Illinois General Assembly - Full Text of SB0868
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Full Text of SB0868  100th General Assembly


Rep. Michael J. Zalewski

Filed: 11/1/2017





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2    AMENDMENT NO. ______. Amend Senate Bill 868, AS AMENDED, by
3replacing everything after the enacting clause with the
5    "Section 5. The Revised Uniform Unclaimed Property Act is
6amended by changing Sections 15-102, 15-201, 15-206, 15-403,
715-501, 15-502, 15-503, 15-602, 15-606, 15-607, 15-1002.1,
815-1302, and 15-1401 as follows:
9    (765 ILCS 1026/15-102)
10    (This Section may contain text from a Public Act with a
11delayed effective date)
12    Sec. 15-102. Definitions. In this Act:
13        (1) "Administrator" means the State Treasurer.
14        (2) "Administrator's agent" means a person with which
15    the administrator contracts to conduct an examination
16    under Article 10 on behalf of the administrator. The term



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1    includes an independent contractor of the person and each
2    individual participating in the examination on behalf of
3    the person or contractor.
4        (2.5) (Blank) "Affiliated group of merchants" means 2
5    or more affiliated merchants or other persons that are
6    related by common ownership or common corporate control and
7    that share the same name, mark, or logo. The term also
8    applies to 2 or more merchants or other persons that agree
9    among themselves, by contract or otherwise, to redeem
10    cards, codes, or other devices bearing the same name, mark,
11    or logo (other than the mark, logo, or brand of a payment
12    network), for the purchase of goods or services solely at
13    such merchants or persons. However, merchants or other
14    persons are not considered to be affiliated merely because
15    they agree to accept a card that bears the mark, logo, or
16    brand of a payment network.
17        (3) "Apparent owner" means a person whose name appears
18    on the records of a holder as the owner of property held,
19    issued, or owing by the holder.
20        (4) "Business association" means a corporation, joint
21    stock company, investment company, unincorporated
22    association, joint venture, limited liability company,
23    business trust, trust company, land bank, safe deposit
24    company, safekeeping depository, financial organization,
25    insurance company, federally chartered entity, utility,
26    sole proprietorship, or other business entity, whether or



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1    not for profit.
2        (5) "Confidential information" means information that
3    is "personal information" under the Personal Information
4    Protection Act, "private information" under the Freedom of
5    Information Act or personal information contained within
6    public records, the disclosure of which would constitute a
7    clearly unwarranted invasion of personal privacy, unless
8    the disclosure is consented to in writing by the individual
9    subjects of the information as provided in the Freedom of
10    Information Act.
11        (6) "Domicile" means:
12            (A) for a corporation, the state of its
13        incorporation;
14            (B) for a business association whose formation
15        requires a filing with a state, other than a
16        corporation, the state of its filing;
17            (C) for a federally chartered entity or an
18        investment company registered under the Investment
19        Company Act of 1940, the state of its home office; and
20            (D) for any other holder, the state of its
21        principal place of business.
22        (7) "Electronic" means relating to technology having
23    electrical, digital, magnetic, wireless, optical,
24    electromagnetic, or similar capabilities.
25        (8) "Electronic mail" means a communication by
26    electronic means which is automatically retained and



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1    stored and may be readily accessed or retrieved.
2    (8.5) "Escheat fee" means any charge imposed solely by
3virtue of property being reported as presumed abandoned.
4        (9) "Financial organization" means a bank, savings
5    bank, foreign bank, corporate fiduciary, currency
6    exchange, money transmitter, or credit union.
7        (10) "Game-related digital content" means digital
8    content that exists only in an electronic game or
9    electronic-game platform. The term:
10            (A) includes:
11                (i) game-play currency such as a virtual
12            wallet, even if denominated in United States
13            currency; and
14                (ii) the following if for use or redemption
15            only within the game or platform or another
16            electronic game or electronic-game platform:
17                    (I) points sometimes referred to as gems,
18                tokens, gold, and similar names; and
19                    (II) digital codes; and
20            (B) does not include an item that the issuer:
21                (i) permits to be redeemed for use outside a
22            game or platform for:
23                    (I) money; or
24                    (II) goods or services that have more than
25                minimal value; or
26                (ii) otherwise monetizes for use outside a



