Full Text of HB1875 98th General Assembly
HB1875ham001 98TH GENERAL ASSEMBLY | Rep. Jeanne M Ives Filed: 4/12/2013
| | 09800HB1875ham001 | | LRB098 05856 HEP 44425 a |
|
| 1 | | AMENDMENT TO HOUSE BILL 1875
| 2 | | AMENDMENT NO. ______. Amend House Bill 1875 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 5. The Uniform Disposition of Unclaimed Property | 5 | | Act is amended by changing Section 11 and by adding Section | 6 | | 11.3 as follows:
| 7 | | (765 ILCS 1025/11) (from Ch. 141, par. 111)
| 8 | | Sec. 11. Report of holder.
| 9 | | (a) Except as otherwise provided in
subsection (c) of | 10 | | Section
4, every person holding funds or other property, | 11 | | tangible or intangible,
presumed abandoned under this Act shall | 12 | | report and remit all abandoned property
specified in the report | 13 | | to the State Treasurer with respect to the property as
| 14 | | hereinafter provided. The State Treasurer may exempt any | 15 | | businesses from the
reporting requirement if he deems such | 16 | | businesses unlikely to be holding
unclaimed property.
|
| | | 09800HB1875ham001 | - 2 - | LRB098 05856 HEP 44425 a |
|
| 1 | | (b) The information shall be obtained in one or more | 2 | | reports as required
by the State Treasurer. The information | 3 | | shall be verified and shall include:
| 4 | | (1) the name, social security or federal tax | 5 | | identification number,
if known, and last known address, | 6 | | including zip code, of each
person appearing from the | 7 | | records of the holder to be the owner of any
property of | 8 | | the value of $25 or more presumed abandoned under this Act;
| 9 | | (2) in case of unclaimed funds of life insurance | 10 | | corporations the
full name of the insured and any | 11 | | beneficiary or annuitant and the
last known address | 12 | | according to the life insurance corporation's records;
| 13 | | (3) the date when the property became payable, | 14 | | demandable, or
returnable, and the date of the last | 15 | | transaction with the owner with
respect to the property; | 16 | | and
| 17 | | (4) other information which the State Treasurer | 18 | | prescribes by rule as
necessary for the administration of | 19 | | this Act.
| 20 | | (c) If the person holding property presumed abandoned is a | 21 | | successor
to other persons who previously held the property for | 22 | | the owner, or if
the holder has changed his name while holding | 23 | | the property, he shall
file with his report all prior known | 24 | | names and addresses of each holder
of the property.
| 25 | | (d) The report and remittance of the property specified in | 26 | | the
report shall be filed by banking organizations, financial |
| | | 09800HB1875ham001 | - 3 - | LRB098 05856 HEP 44425 a |
|
| 1 | | organizations,
insurance companies other than life insurance | 2 | | corporations, and governmental
entities before November 1 of | 3 | | each year as of June 30 next preceding.
The report and | 4 | | remittance of the property specified in the report shall be
| 5 | | filed by business associations, utilities, and life insurance | 6 | | corporations
before May 1 of each year as of December 31 next | 7 | | preceding. The Director may
postpone the reporting date upon | 8 | | written request by any person required to file
a report. The | 9 | | report and remittance of the property specified in the report | 10 | | for property subject to subsection (a) of Section 3a of this | 11 | | Act shall be filed before a date established by the State | 12 | | Treasurer that is on or after the later of: (i) 30 days after | 13 | | the effective date of this amendatory Act of the 94th General | 14 | | Assembly; or (ii) November 1, 2005.
| 15 | | (d-5) Notwithstanding the foregoing, currency exchanges | 16 | | shall be required
to report and remit property specified in the | 17 | | report within 30 days after the
conclusion of its annual | 18 | | examination by the Department of Financial
Institutions.
As | 19 | | part of the examination of a currency exchange, the Department | 20 | | of Financial
Institutions shall instruct the currency exchange | 21 | | to submit a complete
unclaimed
property report using the State | 22 | | Treasurer's formatted diskette reporting
program or an | 23 | | alternative reporting format approved by the State Treasurer.
| 24 | | The Department of Financial Institutions shall provide the | 25 | | State Treasurer with
an accounting of the money orders located | 26 | | in the course of the annual
examination including, where |
| | | 09800HB1875ham001 | - 4 - | LRB098 05856 HEP 44425 a |
|
| 1 | | available, the amount of service fees deducted and
the date of | 2 | | the
conclusion of the examination.
| 3 | | (e) Before filing the annual report, the holder of property | 4 | | presumed
abandoned under this Act shall communicate with the | 5 | | owner at his last known
address if any address is known to the | 6 | | holder, setting forth the provisions
hereof necessary to occur | 7 | | in order to prevent abandonment from being presumed.
