Illinois General Assembly - Full Text of SB0868
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Full Text of SB0868  100th General Assembly




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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 Revised Uniform Unclaimed Property Act is
5amended by changing Sections 15-102, 15-201, 15-206, 15-403,
615-501, 15-502, 15-503, 15-602, 15-606, 15-607, 15-1002.1,
715-1302, and 15-1401 as follows:
8    (765 ILCS 1026/15-102)
9    (This Section may contain text from a Public Act with a
10delayed effective date)
11    Sec. 15-102. Definitions. In this Act:
12        (1) "Administrator" means the State Treasurer.
13        (2) "Administrator's agent" means a person with which
14    the administrator contracts to conduct an examination
15    under Article 10 on behalf of the administrator. The term
16    includes an independent contractor of the person and each
17    individual participating in the examination on behalf of
18    the person or contractor.
19        (2.5) (Blank) "Affiliated group of merchants" means 2
20    or more affiliated merchants or other persons that are
21    related by common ownership or common corporate control and
22    that share the same name, mark, or logo. The term also
23    applies to 2 or more merchants or other persons that agree



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1    among themselves, by contract or otherwise, to redeem
2    cards, codes, or other devices bearing the same name, mark,
3    or logo (other than the mark, logo, or brand of a payment
4    network), for the purchase of goods or services solely at
5    such merchants or persons. However, merchants or other
6    persons are not considered to be affiliated merely because
7    they agree to accept a card that bears the mark, logo, or
8    brand of a payment network.
9        (3) "Apparent owner" means a person whose name appears
10    on the records of a holder as the owner of property held,
11    issued, or owing by the holder.
12        (4) "Business association" means a corporation, joint
13    stock company, investment company, unincorporated
14    association, joint venture, limited liability company,
15    business trust, trust company, land bank, safe deposit
16    company, safekeeping depository, financial organization,
17    insurance company, federally chartered entity, utility,
18    sole proprietorship, or other business entity, whether or
19    not for profit.
20        (5) "Confidential information" means information that
21    is "personal information" under the Personal Information
22    Protection Act, "private information" under the Freedom of
23    Information Act or personal information contained within
24    public records, the disclosure of which would constitute a
25    clearly unwarranted invasion of personal privacy, unless
26    the disclosure is consented to in writing by the individual



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1    subjects of the information as provided in the Freedom of
2    Information Act.
3        (6) "Domicile" means:
4            (A) for a corporation, the state of its
5        incorporation;
6            (B) for a business association whose formation
7        requires a filing with a state, other than a
8        corporation, the state of its filing;
9            (C) for a federally chartered entity or an
10        investment company registered under the Investment
11        Company Act of 1940, the state of its home office; and
12            (D) for any other holder, the state of its
13        principal place of business.
14        (7) "Electronic" means relating to technology having
15    electrical, digital, magnetic, wireless, optical,
16    electromagnetic, or similar capabilities.
17        (8) "Electronic mail" means a communication by
18    electronic means which is automatically retained and
19    stored and may be readily accessed or retrieved.
20    (8.5) "Escheat fee" means any charge imposed solely by
21virtue of property being reported as presumed abandoned.
22        (9) "Financial organization" means a bank, savings
23    bank, foreign bank, corporate fiduciary, currency
24    exchange, money transmitter, or credit union.
25        (10) "Game-related digital content" means digital
26    content that exists only in an electronic game or



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1    electronic-game platform. The term:
2            (A) includes:
3                (i) game-play currency such as a virtual
4            wallet, even if denominated in United States
5            currency; and
6                (ii) the following if for use or redemption
7            only within the game or platform or another
8            electronic game or electronic-game platform:
9                    (I) points sometimes referred to as gems,
10                tokens, gold, and similar names; and
11                    (II) digital codes; and
12            (B) does not include an item that the issuer:
13                (i) permits to be redeemed for use outside a
14            game or platform for:
15                    (I) money; or
16                    (II) goods or services that have more than
17                minimal value; or
18                (ii) otherwise monetizes for use outside a
19            game or platform.
20        (11) "Gift card" means a record evidencing a promise
21    made for consideration by the seller or issuer of the
22    record that goods, services, or money will be provided to
23    the owner of the record to the value or amount shown in the
24    record that is either:
25            (A) a record stored-value card:
26                (i) issued on a prepaid basis primarily for



