HB3755 98TH GENERAL ASSEMBLY

LRB098 14740 OMW 49629 b

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.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning civil law.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Uniform Disposition of Unclaimed Property Act is amended by changing Section 12 as follows:

(765 ILCS 1025/12) (from Ch. 141, par. 112)

Sec. 12. Notice to owners.

(a) Except as otherwise provided in subsection (d) of this Section, for For property reportable by May 1, as identified by Section 11, the State Treasurer shall cause notice to be published once in an English language newspaper of general circulation in the county in this State in which is located the last known address of any person to be named in the notice on or before November 1 of the same year. For property reportable by November 1, as identified by Section 11, the State Treasurer shall cause notice to be published once in an English language newspaper of general circulation in the county in this State in which is located the last known address of any person named in the notice on or before May 1 of the next year. If no address is listed or if the address is outside this State, the notice shall be published in the county in which the holder of the abandoned property has his principal place of business within this State. However, if an out-of-state address is in a state that is not a party to a reciprocal agreement with this State concerning abandoned property, the notice may be published in the Illinois Register. The names of owners that are identified and contacted directly by the State Treasurer do not have to be published as described in this Section.

(b) The published notice shall be entitled "Notice of Names of Persons Appearing to be Owners of Abandoned Property", and shall contain:

(1) The names in alphabetical order and last known addresses, if any, of persons listed in the report and entitled to notice within the county as hereinbefore specified.

(2) A statement that information concerning the amount or description of the property and the name and address of the holder may be obtained by any persons possessing an interest in the property by addressing an inquiry to the State Treasurer.

(3) A statement that the abandoned property has been placed in the custody of the State Treasurer to whom all further claims must thereafter be directed.

(c) The State Treasurer is not required to publish in such notice any item of less than $100 or any item for which the address of the last known owner is in a state that has a reciprocal agreement with this State concerning abandoned property unless he deems such publication to be in the public interest.

(d) The State Treasurer is not required to publish notice under this Section if the entity identified as the owner in the report under Section 11 of this Act is a federal, State, or local government or governmental subdivision, agency, entity, officer, or appointee thereof, or any successor entity provided by statute. If the identified owner is an entity or officer described in this subsection (d), the State Treasurer shall transfer that property directly to the entity or officer. If the identified owner is a former office holder, the State Treasurer shall transfer the property directly to the current officer. If the identified owner is an entity or officer that has been renamed, merged with another entity or officer, or abolished, the State Treasurer shall contact the successor entity or entity provided by statute to confirm ownership and make arrangements for the transfer of that property.

(Source: P.A. 93-531, eff. 8-14-03; 94-686, eff. 11-2-05.)

Section 99. Effective date. This Act takes effect upon becoming law.