If the | 8 | | holder has not communicated with the owner at his last known | 9 | | address at
least 120 days before the deadline for filing the | 10 | | annual report, the holder
shall mail, at least 60 days before | 11 | | that deadline, a letter by first class mail
to the owner at his | 12 | | last known address unless any address
is shown to be | 13 | | inaccurate, setting forth the provisions hereof
necessary to | 14 | | prevent abandonment from being presumed. At least one | 15 | | communication made under this subsection (e) shall be by | 16 | | certified mail.
| 17 | | (f) Verification, if made by a partnership, shall be | 18 | | executed by a
partner; if made by an unincorporated association | 19 | | or private
corporation, by an officer; and if made by a public | 20 | | corporation, by its
chief fiscal officer.
| 21 | | (g) Any person who has possession of property which he has | 22 | | reason to
believe will be reportable in the future as unclaimed | 23 | | property, may
report and deliver it prior to the date required | 24 | | for such reporting in
accordance with this Section and is then | 25 | | relieved of responsibility as
provided in Section 14.
| 26 | | (h) (1) Records pertaining to presumptively abandoned |
| | | 09800HB1875ham001 | - 5 - | LRB098 05856 HEP 44425 a |
|
| 1 | | property held by a
trust
division or trust department or by a | 2 | | trust company, or affiliate of any of the
foregoing that | 3 | | provides nondealer corporate custodial services for securities
| 4 | | or securities transactions, organized under the laws of this or | 5 | | another state
or the United States shall be retained until the | 6 | | property is delivered to the
State Treasurer.
| 7 | | As of January 1, 1998, this subdivision (h)(1) shall not be | 8 | | applicable
unless the Department of Financial Institutions has | 9 | | commenced, but
not finalized, an examination of the
holder as | 10 | | of that date and the property is included in a final | 11 | | examination
report for the period covered by the examination.
| 12 | | (2) In the case of all other holders commencing on the | 13 | | effective date of
this amendatory Act of 1993, property records | 14 | | for the period required for
presumptive abandonment plus the 9 | 15 | | years immediately preceding the beginning of
that period shall | 16 | | be retained for 5 years after the property was reportable.
| 17 | | (i) The State Treasurer may promulgate rules establishing
| 18 | | the format and media to be used by a holder in submitting | 19 | | reports required
under this Act.
| 20 | | (j) Other than the Notice to Owners required by Section 12 | 21 | | and other
discretionary means employed by the State Treasurer | 22 | | for notifying owners of the
existence of abandoned property, | 23 | | the State Treasurer shall not disclose any
information provided | 24 | | in reports filed with the State Treasurer or any
information | 25 | | obtained in the course of an examination by the State Treasurer | 26 | | to
any person other than governmental agencies for the purposes |
| | | 09800HB1875ham001 | - 6 - | LRB098 05856 HEP 44425 a |
|
| 1 | | of returning
abandoned property to its owners or to those | 2 | | individuals who appear to be the
owner of the property or | 3 | | otherwise have a valid claim to the property, unless
written | 4 | | consent from the person entitled to the property is obtained by | 5 | | the
State Treasurer.
| 6 | | (Source: P.A. 93-531, eff. 8-14-03; 94-686, eff. 11-2-05.)
| 7 | | (765 ILCS 1025/11.3 new) | 8 | | Sec. 11.3. Department of Revenue databases. | 9 | | (a) The following shall be completed at least 45 days | 10 | | before any report and remittance is made under this Act: | 11 | | (1) the holder of property shall notify the State | 12 | | Treasurer that the holder believes the property is subject | 13 | | to being reported and remitted under this Act and shall | 14 | | provide the State Treasurer with the information contained | 15 | | in paragraphs (1) through (4) of subsection (b) of Section | 16 | | 11 of this Act; | 17 | | (2) the State Treasurer shall provide the Department of | 18 | | Revenue with the information provided by the holder; | 19 | | (3) the Department of Revenue shall use its databases | 20 | | to attempt to locate the owner of the abandoned property | 21 | | and shall notify the State Treasurer if it was able to | 22 | | locate the owner of the property; | 23 | | (4) if the Department of Revenue locates the owner of | 24 | | the property, the Department of Revenue shall provide the | 25 | | State Treasurer with the location of the owner of the |
| | | 09800HB1875ham001 | - 7 - | LRB098 05856 HEP 44425 a |
|
| 1 | | abandoned property; and | 2 | | (5) the State Treasurer shall send, by first class | 3 | | mail, a notice to the owner of abandoned property informing | 4 | | the owner (i) that the property is subject to remittance | 5 | | under this Act; and (ii) how to contact the holder and | 6 | | retrieve the property. | 7 | | (b) The State Treasurer shall adopt rules to implement this | 8 | | amendatory Act of the 98th General Assembly. ".
|
|