Full Text of HB0019 97th General Assembly
HB0019eng 97TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning civil law.
| 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 11 as follows:
| 6 | | (765 ILCS 1025/11) (from Ch. 141, par. 111)
| 7 | | Sec. 11. Report of holder.
| 8 | | (a) Except as otherwise provided in
subsection (c) of | 9 | | Section
4, every person holding funds or other property, | 10 | | tangible or intangible,
presumed abandoned under this Act shall | 11 | | report and remit all abandoned property
specified in the report | 12 | | to the State Treasurer with respect to the property as
| 13 | | hereinafter provided. The State Treasurer may exempt any | 14 | | businesses from the
reporting requirement if he deems such | 15 | | businesses unlikely to be holding
unclaimed property.
| 16 | | (b) The information shall be obtained in one or more | 17 | | reports as required
by the State Treasurer. The information | 18 | | shall be verified and shall include:
| 19 | | (1) the name, social security or federal tax | 20 | | identification number,
if known, and last known address, | 21 | | including zip code, of each
person appearing from the | 22 | | records of the holder to be the owner of any
property of | 23 | | the value of $25 or more presumed abandoned under this Act;
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| 1 | | (2) in case of unclaimed funds of life insurance | 2 | | corporations the
full name of the insured and any | 3 | | beneficiary or annuitant and the
last known address | 4 | | according to the life insurance corporation's records;
| 5 | | (3) the date when the property became payable, | 6 | | demandable, or
returnable, and the date of the last | 7 | | transaction with the owner with
respect to the property; | 8 | | and
| 9 | | (4) other information which the State Treasurer | 10 | | prescribes by rule as
necessary for the administration of | 11 | | this Act.
| 12 | | (c) If the person holding property presumed abandoned is a | 13 | | successor
to other persons who previously held the property for | 14 | | the owner, or if
the holder has changed his name while holding | 15 | | the property, he shall
file with his report all prior known | 16 | | names and addresses of each holder
of the property.
| 17 | | (d) The report and remittance of the property specified in | 18 | | the
report shall be filed by banking organizations, financial | 19 | | organizations,
insurance companies other than life insurance | 20 | | corporations, and governmental
entities before November 1 of | 21 | | each year as of June 30 next preceding.
The report and | 22 | | remittance of the property specified in the report shall be
| 23 | | filed by business associations, utilities, and life insurance | 24 | | corporations
before May 1 of each year as of December 31 next | 25 | | preceding. The Director may
postpone the reporting date upon | 26 | | written request by any person required to file
a report. The |
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| 1 | | report and remittance of the property specified in the report | 2 | | for property subject to subsection (a) of Section 3a of this | 3 | | Act shall be filed before a date established by the State | 4 | | Treasurer that is on or after the later of: (i) 30 days after | 5 | | the effective date of this amendatory Act of the 94th General | 6 | | Assembly; or (ii) November 1, 2005.
| 7 | | (d-5) Notwithstanding the foregoing, currency exchanges | 8 | | shall be required
to report and remit property specified in the | 9 | | report within 30 days after the
conclusion of its annual | 10 | | examination by the Department of Financial
Institutions.
As | 11 | | part of the examination of a currency exchange, the Department | 12 | | of Financial
Institutions shall instruct the currency exchange | 13 | | to submit a complete
unclaimed
property report using the State | 14 | | Treasurer's formatted diskette reporting
program or an | 15 | | alternative reporting format approved by the State Treasurer.
| 16 | | The Department of Financial Institutions shall provide the | 17 | | State Treasurer with
an accounting of the money orders located | 18 | | in the course of the annual
examination including, where | 19 | | available, the amount of service fees deducted and
the date of | 20 | | the
conclusion of the examination.
| 21 | | (e) Before filing the annual report, the holder of property | 22 | | presumed
abandoned under this Act shall communicate with the | 23 | | owner at his last known
address if any address is known to the | 24 | | holder, setting forth the provisions
hereof necessary to occur | 25 | | in order to prevent abandonment from being presumed.
If the | 26 | | holder has not communicated with the owner at his last known |
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| 1 | | address at
least 120 days before the deadline for filing the | 2 | | annual report, the holder
shall mail, at least 60 days before | 3 | | that deadline, a letter by first class mail
to the owner at his | 4 | | last known address unless any address
is shown to be | 5 | | inaccurate, setting forth the provisions hereof
necessary to | 6 | | prevent abandonment from being presumed. Additionally, if the | 7 | | value of the property exceeds $1,000, a copy of the letter | 8 | | shall be sent by certified mail.
| 9 | | (f) Verification, if made by a partnership, shall be | 10 | | executed by a
partner; if made by an unincorporated association | 11 | | or private
corporation, by an officer; and if made by a public | 12 | | corporation, by its
chief fiscal officer.
| 13 | | (g) Any person who has possession of property which he has | 14 | | reason to
believe will be reportable in the future as unclaimed | 15 | | property, may
report and deliver it prior to the date required | 16 | | for such reporting in
accordance with this Section and is then | 17 | | relieved of responsibility as
provided in Section 14.
| 18 | | (h) (1) Records pertaining to presumptively abandoned | 19 | | property held by a
trust
division or trust department or by a | 20 | | trust company, or affiliate of any of the
foregoing that | 21 | | provides nondealer corporate custodial services for securities
| 22 | | or securities transactions, organized under the laws of this or | 23 | | another state
or the United States shall be retained until the | 24 | | property is delivered to the
State Treasurer.
| 25 | | As of January 1, 1998, this subdivision (h)(1) shall not be | 26 | | applicable
unless the Department of Financial Institutions has |
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| 1 | | commenced, but
not finalized, an examination of the
holder as | 2 | | of that date and the property is included in a final | 3 | | examination
report for the period covered by the examination.
| 4 | | (2) In the case of all other holders commencing on the | 5 | | effective date of
this amendatory Act of 1993, property records | 6 | | for the period required for
presumptive abandonment plus the 9 | 7 | | years immediately preceding the beginning of
that period shall | 8 | | be retained for 5 years after the property was reportable.
| 9 | | (i) The State Treasurer may promulgate rules establishing
| 10 | | the format and media to be used by a holder in submitting | 11 | | reports required
under this Act.
| 12 | | (j) Other than the Notice to Owners required by Section 12 | 13 | | and other
discretionary means employed by the State Treasurer | 14 | | for notifying owners of the
existence of abandoned property, | 15 | | the State Treasurer shall not disclose any
information provided | 16 | | in reports filed with the State Treasurer or any
information | 17 | | obtained in the course of an examination by the State Treasurer | 18 | | to
any person other than governmental agencies for the purposes | 19 | | of returning
abandoned property to its owners or to those | 20 | | individuals who appear to be the
owner of the property or | 21 | | otherwise have a valid claim to the property, unless
written | 22 | | consent from the person entitled to the property is obtained by | 23 | | the
State Treasurer.
| 24 | | (Source: P.A. 93-531, eff. 8-14-03; 94-686, eff. 11-2-05.)
| 25 | | Section 99. Effective date. This Act takes effect upon | 26 | | becoming law.
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