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1            personal, family, or household purposes to a
2            consumer in a specified amount;
3                (ii) the value of which does not expire;
4                (iii) that is not subject to a dormancy,
5            inactivity, or post-sale service fee;
6                (iv) that is redeemable upon presentation for
7            goods or services may be decreased in value only by
8            redemption for merchandise, goods, or services
9            upon presentation at a single merchant or an
10            affiliated group of merchants; and
11                (v) that, unless required by law, may not be
12            redeemed for or converted into money or otherwise
13            monetized by the issuer; or and
14            (B) includes a prepaid commercial mobile radio
15        service, as defined in 47 C.F.R. 20.3, as amended.
16        (12) "Holder" means a person obligated to hold for the
17    account of, or to deliver or pay to, the owner, property
18    subject to this Act.
19        (13) "Insurance company" means an association,
20    corporation, or fraternal or mutual-benefit organization,
21    whether or not for profit, engaged in the business of
22    providing life endowments, annuities, or insurance,
23    including accident, burial, casualty, credit-life,
24    contract-performance, dental, disability, fidelity, fire,
25    health, hospitalization, illness, life, malpractice,
26    marine, mortgage, surety, wage-protection, and



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1    worker-compensation insurance.
2        (14) "Loyalty card" means a record given without direct
3    monetary consideration under an award, reward, benefit,
4    loyalty, incentive, rebate, or promotional program which
5    may be used or redeemed only to obtain goods or services or
6    a discount on goods or services. The term does not include
7    a record that may be redeemed for money or otherwise
8    monetized by the issuer.
9        (15) "Mineral" means gas, oil, coal, oil shale, other
10    gaseous liquid or solid hydrocarbon, cement material, sand
11    and gravel, road material, building stone, chemical raw
12    material, gemstone, fissionable and nonfissionable ores,
13    colloidal and other clay, steam and other geothermal
14    resources, and any other substance defined as a mineral by
15    law of this State other than this Act.
16        (16) "Mineral proceeds" means an amount payable for
17    extraction, production, or sale of minerals, or, on the
18    abandonment of the amount, an amount that becomes payable
19    after abandonment. The term includes an amount payable:
20            (A) for the acquisition and retention of a mineral
21        lease, including a bonus, royalty, compensatory
22        royalty, shut-in royalty, minimum royalty, and delay
23        rental;
24            (B) for the extraction, production, or sale of
25        minerals, including a net revenue interest, royalty,
26        overriding royalty, extraction payment, and production



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1        payment; and
2            (C) under an agreement or option, including a
3        joint-operating agreement, unit agreement, pooling
4        agreement, and farm-out agreement.
5        (17) "Money order" means a payment order for a
6    specified amount of money. The term includes an express
7    money order and a personal money order on which the
8    remitter is the purchaser.
9        (18) "Municipal bond" means a bond or evidence of
10    indebtedness issued by a municipality or other political
11    subdivision of a state.
12        (19) "Net card value" means the original purchase price
13    or original issued value of a stored-value card, plus
14    amounts added to the original price or value, minus amounts
15    used and any service charge, fee, or dormancy charge
16    permitted by law.
17        (20) "Non-freely transferable security" means a
18    security that cannot be delivered to the administrator by
19    the Depository Trust Clearing Corporation or similar
20    custodian of securities providing post-trade clearing and
21    settlement services to financial markets or cannot be
22    delivered because there is no agent to effect transfer. The
23    term includes a worthless security.
24        (21) "Owner", unless the context otherwise requires,
25    means a person that has a legal, beneficial, or equitable
26    interest in property subject to this Act or the person's



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1    legal representative when acting on behalf of the owner.
2    The term includes:
3            (A) a depositor, for a deposit;
4            (B) a beneficiary, for a trust other than a deposit
5        in trust;
6            (C) a creditor, claimant, or payee, for other
7        property; and
8            (D) the lawful bearer of a record that may be used
9        to obtain money, a reward, or a thing of value.
10        (22) "Payroll card" means a record that evidences a
11    payroll-card account as defined in Regulation E, 12 CFR
12    Part 1005, as amended.
13        (23) "Person" means an individual, estate, business
14    association, public corporation, government or
15    governmental subdivision, agency, or instrumentality, or
16    other legal entity, whether or not for profit.
17        (24) "Property" means tangible property described in
18    Section 15-201 or a fixed and certain interest in
19    intangible property held, issued, or owed in the course of
20    a holder's business or by a government, governmental
21    subdivision, agency, or instrumentality. The term:
22            (A) includes all income from or increments to the
23        property;
24            (B) includes property referred to as or evidenced
25        by:
26                (i) money, virtual currency, interest, or a



