Illinois General Assembly - Full Text of SB2636
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Full Text of SB2636  95th General Assembly



SB2636 Enrolled LRB095 18910 AJO 45542 b

1     AN ACT concerning property.
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4     Section 5. The Uniform Disposition of Unclaimed Property
5 Act is amended by changing Section 20 as follows:
6     (765 ILCS 1025/20)  (from Ch. 141, par. 120)
7     Sec. 20. Determination of claims.
8     (a) The State Treasurer shall consider any claim filed
9 under this Act and may, in his discretion, hold a hearing and
10 receive evidence concerning it. Such hearing shall be conducted
11 by the State Treasurer or by a hearing officer designated by
12 him. No hearings shall be held if the payment of the claim is
13 ordered by a court, if the claimant is under court
14 jurisdiction, or if the claim is paid under Article XXV of the
15 Probate Act of 1975. The State Treasurer or hearing officer
16 shall prepare a finding and a decision in writing on each
17 hearing, stating the substance of any evidence heard by him,
18 his findings of fact in respect thereto, and the reasons for
19 his decision. The State Treasurer shall review the findings and
20 decision of each hearing conducted by a hearing officer and
21 issue a final written decision. The final decision shall be a
22 public record. Any claim of an interest in property that is
23 filed pursuant to this Act shall be considered and a finding



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1 and decision shall be issued by the Office of the State
2 Treasurer in a timely and expeditious manner.
3     (b) If the claim is allowed, and after deducting an amount
4 not to exceed $20 to cover the cost of notice publication and
5 related clerical expenses, the State Treasurer shall make
6 payment forthwith.
7     (c) In order to carry out the purpose of this Act, no
8 person or company shall be entitled to a fee for discovering
9 presumptively abandoned property until it has been in the
10 custody of the Unclaimed Property Division of the Office of the
11 State Treasurer for at least 24 months. Fees for discovering
12 property that has been in the custody of that division for more
13 than 24 months shall be limited to not more than 10% of the
14 amount collected.
15     (d) A person or company attempting to collect a contingent
16 fee for discovering, on behalf of an owner, presumptively
17 abandoned property must be licensed as a private detective
18 pursuant to the Private Detective, Private Alarm, Private
19 Security, Fingerprint Vendor, and Locksmith Act of 2004.
20     (e) This Section shall not apply to the fees of an attorney
21 at law duly appointed to practice in a state of the United
22 States who is employed by a claimant with regard to probate
23 matters on a contractual basis.
24     (f) Any person or company offering to identify, discover,
25 or collect presumptively abandoned property or property which
26 may become presumptively abandoned on behalf of the putative



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1 owner of such property in exchange for a fee, must provide the
2 owner with a written disclosure. The disclosure shall be set
3 forth in a clear and conspicuous manner and at a minimum shall
4 state the following:
5         Each state maintains an office of unclaimed property.
6     Generally, if for a number of years an owner of property
7     has not communicated directly with the holder of the
8     property, and has not otherwise indicated an interest in or
9     claimed the property, the property will be delivered to a
10     state administered unclaimed property program. Upon such
11     delivery, the owner will be able to recover the property
12     from the state administered program without charge by the
13     state. The unclaimed asset referred to in this Agreement
14     has not yet been reported or remitted to any state
15     unclaimed property office. Since you reside (or resided) in
16     Illinois, you may obtain information about the Illinois
17     unclaimed property program by logging onto its website at
19         A person or company may not charge a fee greater than
20     25% of the property's value for the recovery of that
21     property where the property is not yet reportable under
22     this Act and the designated owner of that property, as
23     reflected within the books and records of the holder, is
24     living.
25         A person or company may not charge a fee greater than
26     33% of the property's value for the recovery of that



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1     property where the property is not yet reportable under
2     this Act and the recovery of that property involves
3     documentation of the owner's death or any elements of
4     estate or trust administration.
5 (Source: P.A. 95-613, eff. 9-11-07.)