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1            game or platform.
2        (11) "Gift card" means a record evidencing a promise
3    made for consideration by the seller or issuer of the
4    record that goods, services, or money will be provided to
5    the owner of the record to the value or amount shown in the
6    record that is either:
7            (A) a record stored-value card:
8                (i) issued on a prepaid basis primarily for
9            personal, family, or household purposes to a
10            consumer in a specified amount;
11                (ii) the value of which does not expire;
12                (iii) that is not subject to a dormancy,
13            inactivity, or post-sale service fee;
14                (iv) that is redeemable upon presentation for
15            goods or services may be decreased in value only by
16            redemption for merchandise, goods, or services
17            upon presentation at a single merchant or an
18            affiliated group of merchants; and
19                (v) that, unless required by law, may not be
20            redeemed for or converted into money or otherwise
21            monetized by the issuer; or and
22            (B) includes a prepaid commercial mobile radio
23        service, as defined in 47 C.F.R. 20.3, as amended.
24        (12) "Holder" means a person obligated to hold for the
25    account of, or to deliver or pay to, the owner, property
26    subject to this Act.



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1        (13) "Insurance company" means an association,
2    corporation, or fraternal or mutual-benefit organization,
3    whether or not for profit, engaged in the business of
4    providing life endowments, annuities, or insurance,
5    including accident, burial, casualty, credit-life,
6    contract-performance, dental, disability, fidelity, fire,
7    health, hospitalization, illness, life, malpractice,
8    marine, mortgage, surety, wage-protection, and
9    worker-compensation insurance.
10        (14) "Loyalty card" means a record given without direct
11    monetary consideration under an award, reward, benefit,
12    loyalty, incentive, rebate, or promotional program which
13    may be used or redeemed only to obtain goods or services or
14    a discount on goods or services. The term does not include
15    a record that may be redeemed for money or otherwise
16    monetized by the issuer.
17        (15) "Mineral" means gas, oil, coal, oil shale, other
18    gaseous liquid or solid hydrocarbon, cement material, sand
19    and gravel, road material, building stone, chemical raw
20    material, gemstone, fissionable and nonfissionable ores,
21    colloidal and other clay, steam and other geothermal
22    resources, and any other substance defined as a mineral by
23    law of this State other than this Act.
24        (16) "Mineral proceeds" means an amount payable for
25    extraction, production, or sale of minerals, or, on the
26    abandonment of the amount, an amount that becomes payable



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1    after abandonment. The term includes an amount payable:
2            (A) for the acquisition and retention of a mineral
3        lease, including a bonus, royalty, compensatory
4        royalty, shut-in royalty, minimum royalty, and delay
5        rental;
6            (B) for the extraction, production, or sale of
7        minerals, including a net revenue interest, royalty,
8        overriding royalty, extraction payment, and production
9        payment; and
10            (C) under an agreement or option, including a
11        joint-operating agreement, unit agreement, pooling
12        agreement, and farm-out agreement.
13        (17) "Money order" means a payment order for a
14    specified amount of money. The term includes an express
15    money order and a personal money order on which the
16    remitter is the purchaser.
17        (18) "Municipal bond" means a bond or evidence of
18    indebtedness issued by a municipality or other political
19    subdivision of a state.
20        (19) "Net card value" means the original purchase price
21    or original issued value of a stored-value card, plus
22    amounts added to the original price or value, minus amounts
23    used and any service charge, fee, or dormancy charge
24    permitted by law.
25        (20) "Non-freely transferable security" means a
26    security that cannot be delivered to the administrator by



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1    the Depository Trust Clearing Corporation or similar
2    custodian of securities providing post-trade clearing and
3    settlement services to financial markets or cannot be
4    delivered because there is no agent to effect transfer. The
5    term includes a worthless security.
6        (21) "Owner", unless the context otherwise requires,
7    means a person that has a legal, beneficial, or equitable
8    interest in property subject to this Act or the person's
9    legal representative when acting on behalf of the owner.
10    The term includes:
11            (A) a depositor, for a deposit;
12            (B) a beneficiary, for a trust other than a deposit
13        in trust;
14            (C) a creditor, claimant, or payee, for other
15        property; and
16            (D) the lawful bearer of a record that may be used
17        to obtain money, a reward, or a thing of value.
18        (22) "Payroll card" means a record that evidences a
19    payroll-card account as defined in Regulation E, 12 CFR
20    Part 1005, as amended.
21        (23) "Person" means an individual, estate, business
22    association, public corporation, government or
23    governmental subdivision, agency, or instrumentality, or
24    other legal entity, whether or not for profit.
25        (24) "Property" means tangible property described in
26    Section 15-201 or a fixed and certain interest in