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1            dividend, check, draft, deposit, or payroll card;
2                (ii) a credit balance, customer's overpayment,
3            stored-value card, security deposit, refund,
4            credit memorandum, unpaid wage, unused ticket for
5            which the issuer has an obligation to provide a
6            refund, mineral proceeds, or unidentified
7            remittance;
8                (iii) a security except for:
9                    (I) a worthless security; or
10                    (II) a security that is subject to a lien,
11                legal hold, or restriction evidenced on the
12                records of the holder or imposed by operation
13                of law, if the lien, legal hold, or restriction
14                restricts the holder's or owner's ability to
15                receive, transfer, sell, or otherwise
16                negotiate the security;
17                (iv) a bond, debenture, note, or other
18            evidence of indebtedness;
19                (v) money deposited to redeem a security, make
20            a distribution, or pay a dividend;
21                (vi) an amount due and payable under an annuity
22            contract or insurance policy; and
23                (vii) an amount distributable from a trust or
24            custodial fund established under a plan to provide
25            health, welfare, pension, vacation, severance,
26            retirement, death, stock purchase, profit-sharing,



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1            employee-savings, supplemental-unemployment
2            insurance, or a similar benefit; and
3                (viii) any instrument on which a financial
4            organization or business association is directly
5            liable; and
6            (C) does not include:
7                (i) game-related digital content;
8                (ii) a loyalty card; or
9                (iii) a gift card.
10        (25) "Putative holder" means a person believed by the
11    administrator to be a holder, until the person pays or
12    delivers to the administrator property subject to this Act
13    or the administrator or a court makes a final determination
14    that the person is or is not a holder.
15        (26) "Record" means information that is inscribed on a
16    tangible medium or that is stored in an electronic or other
17    medium and is retrievable in perceivable form. The phrase
18    "records of the holder" includes records maintained by a
19    third party that has contracted with the holder.
20        (27) "Security" means:
21            (A) a security as defined in Article 8 of the
22        Uniform Commercial Code;
23            (B) a security entitlement as defined in Article 8
24        of the Uniform Commercial Code, including a customer
25        security account held by a registered broker-dealer,
26        to the extent the financial assets held in the security



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1        account are not:
2                (i) registered on the books of the issuer in
3            the name of the person for which the broker-dealer
4            holds the assets;
5                (ii) payable to the order of the person; or
6                (iii) specifically indorsed to the person; or
7            (C) an equity interest in a business association
8        not included in subparagraph (A) or (B).
9        (28) "Sign" means, with present intent to authenticate
10    or adopt a record:
11            (A) to execute or adopt a tangible symbol; or
12            (B) to attach to or logically associate with the
13        record an electronic symbol, sound, or process.
14        (29) "State" means a state of the United States, the
15    District of Columbia, the Commonwealth of Puerto Rico, the
16    United States Virgin Islands, or any territory or insular
17    possession subject to the jurisdiction of the United
18    States.
19        (30) "Stored-value card" means a card, code, or other
20    device that is: a record evidencing a promise made for
21    consideration by the seller or issuer of the record that
22    goods, services, or money will be provided to the owner of
23    the record to the value or amount shown in the record. The
24    term:
25            (A) issued on a prepaid basis primarily for
26        personal, family, or household purposes to a consumer



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1        in a specified amount, whether or not that amount may
2        be increased or reloaded in exchange for payment; and
3        includes:
4                (i) a record that contains or consists of a
5            microprocessor chip, magnetic strip, or other
6            means for the storage of information, which is
7            prefunded and whose value or amount is decreased on
8            each use and increased by payment of additional
9            consideration; and
10                (ii) a gift card and payroll card; and
11            (B) redeemable upon presentation at multiple
12        unaffiliated merchants for goods or services or usable
13        at automated teller machines; and
14        "Stored-value card" does not include a gift card,
15    payroll card, loyalty card, or game-related digital
16    content.
17        (31) "Utility" means a person that owns or operates for
18    public use a plant, equipment, real property, franchise, or
19    license for the following public services:
20            (A) transmission of communications or information;
21            (B) production, storage, transmission, sale,
22        delivery, or furnishing of electricity, water, steam,
23        or gas; or
24            (C) provision of sewage or septic services, or
25        trash, garbage, or recycling disposal.
26        (32) "Virtual currency" means a digital representation



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1    of value used as a medium of exchange, unit of account, or
2    store of value, which does not have legal tender status
3    recognized by the United States. The term does not include:
4            (A) the software or protocols governing the
5        transfer of the digital representation of value;
6            (B) game-related digital content; or
7            (C) a loyalty card or gift card.
8        (33) "Worthless security" means a security whose cost
9    of liquidation and delivery to the administrator would
10    exceed the value of the security on the date a report is
11    due under this Act.
12(Source: P.A. 100-22, eff. 1-1-18.)
13    (765 ILCS 1026/15-201)
14    (This Section may contain text from a Public Act with a
15delayed effective date)
16    Sec. 15-201. When property presumed abandoned. Subject to
17Section 15-210, the following property is presumed abandoned if
18it is unclaimed by the apparent owner during the period
19specified below:
20        (1) a traveler's check, 15 years after issuance;
21        (2) a money order, 7 years after issuance;
22        (3) any instrument on which a financial organization or
23    business association is directly liable, 3 years after
24    issuance; (Blank).
25        (4) a state or municipal bond, bearer bond, or



