise provided in subsection (d) of this
9Section, for For property reportable by May 1, as identified by
10Section 11, the State Treasurer shall cause notice to be
11published once in an English language newspaper of general
12circulation in the county in this State in which is located the
13last known address of any person to be named in the notice on
14or before November 1 of the same year. For property reportable
15by November 1, as identified by Section 11, the State Treasurer
16shall cause notice to be published once in an English language
17newspaper of general circulation in the county in this State in
18which is located the last known address of any person named in
19the notice on or before May 1 of the next year. If no address is
20listed or if the address is outside this State, the notice
21shall be published in the county in which the holder of the
22abandoned property has his principal place of business within
23this State. However, if an out-of-state address is in a state

 

 

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1that is not a party to a reciprocal agreement with this State
2concerning abandoned property, the notice may be published in
3the Illinois Register. The names of owners that are identified
4and contacted directly by the State Treasurer do not have to be
5published as described in this Section.
6    (b) The published notice shall be entitled "Notice of Names
7of Persons Appearing to be Owners of Abandoned Property", and
8shall contain:
9        (1) The names in alphabetical order and last known
10    addresses, if any, of persons listed in the report and
11    entitled to notice within the county as hereinbefore
12    specified.
13        (2) A statement that information concerning the amount
14    or description of the property and the name and address of
15    the holder may be obtained by any persons possessing an
16    interest in the property by addressing an inquiry to the
17    State Treasurer.
18        (3) A statement that the abandoned property has been
19    placed in the custody of the State Treasurer to whom all
20    further claims must thereafter be directed.
21    (c) The State Treasurer is not required to publish in such
22notice any item of less than $100 or any item for which the
23address of the last known owner is in a state that has a
24reciprocal agreement with this State concerning abandoned
25property unless he deems such publication to be in the public
26interest.

 

 

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1    (d) The State Treasurer is not required to publish notice
2under this Section if the entity identified as the owner in the
3report under Section 11 of this Act is a federal, State, or
4local government or governmental subdivision, agency, entity,
5officer, or appointee thereof, or any successor entity provided
6by statute. If the identified owner is an entity or officer
7described in this subsection (d), the State Treasurer shall
8transfer that property directly to the entity or officer. If
9the identified owner is a former office holder, the State
10Treasurer shall transfer the property directly to the current
11officer. If the identified owner is an entity or officer that
12has been renamed, merged with another entity or officer, or
13abolished, the State Treasurer shall contact the successor
14entity or entity provided by statute to confirm ownership and
15make arrangements for the transfer of that property.
16(Source: P.A. 93-531, eff. 8-14-03; 94-686, eff. 11-2-05.)
 
17    Section 99. Effective date. This Act takes effect upon
18becoming law.