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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
SB2195
Introduced 1/14/2004, by Dan Cronin SYNOPSIS AS INTRODUCED:
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765 ILCS 1025/9 |
from Ch. 141, par. 109 |
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Amends the Uniform Disposition of Unclaimed Property Act. Exempts funds held in a lawyer's trust account established under Supreme Court Rules from being presumed abandoned after the funds have remained unclaimed for 5 years. Effective immediately.
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| FISCAL NOTE ACT MAY APPLY | |
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A BILL FOR
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SB2195 |
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LRB093 14936 LCB 40504 b |
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| AN ACT concerning abandoned funds.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Uniform Disposition of Unclaimed Property |
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| Act is amended by changing Section 9 as follows:
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| (765 ILCS 1025/9) (from Ch. 141, par. 109)
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| Sec. 9. All personal property, not otherwise covered by |
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| this
Act, including any income or increment thereon that the |
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| owner would be
entitled to and deducting any lawful charges, |
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| that has remained
unclaimed by the owner for more than 5 years |
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| is presumed abandoned. Before
reporting and delivering |
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| property
as required under this Act, a business association may |
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| deduct from the amount
of otherwise reportable intangible |
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| personal property the economic loss suffered
by it in |
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| connection with that intangible personal property arising from
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| transactions involving the sale of tangible personal property |
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| at retail. Except
as provided in Section 10.5, this provision |
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| shall not apply to
personal property held prior to October 1, |
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| 1968 by business associations.
Property remitted to the State |
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| pursuant to this Act, prior to the effective
date of this |
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| amendatory Act of 1982, shall not be affected by this |
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| amendatory
Act of 1982.
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| This Act shall not apply to abandoned funds held in a |
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| lawyer's trust account established under Supreme Court Rules.
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| (Source: P.A. 90-167, eff. 7-23-97.)
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| Section 99. Effective date. This Act takes effect upon |
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| becoming law.
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