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1    original-issue-discount bond, 3 years after the earliest
2    of the date the bond matures or is called or the obligation
3    to pay the principal of the bond arises;
4        (5) a debt of a business association, 3 years after the
5    obligation to pay arises;
6        (6) a demand, savings, or time deposit, 3 years after
7    the later of maturity or the date of the last indication of
8    interest in the property by the apparent owner, except for
9    a deposit that is automatically renewable, 3 years after
10    its initial date of maturity unless the apparent owner
11    consented in a record on file with the holder to renewal at
12    or about the time of the renewal;
13        (7) money or a credit owed to a customer as a result of
14    a retail business transaction, other than in-store credit
15    for returned merchandise, other than a stored-value card, 3
16    years after the obligation arose;
17        (8) an amount owed by an insurance company on a life or
18    endowment insurance policy or an annuity contract that has
19    matured or terminated, 3 years after the obligation to pay
20    arose under the terms of the policy or contract or, if a
21    policy or contract for which an amount is owed on proof of
22    death has not matured by proof of the death of the insured
23    or annuitant, as follows:
24            (A) with respect to an amount owed on a life or
25        endowment insurance policy, the earlier of:
26                (i) 3 years after the death of the insured; or



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1                (ii) 2 years after the insured has attained, or
2            would have attained if living, the limiting age
3            under the mortality table on which the reserve for
4            the policy is based; and
5            (B) with respect to an amount owed on an annuity
6        contract, 3 years after the death of the annuitant.
7        (9) funds on deposit or held in trust pursuant to the
8    Illinois Funeral or Burial Funds Act for the prepayment of
9    a funeral or other funeral-related expenses, the earliest
10    of:
11            (A) 2 years after the date of death of the
12        beneficiary;
13            (B) one year after the date the beneficiary has
14        attained, or would have attained if living, the age of
15        105 where the holder does not know whether the
16        beneficiary is deceased;
17            (C) 40 30 years after the contract for prepayment
18        was executed;
19        (10) property distributable by a business association
20    in the course of dissolution or distributions from the
21    termination of a retirement plan, one year after the
22    property becomes distributable;
23        (11) property held by a court, including property
24    received as proceeds of a class action, 3 years after the
25    property becomes distributable;
26        (12) property held by a government or governmental



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1    subdivision, agency, or instrumentality, including
2    municipal bond interest and unredeemed principal under the
3    administration of a paying agent or indenture trustee, 3
4    years after the property becomes distributable;
5        (13) wages, commissions, bonuses, or reimbursements to
6    which an employee is entitled, or other compensation for
7    personal services, including amounts held on a payroll
8    card, one year after the amount becomes payable;
9        (14) a deposit or refund owed to a subscriber by a
10    utility, one year after the deposit or refund becomes
11    payable, except that any capital credits or patronage
12    capital retired, returned, refunded or tendered to a member
13    of an electric cooperative, as defined in Section 3.4 of
14    the Electric Supplier Act, or a telephone or
15    telecommunications cooperative, as defined in Section
16    13-212 of the Public Utilities Act, that has remained
17    unclaimed by the person appearing on the records of the
18    entitled cooperative for more than 2 years, shall not be
19    subject to, or governed by, any other provisions of this
20    Act, but rather shall be used by the cooperative for the
21    benefit of the general membership of the cooperative; and
22        (15) property not specified in this Section or Sections
23    15-202 through 15-208, the earlier of 3 years after the
24    owner first has a right to demand the property or the
25    obligation to pay or distribute the property arises.
26    Notwithstanding anything to the contrary in this Section



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115-201, and subject to Section 15-210, a deceased owner cannot
2indicate interest in his or her property. If the owner is
3deceased and the abandonment period for the owner's property
4specified in this Section 15-201 is greater than 2 years, then
5the property, other than an amount owed by an insurance company
6on a life or endowment insurance policy or an annuity contract
7that has matured or terminated, shall instead be presumed
8abandoned 2 years from the date of the owner's last indication
9of interest in the property.
10(Source: P.A. 100-22, eff. 1-1-18.)
11    (765 ILCS 1026/15-206)
12    (This Section may contain text from a Public Act with a
13delayed effective date)
14    Sec. 15-206. When stored-value card presumed abandoned.
15    (a) Subject to Section 15-210, the net card value of a
16stored-value card, other than a payroll card or a gift card, is
17presumed abandoned on the latest of 5 years after:
18        (1) December 31 of the year in which the card is issued
19    or additional funds are deposited into it;
20        (2) the most recent indication of interest in the card
21    by the apparent owner; or
22        (3) a verification or review of the balance by or on
23    behalf of the apparent owner.
24    (b) The amount presumed abandoned in a stored-value card is
25the net card value at the time it is presumed abandoned.



