Illinois General Assembly - Bill Status for SB0338
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 Bill Status of SB0338  102nd General Assembly

Short Description:  RUUPA-VARIOUS

Senate Sponsors
Sen. Rachelle Crowe

House Sponsors
(Rep. Michael J. Zalewski)

Revenue & Finance Committee Hearing May 13 2021 8:00AM Virtual Room 1 Springfield, IL

Last Action
DateChamber Action
  4/28/2021HouseAssigned to Revenue & Finance Committee

Statutes Amended In Order of Appearance
15 ILCS 505/0.02
15 ILCS 505/0.03
765 ILCS 1026/15-102
765 ILCS 1026/15-201
765 ILCS 1026/15-202
765 ILCS 1026/15-213
765 ILCS 1026/15-401
765 ILCS 1026/15-503
765 ILCS 1026/15-603
765 ILCS 1026/15-607
765 ILCS 1026/15-906
15 ILCS 505/0.04 rep.
15 ILCS 505/0.05 rep.

Synopsis As Introduced
Amends the State Treasurer Act. Repeals provisions regarding transfer of power; transfer of personnel; transfer of property; and rules and standards. Amends the Revised Uniform Unclaimed Property Act. Changes the definition of "virtual currency". Provides that a money order is presumed abandoned if it is unclaimed by the apparent owner 3 (rather than 7) years after issuance. Provides that virtual currency is presumed abandoned if it is unclaimed by the apparent owner 5 years after the last indication of interest in the property. Provides that a business association who has no reportable property shall so report to the administrator under specified circumstances. Provides that the administrator does not need to notify the Department of Revenue of the names or social security numbers of apparent owners of abandoned property if the administrator reasonably believes that the Department of Revenue will be unable to provide information that would provide sufficient evidence to establish that the person in the Department of Revenue's records is the apparent owner of unclaimed property in the custody of the administrator. Includes a provision regarding identification of apparent owners of abandoned property using other State databases. Provides that if property reported to the administrator is virtual currency, the holder shall liquidate the virtual currency and remit the proceeds to the administrator. Makes changes to provisions regarding: when tax-deferred and tax-exempt retirement accounts presumed abandoned; United States savings bonds; crediting income or gain to owner's account; and action by a person whose claim is denied.

Senate Committee Amendment No. 1
Adds reference to:
765 ILCS 1026/15-905

Provides that the Secretary of State may (rather than shall) provide the Treasurer with the last known address as it appears in its respective records of any person reasonably believed to be the apparent owner of abandoned property. Provides that any warrants issued by the Comptroller pursuant to a voucher from the Treasurer to pay an owner that are not presented to the Treasurer within 12 months of the date of issuance shall be void, but the funds shall not escheat to the State and shall instead be redeposited in the Unclaimed Property Trust Fund. Provides that the Treasurer shall be responsible for any tax reporting required by federal law related to payments under the Revised Uniform Unclaimed Property Act.

DateChamber Action
  2/19/2021SenateFiled with Secretary by Sen. Rachelle Crowe
  2/19/2021SenateFirst Reading
  2/19/2021SenateReferred to Assignments
  3/3/2021SenateAssigned to Judiciary
  3/16/2021SenatePostponed - Judiciary
  3/23/2021SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Rachelle Crowe
  3/23/2021SenateSenate Committee Amendment No. 1 Referred to Assignments
  3/25/2021SenateSenate Committee Amendment No. 1 Assignments Refers to Judiciary
  4/13/2021SenateSenate Committee Amendment No. 1 Adopted
  4/14/2021SenateDo Pass as Amended Judiciary; 005-002-000
  4/14/2021SenatePlaced on Calendar Order of 2nd Reading April 15, 2021
  4/20/2021SenateSecond Reading
  4/20/2021SenatePlaced on Calendar Order of 3rd Reading April 21, 2021
  4/21/2021SenateThird Reading - Passed; 041-018-000
  4/22/2021HouseArrived in House
  4/22/2021HouseChief House Sponsor Rep. Michael J. Zalewski
  4/23/2021HouseFirst Reading
  4/23/2021HouseReferred to Rules Committee
  4/28/2021HouseAssigned to Revenue & Finance Committee

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