Full Text of SB2636 95th General Assembly
SB2636enr 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
|
|
|
|
SB2636 Enrolled |
- 2 - |
LRB095 18910 AJO 45542 b |
|
| 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 |
|
|
|
SB2636 Enrolled |
- 3 - |
LRB095 18910 AJO 45542 b |
|
| 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 | 18 |
| www.treasurer.il.gov. | 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 |
|
|
|
SB2636 Enrolled |
- 4 - |
LRB095 18910 AJO 45542 b |
|
| 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.)
|
|