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1    (c) However, if a holder has reported and remitted to the
2administrator the net card value on a stored-value card
3presumed abandoned under this Section and the stored-value card
4does not have an expiration date, then the holder must honor
5the card on presentation indefinitely and may then request
6reimbursement from the administrator under Section 605.
7(Source: P.A. 100-22, eff. 1-1-18.)
8    (765 ILCS 1026/15-403)
9    (This Section may contain text from a Public Act with a
10delayed effective date)
11    Sec. 15-403. When report to be filed.
12    (a) Except as otherwise provided in subsection (b) and
13subject to subsection (c), the report under Section 15-401 must
14be filed before November 1 of each year and cover the 12 months
15preceding July 1 of that year. Business associations which must
16report under this subsection (a) include financial
17organizations and insurance companies other than life
18insurance companies; all other business associations must file
19under subsection (b).
20    (b) Subject to subsection (c), the report under Section
2115-401 to be filed by any business associations that do not
22report under subsection (a) , utilities, and life insurance
23companies must be filed before May 1 of each year for the
24immediately preceding calendar year.
25    (c) Before the date for filing the report under Section



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115-401, the holder of property presumed abandoned may request
2the administrator to extend the time for filing. The
3administrator may grant an extension. If the extension is
4granted, the holder may pay or make a partial payment of the
5amount the holder estimates ultimately will be due. The payment
6or partial payment terminates accrual of interest on the amount
8(Source: P.A. 100-22, eff. 1-1-18.)
9    (765 ILCS 1026/15-501)
10    (This Section may contain text from a Public Act with a
11delayed effective date)
12    Sec. 15-501. Notice to apparent owner by holder.
13    (a) Subject to subsections (b) and (c), the holder of
14property presumed abandoned shall send to the apparent owner
15notice by first-class United States mail that complies with
16Section 15-502 in a format acceptable to the administrator not
17more than one year nor less than 60 days before filing the
18report under Section 15-401 if:
19        (1) the holder has in its records an address for the
20    apparent owner which the holder's records do not disclose
21    to be invalid and is sufficient to direct the delivery of
22    first-class United States mail to the apparent owner; and
23        (2) the value of the property is $50 or more.
24    (b) If an apparent owner has consented to receive
25electronic-mail delivery from the holder, the holder shall send



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1the notice described in subsection (a) both by first-class
2United States mail to the apparent owner's last-known mailing
3address and by electronic mail, unless the holder believes that
4the apparent owner's electronic-mail address is invalid.
5    (c) The holder of securities presumed abandoned under
6Sections 15-202, 15-203, or 15-208 shall send to the apparent
7owner notice by certified United States mail that complies with
8Section 15-502 in a format acceptable to the administrator not
9less than 60 days before filing the report under Section 15-401
11        (1) the holder has in its records an address for the
12    apparent owner which the holder's records do not disclose
13    to be invalid and is sufficient to direct the delivery of
14    United States mail to the apparent owner; and
15        (2) the value of the property is $1,000 or more.
16    The administrator may issue rules allowing a holder to
17deduct reasonable costs incurred in sending a notice by
18certified United States mail under this subsection.
19    (d) In addition to other indications of an apparent owner's
20interest in property pursuant to Section 15-210, a signed
21return receipt in response to a notice sent pursuant to this
22Section by certified United States mail shall constitute a
23record communicated by the apparent owner to the holder
24concerning the property or the account in which the property is
26    (e) The administrator may adopt rules allowing a holder to



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1deduct reasonable costs incurred in sending a notice by United
2States mail under this Section.
3(Source: P.A. 100-22, eff. 1-1-18.)
4    (765 ILCS 1026/15-502)
5    (This Section may contain text from a Public Act with a
6delayed effective date)
7    Sec. 15-502. Contents of notice by holder.
8    (a) Notice under Section 15-501 must contain a heading that
9reads substantially as follows: "Notice. The State of Illinois
10requires us to notify you that your property may be transferred
11to the custody of the State Treasurer administrator if you do
12not contact us before (insert date that is 30 days after the
13date of this notice).".
14    (b) The notice under Section 15-501 must:
15        (1) identify the nature and, except for property that
16    does not have a fixed value, the value of the property that
17    is the subject of the notice;
18        (2) state that the property will be turned over to the
19    State Treasurer;
20        (3) state that after the property is turned over to the
21    State Treasurer an apparent owner that seeks return of the
22    property may file a claim with the State Treasurer
23    administrator;
24        (4) state that property that is not legal tender of the
25    United States may be sold by the State Treasurer;



