Full Text of HB0583 94th General Assembly
HB0583enr 94TH GENERAL ASSEMBLY
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| AN ACT concerning civil law.
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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 | 5 |
| Act is amended by changing Section 2 as follows:
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| (765 ILCS 1025/2) (from Ch. 141, par. 102)
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| Sec. 2. Property held by financial organizations; | 8 |
| presumption of
abandonment. The following property held or | 9 |
| owing by a banking or financial
organization is presumed | 10 |
| abandoned:
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| (a) Any demand, savings, or matured time deposit with
a | 12 |
| banking organization, together with any interest or dividend | 13 |
| thereon,
excluding any charges that may lawfully be withheld, | 14 |
| unless the owner has,
within 5 years:
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| (1) Increased or decreased the amount of the deposit, | 16 |
| or presented the
passbook or other similar evidence of the | 17 |
| deposit for the crediting of
interest; or
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| (2) Corresponded in writing with the banking | 19 |
| organization concerning the
deposit; or
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| (3) Otherwise indicated an interest in the deposit as | 21 |
| evidenced by a
memorandum on file with the banking | 22 |
| organization ; or .
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| (4) Engaged in the following activity regarding other | 24 |
| funds or loan accounts with the banking organization: | 25 |
| (i) undertook one or more the above actions | 26 |
| described in subsection (a) of this Section regarding | 27 |
| any account that appears on a consolidated statement | 28 |
| with the inactive account; | 29 |
| (ii) increased or decreased the amount of funds in | 30 |
| any other account the owner has with the banking | 31 |
| organization; or | 32 |
| (iii) engaged in any other relationship with the |
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| banking organization, including payment of any amounts | 2 |
| due on a loan. | 3 |
| The foregoing apply so long as the mailing address for the | 4 |
| owner in the banking organization's books and records is the | 5 |
| same for both the inactive account and for the active account.
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| (b) Any funds paid toward the purchase of withdrawable
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| shares
or other interest in a financial organization, or any | 8 |
| deposit made, and any interest or dividends thereon, excluding | 9 |
| any charges
that may be lawfully withheld, unless the owner has | 10 |
| within 5 years:
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| (1) Increased or decreased the amount of the funds, or | 12 |
| deposit, or
presented an appropriate record for the | 13 |
| crediting of interest or dividends; or
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| (2) Corresponded in writing with the financial | 15 |
| organization concerning
the funds or deposit; or
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| (3) Otherwise indicated an interest in the funds or | 17 |
| deposit as evidenced
by a memorandum on file with the | 18 |
| financial organization ; or .
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| (4) Engaged in the following activity regarding other | 20 |
| funds or loan accounts with the financial organization: | 21 |
| (i) undertook one or more the above actions | 22 |
| described in subsection (b) of this Section regarding | 23 |
| any account that appears on a consolidated statement | 24 |
| with the inactive account; | 25 |
| (ii) increased or decreased the amount of funds in | 26 |
| any other account the owner has with the financial | 27 |
| organization; or | 28 |
| (iii) engaged in any other relationship with the | 29 |
| financial organization, including payment of any | 30 |
| amounts due on a loan. | 31 |
| The foregoing apply so long as the mailing address for the | 32 |
| owner in the financial organization's books and records is the | 33 |
| same for both the inactive account and for the active account.
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| (c) Any sum payable on checks or on written
instruments on | 35 |
| which a banking or financial
organization
or business | 36 |
| association is directly liable including, by way of |
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| illustration
but not of limitation, certificates of deposit, | 2 |
| drafts, money orders and
travelers checks, that with the | 3 |
| exception of travelers checks has been
outstanding for more | 4 |
| than 5 years from the date it was payable, or from the
date of | 5 |
| its issuance if payable on demand, or, in the case of travelers | 6 |
| checks,
that has been outstanding for more than 15 years from | 7 |
| the date of its issuance,
excluding any charges that may be | 8 |
| lawfully withheld
relating to money orders issued by currency | 9 |
| exchanges,
unless the owner has within 5 years or within 15 | 10 |
| years in the case of travelers
checks corresponded in writing | 11 |
| with the banking or financial organization or
business | 12 |
| association concerning it, or otherwise indicated an interest | 13 |
| as
evidenced by a memorandum on file with the banking or | 14 |
| financial organization or
business association.
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| (d) Any funds or other personal property, tangible or | 16 |
| intangible, removed
from a safe deposit box or any other | 17 |
| safekeeping repository or agency or
collateral deposit box on | 18 |
| which the lease or rental period
has expired due to nonpayment | 19 |
| of rental charges or other reason, or any
surplus amounts | 20 |
| arising from the sale thereof pursuant to law, that have
been | 21 |
| unclaimed by the owner for more than 5 years from the date on | 22 |
| which
the lease or rental period expired, subject to lien of | 23 |
| the holder for
reimbursement of costs incurred in the opening | 24 |
| of a safe deposit box as
determined by the holder's regular | 25 |
| schedule of charges.
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| (e) Notwithstanding any other provision of this Section, no | 27 |
| deposit
except passbook, checking, NOW accounts, super NOW | 28 |
| accounts, money market
accounts, or such similar accounts as | 29 |
| established by Rule of the
State Treasurer,
held by a banking | 30 |
| or financial organization shall be presumed abandoned if
with | 31 |
| respect to such a deposit which specifies a definite maturity | 32 |
| date,
such organization was authorized in writing to extend or | 33 |
| rollover the
account for an additional like period and such | 34 |
| organization does so extend.
Such deposits are not presumed | 35 |
| abandoned less than 5 years from that final
maturity date.
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| Property of any kind held in an individual retirement account |
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| (IRA) is
not presumed abandoned earlier than 5 years after the | 2 |
| owner attains the age at
which distributions from the account | 3 |
| become mandatory under law.
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| (f) Notwithstanding any other provision of this Section, | 5 |
| money of a minor
deposited pursuant to Section 24-21 of the | 6 |
| Probate Act of 1975 shall not be
presumed abandoned earlier | 7 |
| than 5 years after the minor attains legal age.
Such money | 8 |
| shall be deposited in an account which shall indicate the birth | 9 |
| date
of the minor.
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| (Source: P.A. 91-16, eff.
7-1-99; 91-316, eff. 7-29-99; 92-16, | 11 |
| eff. 6-28-01.)
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