Full Text of SB0167 99th General Assembly
SB0167sam001 99TH GENERAL ASSEMBLY | Sen. Steve Stadelman Filed: 5/25/2016
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| 1 | | AMENDMENT TO SENATE BILL 167
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 167 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 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 |
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| 1 | | reports as required
by the State Treasurer. The information | 2 | | shall be verified and shall include:
| 3 | | (1) the name, social security or federal tax | 4 | | identification number,
if known, and last known address, | 5 | | including zip code, of each
person appearing from the | 6 | | records of the holder to be the owner of any
property of | 7 | | the value of $5 or more presumed abandoned under this Act;
| 8 | | (2) in case of unclaimed funds of life insurance | 9 | | corporations the
full name of the insured and any | 10 | | beneficiary or annuitant and the
last known address | 11 | | according to the life insurance corporation's records;
| 12 | | (3) the date when the property became payable, | 13 | | demandable, or
returnable, and the date of the last | 14 | | transaction with the owner with
respect to the property; | 15 | | and
| 16 | | (4) other information which the State Treasurer | 17 | | prescribes by rule as
necessary for the administration of | 18 | | this Act.
| 19 | | (c) If the person holding property presumed abandoned is a | 20 | | successor
to other persons who previously held the property for | 21 | | the owner, or if
the holder has changed his name while holding | 22 | | the property, he shall
file with his report all prior known | 23 | | names and addresses of each holder
of the property.
| 24 | | (d) The report and remittance of the property specified in | 25 | | the
report shall be filed by banking organizations, financial | 26 | | organizations,
insurance companies other than life insurance |
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| 1 | | corporations, and governmental
entities before November 1 of | 2 | | each year as of June 30 next preceding.
The report and | 3 | | remittance of the property specified in the report shall be
| 4 | | filed by business associations, utilities, and life insurance | 5 | | corporations
before May 1 of each year as of December 31 next | 6 | | preceding. The Director may
postpone the reporting date upon | 7 | | written request by any person required to file
a report. The | 8 | | report and remittance of the property specified in the report | 9 | | for property subject to subsection (a) of Section 3a of this | 10 | | Act shall be filed before a date established by the State | 11 | | Treasurer that is on or after the later of: (i) 30 days after | 12 | | the effective date of this amendatory Act of the 94th General | 13 | | Assembly; or (ii) November 1, 2005.
| 14 | | (d-5) Notwithstanding the foregoing, currency exchanges | 15 | | shall be required
to report and remit property specified in the | 16 | | report within 30 days after the
conclusion of its annual | 17 | | examination by the Department of Financial
Institutions.
As | 18 | | part of the examination of a currency exchange, the Department | 19 | | of Financial
Institutions shall instruct the currency exchange | 20 | | to submit a complete
unclaimed
property report using the State | 21 | | Treasurer's formatted diskette reporting
program or an | 22 | | alternative reporting format approved by the State Treasurer.
| 23 | | The Department of Financial Institutions shall provide the | 24 | | State Treasurer with
an accounting of the money orders located | 25 | | in the course of the annual
examination including, where | 26 | | available, the amount of service fees deducted and
the date of |
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| 1 | | the
conclusion of the examination.
| 2 | | (e) Before filing the annual report, the holder of property | 3 | | presumed
abandoned under this Act shall communicate with the | 4 | | owner at his last known
address if any address is known to the | 5 | | holder, setting forth the provisions
hereof necessary to occur | 6 | | in order to prevent abandonment from being presumed.
If the | 7 | | holder has not communicated with the owner at his last known | 8 | | address at
least 120 days before the deadline for filing the | 9 | | annual report, the holder
shall mail, at least 60 days before | 10 | | that deadline, a letter by first class mail
to the owner at his | 11 | | last known address unless any address
is shown to be | 12 | | inaccurate, setting forth the provisions hereof
necessary to | 13 | | prevent abandonment from being presumed. | 14 | | However, if the property presumed abandoned consists of | 15 | | securities with a total market value of $1,000 or more, then | 16 | | instead of using first class mail, the holder shall communicate | 17 | | with the owner at his or her last known address by certified | 18 | | mail. The certified mail shall be sent no later than December | 19 | | 31 of the calendar year prior to the year in which the property | 20 | | would be required to be delivered to the State Treasurer. A | 21 | | signed return receipt constitutes written communication | 22 | | received by the holder from the owner and rebuts the | 23 | | presumption of abandonment.
| 24 | | (f) Verification, if made by a partnership, shall be | 25 | | executed by a
partner; if made by an unincorporated association | 26 | | or private
corporation, by an officer; and if made by a public |
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| 1 | | corporation, by its
chief fiscal officer.
| 2 | | (g) Any person who has possession of property which he has | 3 | | reason to
believe will be reportable in the future as unclaimed | 4 | | property, may
report and deliver it prior to the date required | 5 | | for such reporting in
accordance with this Section and is then | 6 | | relieved of responsibility as
provided in Section 14.
| 7 | | (h) (1) Records pertaining to presumptively abandoned | 8 | | property held by a
trust
division or trust department or by a | 9 | | trust company, or affiliate of any of the
foregoing that | 10 | | provides nondealer corporate custodial services for securities
| 11 | | or securities transactions, organized under the laws of this or | 12 | | another state
or the United States shall be retained until the | 13 | | property is delivered to the
State Treasurer.
| 14 | | As of January 1, 1998, this subdivision (h)(1) shall not be | 15 | | applicable
unless the Department of Financial Institutions has | 16 | | commenced, but
not finalized, an examination of the
holder as | 17 | | of that date and the property is included in a final | 18 | | examination
report for the period covered by the examination.
| 19 | | (2) In the case of all other holders commencing on the | 20 | | effective date of
this amendatory Act of 1993, property records | 21 | | for the period required for
presumptive abandonment plus the 9 | 22 | | years immediately preceding the beginning of
that period shall | 23 | | be retained for 5 years after the property was reportable.
| 24 | | (i) The State Treasurer may promulgate rules establishing
| 25 | | the format and media to be used by a holder in submitting | 26 | | reports required
under this Act.
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| 1 | | (j) Other than the Notice to Owners required by Section 12 | 2 | | and other
discretionary means employed by the State Treasurer | 3 | | for notifying owners of the
existence of abandoned property, | 4 | | the State Treasurer shall not disclose any
information provided | 5 | | in reports filed with the State Treasurer or any
information | 6 | | obtained in the course of an examination by the State Treasurer | 7 | | to
any person other than governmental agencies for the purposes | 8 | | of returning
abandoned property to its owners or to those | 9 | | individuals who appear to be the
owner of the property or | 10 | | otherwise have a valid claim to the property, unless
written | 11 | | consent from the person entitled to the property is obtained by | 12 | | the
State Treasurer.
| 13 | | (Source: P.A. 98-495, eff. 8-16-13.)".
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