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1        (5) provide instructions that the apparent owner must
2    follow to prevent the holder from reporting and paying or
3    delivering the property to the State Treasurer; and
4        (6) provide the name, address, and e-mail address or
5    telephone number to contact the holder.
6    (c) The holder may supplement the required information by
7listing a website where apparent owners may obtain more
8information about how to prevent the holder from reporting and
9paying or delivering the property to the State Treasurer.
10(Source: P.A. 100-22, eff. 1-1-18.)
11    (765 ILCS 1026/15-503)
12    (This Section may contain text from a Public Act with a
13delayed effective date)
14    Sec. 15-503. Notice by administrator.
15    (a) The administrator shall give notice to an apparent
16owner that property presumed abandoned and appears to be owned
17by the apparent owner is held by the administrator under this
19    (b) In providing notice under subsection (a), the
20administrator shall:
21        (1) except as otherwise provided in paragraph (2), send
22    written notice by first-class United States mail to each
23    apparent owner of property valued at $100 or more held by
24    the administrator, unless the administrator determines
25    that a mailing by first-class United States mail would not



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1    be received by the apparent owner, and, in the case of a
2    security held in an account for which the apparent owner
3    had consented to receiving electronic mail from the holder,
4    send notice by electronic mail if the electronic-mail
5    address of the apparent owner is known to the administrator
6    instead of by first-class United States mail; or
7        (2) send the notice to the apparent owner's
8    electronic-mail address if the administrator does not have
9    a valid United States mail address for an apparent owner,
10    but has an electronic-mail address that the administrator
11    does not know to be invalid.
12    (c) In addition to the notice under subsection (b), the
13administrator shall:
14        (1) publish every 6 months in at least one English
15    language newspaper of general circulation in each county in
16    this State notice of property held by the administrator
17    which must include:
18            (A) the total value of property received by the
19        administrator during the preceding 6-month period,
20        taken from the reports under Section 15-401;
21            (B) the total value of claims paid by the
22        administrator during the preceding 6-month period;
23            (C) the Internet web address of the unclaimed
24        property website maintained by the administrator;
25            (D) a telephone number and electronic-mail address
26        to contact the administrator to inquire about or claim



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1        property; and
2            (E) a statement that a person may access the
3        Internet by a computer to search for unclaimed property
4        and a computer may be available as a service to the
5        public at a local public library.
6        (2) The administrator shall maintain a website
7    accessible by the public and electronically searchable
8    which contains the names reported to the administrator of
9    apparent owners for whom property is being held by the
10    administrator. The administrator need not list property on
11    such website when: no owner name was reported, a claim has
12    been initiated or is pending for the property, the
13    administrator has made direct contact with the apparent
14    owner of the property, and in other instances where the
15    administrator reasonably believes exclusion of the
16    property is in the best interests of both the State and the
17    owner of the property.
18    (d) The website or database maintained under subsection
19(c)(2) must include instructions for filing with the
20administrator a claim to property and an online claim form with
21instructions. The website may also provide a printable claim
22form with instructions for its use.
23    (e) Tax return identification of apparent owners of
24abandoned property.
25        (1) At least annually the administrator shall notify
26    the Department of Revenue of the names of persons appearing



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1    to be owners of abandoned property under this Section. The
2    administrator shall also provide to the Department of
3    Revenue the social security numbers of the persons, if
4    available.
5        (2) The Department of Revenue shall notify the
6    administrator if any person under subsection (e)(1) has
7    filed an Illinois income tax return and shall provide the
8    administrator with the last known address of the person as
9    it appears in Department of Revenue records, except as
10    prohibited by federal law. The Department of Revenue may
11    also provide additional addresses for the same taxpayer
12    from the records of the Department, except as prohibited by
13    federal law.
14        (3) In order to facilitate the return of property under
15    this subsection, the administrator and the Department of
16    Revenue may enter into an interagency agreement concerning
17    protection of confidential information, data match rules,
18    and other issues.
19        (4) The administrator may deliver, as provided under
20    Section 15-904 of this Act, property or pay the amount
21    owing to a person matched under this Section without the
22    person filing a claim under Section 15-903 of this Act if
23    the following conditions are met:
24            (A) the value of the property that is owed the
25        person is $2,000 or less;
26            (B) the property is not either tangible property or



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1        securities;
2            (C) the last known address for the person according
3        to the Department of Revenue records is less than 12
4        months old; and
5            (D) the administrator has evidence sufficient to
6        establish that the person who appears in Department of
7        Revenue records is the owner of the property and the
8        owner currently resides at the last known address from
9        the Department of Revenue.
10        (5) If the value of the property that is owed the
11    person is greater than $2,000, or is tangible property or
12    securities the administrator shall provide notice to the
13    person, informing the person that he or she is the owner of
14    abandoned property held by the State and may file a claim
15    with the administrator for return of the property.
16    (f) The administrator may use additional databases to
17verify the identity of the person and that the person currently
18resides at the last known address. The administrator may
19utilize publicly and commercially available databases to find
20and update or add information for apparent owners of property
21held by the administrator.
22    (g) In addition to giving notice under subsection (b),
23publishing the information under subsection (c)(1) and
24maintaining the website or database under subsection (c)(2),
25the administrator may use other printed publication,
26telecommunication, the Internet, or other media to inform the



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1public of the existence of unclaimed property held by the
3(Source: P.A. 100-22, eff. 1-1-18.)
4    (765 ILCS 1026/15-602)
5    (This Section may contain text from a Public Act with a
6delayed effective date)
7    Sec. 15-602. Dormancy charge; escheat fee.
8    (a) A holder may deduct a dormancy charge or an escheat fee
9from property required to be paid or delivered to the
10administrator if:
11        (1) a valid contract between the holder and the
12    apparent owner authorizes imposition of the charge for the
13    apparent owner's failure to claim the property within a
14    specified time; and
15        (2) the holder regularly imposes the charge and
16    regularly does not reverse or otherwise cancel the charge.
17    (b) The amount of the deduction under subsection (a) is
18limited to an amount that is not unconscionable considering all
19relevant factors, including the marginal transactional costs
20incurred by the holder in maintaining the apparent owner's
21property and any services received by the apparent owner.
22    (c) (Blank) A holder may not deduct an escheat fee or other
23charges imposed solely by virtue of property being reported as
24presumed abandoned.
25(Source: P.A. 100-22, eff. 1-1-18.)



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1    (765 ILCS 1026/15-606)
2    (This Section may contain text from a Public Act with a
3delayed effective date)
4    Sec. 15-606. Property removed from safe-deposit box.
5Property removed from a safe-deposit box and delivered under
6this Act to the administrator under this Act is subject to the
7holder's right to reimbursement for the cost of opening the box
8and a lien or contract providing reimbursement to the holder
9for unpaid rent charges for the box. Upon application by the
10holder, and after there are sufficient cash funds available
11either from the contents of the box or the sale of the
12property, the administrator shall reimburse the holder from the
13proceeds after the sale of the property, and after deducting
14the expense incurred by the administrator in selling the
15property, the administrator shall reimburse the holder from the
16proceeds remaining. The administrator shall promulgate
17administrative rules concerning the reimbursement process
18under this Section.
19(Source: P.A. 100-22, eff. 1-1-18.)
20    (765 ILCS 1026/15-607)
21    (This Section may contain text from a Public Act with a
22delayed effective date)
23    Sec. 15-607. Crediting income or gain to owner's account.
24    (a) If property other than money is delivered to the



SB0868 Enrolled- 29 -LRB100 08111 AXK 18205 b

1administrator, the owner is entitled to receive from the
2administrator income or gain realized or accrued on the
3property before the property is sold.
4    (b) Except as provided in subsection (c), interest Interest
5on money is not payable to an owner for periods where the
6property is in the possession of the administrator.
7    (c) If an interest-bearing demand, savings, or time deposit
8is paid or delivered to the administrator on or after July 1,
92018, then the administrator shall pay interest to the owner at
10the lesser of: (i) the percentage increase, if any, in the
11Consumer Price Index for All Urban Consumers for all items
12published by the United States Department of Labor (CPI-U); or
13(ii) the rate the property earned while in the possession of
14the holder and reported to the administrator. Interest begins
15to accrue when the property is delivered to the administrator
16and ends on the earlier of the expiration of 10 years after its
17delivery or the date on which payment is made to the owner. The
18administrator may establish by administrative rule more
19detailed methodologies for calculating the amount of interest
20to be paid to an owner under this Section using CPI-U or the
21rate the property earned while in the possession of the holder.
22(Source: P.A. 100-22, eff. 1-1-18.)
23    (765 ILCS 1026/15-1002.1)
24    (This Section may contain text from a Public Act with a
25delayed effective date)



SB0868 Enrolled- 30 -LRB100 08111 AXK 18205 b

1    Sec. 15-1002.1. Examination of State-regulated financial
2organizations institutions.
3    (a) Notwithstanding Section 15-1002 of this Act, for any
4financial organization for which the Department of Financial
5and Professional Regulation is the primary prudential
6regulator, the administrator shall not examine such financial
7institution unless the administrator has consulted with the
8Secretary of Financial and Professional Regulation and the
9Department of Financial and Professional Regulation has not
10examined such financial organization for compliance with this
11Act within the past 5 years. The Secretary of Financial and
12Professional Regulation may waive in writing the provisions of
13this subsection (a) in order to permit the administrator to
14examine a financial organization or group of financial
15organizations for compliance with this Act.
16    (b) Nothing in this Section shall be construed to prohibit
17the administrator from examining a financial organization for
18which the Department of Financial and Professional Regulation
19is not the primary prudential regulator. Further, nothing is
20this Act shall be construed to limit the authority of the
21Department of Financial and Professional Regulation to examine
22financial organizations.
23(Source: P.A. 100-22, eff. 1-1-18.)
24    (765 ILCS 1026/15-1302)
25    (This Section may contain text from a Public Act with a



SB0868 Enrolled- 31 -LRB100 08111 AXK 18205 b

1delayed effective date)
2    Sec. 15-1302. When agreement to locate property void.
3    (a) Subject to subsection (b), an agreement under Section
415-1301 is void if it is entered into during the period
5beginning on the date the property was presumed abandoned under
6this Act and ending 24 months after the payment or delivery of
7the property to the administrator.
8    (b) If a provision in an agreement described in Section
915-1301 applies to mineral proceeds for which compensation is
10to be paid to the other person based in whole or in part on a
11part of the underlying minerals or mineral proceeds not then
12presumed abandoned, the provision is void regardless of when
13the agreement was entered into.
14    (c) An agreement under this Article 13 subsection (a) which
15provides for compensation in an amount that is more than 10% of
16the amount collected is unenforceable except by the apparent
18    (d) An apparent owner or the administrator may assert that
19an agreement described in this Article 13 Section is void on a
20ground other than it provides for payment of unconscionable
22    (e) A person attempting to collect a contingent fee for
23discovering, on behalf of an apparent owner, presumptively
24abandoned property must be licensed as a private detective
25pursuant to the Private Detective, Private Alarm, Private
26Security, Fingerprint Vendor, and Locksmith Act of 2004.



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1    (f) This Section does not apply to an apparent owner's
2agreement with an attorney to pursue a claim for recovery of
3specifically identified property held by the administrator or
4to contest the administrator's denial of a claim for recovery
5of the property.
6(Source: P.A. 100-22, eff. 1-1-18.)
7    (765 ILCS 1026/15-1401)
8    (This Section may contain text from a Public Act with a
9delayed effective date)
10    Sec. 15-1401. Confidential information.
11    (a) Except as otherwise provided provide in this Section,
12information that is confidential under law of this State other
13than this Act, another state, or the United States, including
14"private information" as defined in the Freedom of Information
15Act and "personal information" as defined in the Personal
16Information Protection Act, continues to be confidential when
17disclosed or delivered under this Act to the administrator or
18administrator's agent.
19    (b) Information provided in reports filed pursuant to
20Section 15-401, information obtained in the course of an
21examination pursuant to Section 15-1002, and the database
22required by Section 15-503 is exempt from disclosure under the
23Freedom of Information Act.
24    (c) If reasonably necessary to enforce or implement this
25Act, the administrator or the administrator's agent may



SB0868 Enrolled- 33 -LRB100 08111 AXK 18205 b

1disclose confidential information concerning property held by
2the administrator or the administrator's agent to:
3        (1) an apparent owner or the apparent owner's
4    representative under the Probate Act of 1975, attorney,
5    other legal representative, or relative;
6        (2) the representative under the Probate Act of 1975,
7    other legal representative, relative of a deceased
8    apparent owner, or a person entitled to inherit from the
9    deceased apparent owner;
10        (3) another department or agency of this State or the
11    United States;
12        (4) the person that administers the unclaimed property
13    law of another state, if the other state accords
14    substantially reciprocal privileges to the administrator
15    of this State if the other state is required to maintain
16    the confidentiality and security of information obtained
17    in a manner substantially equivalent to Article 14;
18        (5) a person subject to an examination as required by
19    Section 15-1004; and
20        (6) an agent of the administrator.
21    (d) (b) The administrator may include on the website or in
22the database the names and addresses of apparent owners of
23property held by the administrator as provided in Section
2415-503. The administrator may include in published notices,
25printed publications, telecommunications, the Internet, or
26other media and on the website or in the database additional



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1information concerning the apparent owner's property if the
2administrator believes the information will assist in
3identifying and returning property to the owner and does not
4disclose personal information as defined in the Personal
5Information Protection Act.
6    (e) (c) The administrator and the administrator's agent may
7not use confidential information provided to them or in their
8possession except as expressly authorized by this Act or
9required by law other than this Act.
10(Source: P.A. 100-22, eff. 1-1-18.)
11    Section 99. Effective date. This Act takes effect January
121, 2018.