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1    intangible property held, issued, or owed in the course of
2    a holder's business or by a government, governmental
3    subdivision, agency, or instrumentality. The term:
4            (A) includes all income from or increments to the
5        property;
6            (B) includes property referred to as or evidenced
7        by:
8                (i) money, virtual currency, interest, or a
9            dividend, check, draft, deposit, or payroll card;
10                (ii) a credit balance, customer's overpayment,
11            stored-value card, security deposit, refund,
12            credit memorandum, unpaid wage, unused ticket for
13            which the issuer has an obligation to provide a
14            refund, mineral proceeds, or unidentified
15            remittance;
16                (iii) a security except for:
17                    (I) a worthless security; or
18                    (II) a security that is subject to a lien,
19                legal hold, or restriction evidenced on the
20                records of the holder or imposed by operation
21                of law, if the lien, legal hold, or restriction
22                restricts the holder's or owner's ability to
23                receive, transfer, sell, or otherwise
24                negotiate the security;
25                (iv) a bond, debenture, note, or other
26            evidence of indebtedness;



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1                (v) money deposited to redeem a security, make
2            a distribution, or pay a dividend;
3                (vi) an amount due and payable under an annuity
4            contract or insurance policy; and
5                (vii) an amount distributable from a trust or
6            custodial fund established under a plan to provide
7            health, welfare, pension, vacation, severance,
8            retirement, death, stock purchase, profit-sharing,
9            employee-savings, supplemental-unemployment
10            insurance, or a similar benefit; and
11                (viii) any instrument on which a financial
12            organization or business association is directly
13            liable; and
14            (C) does not include:
15                (i) game-related digital content;
16                (ii) a loyalty card; or
17                (iii) a gift card.
18        (25) "Putative holder" means a person believed by the
19    administrator to be a holder, until the person pays or
20    delivers to the administrator property subject to this Act
21    or the administrator or a court makes a final determination
22    that the person is or is not a holder.
23        (26) "Record" means information that is inscribed on a
24    tangible medium or that is stored in an electronic or other
25    medium and is retrievable in perceivable form. The phrase
26    "records of the holder" includes records maintained by a



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1    third party that has contracted with the holder.
2        (27) "Security" means:
3            (A) a security as defined in Article 8 of the
4        Uniform Commercial Code;
5            (B) a security entitlement as defined in Article 8
6        of the Uniform Commercial Code, including a customer
7        security account held by a registered broker-dealer,
8        to the extent the financial assets held in the security
9        account are not:
10                (i) registered on the books of the issuer in
11            the name of the person for which the broker-dealer
12            holds the assets;
13                (ii) payable to the order of the person; or
14                (iii) specifically indorsed to the person; or
15            (C) an equity interest in a business association
16        not included in subparagraph (A) or (B).
17        (28) "Sign" means, with present intent to authenticate
18    or adopt a record:
19            (A) to execute or adopt a tangible symbol; or
20            (B) to attach to or logically associate with the
21        record an electronic symbol, sound, or process.
22        (29) "State" means a state of the United States, the
23    District of Columbia, the Commonwealth of Puerto Rico, the
24    United States Virgin Islands, or any territory or insular
25    possession subject to the jurisdiction of the United
26    States.



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1        (30) "Stored-value card" means a card, code, or other
2    device that is: a record evidencing a promise made for
3    consideration by the seller or issuer of the record that
4    goods, services, or money will be provided to the owner of
5    the record to the value or amount shown in the record. The
6    term:
7            (A) issued on a prepaid basis primarily for
8        personal, family, or household purposes to a consumer
9        in a specified amount, whether or not that amount may
10        be increased or reloaded in exchange for payment; and
11        includes:
12                (i) a record that contains or consists of a
13            microprocessor chip, magnetic strip, or other
14            means for the storage of information, which is
15            prefunded and whose value or amount is decreased on
16            each use and increased by payment of additional
17            consideration; and
18                (ii) a gift card and payroll card; and
19            (B) redeemable upon presentation at multiple
20        unaffiliated merchants for goods or services or usable
21        at automated teller machines; and
22        "Stored-value card" does not include a gift card,
23    payroll card, loyalty card, or game-related digital
24    content.
25        (31) "Utility" means a person that owns or operates for
26    public use a plant, equipment, real property, franchise, or



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1    license for the following public services:
2            (A) transmission of communications or information;
3            (B) production, storage, transmission, sale,
4        delivery, or furnishing of electricity, water, steam,
5        or gas; or
6            (C) provision of sewage or septic services, or
7        trash, garbage, or recycling disposal.
8        (32) "Virtual currency" means a digital representation
9    of value used as a medium of exchange, unit of account, or
10    store of value, which does not have legal tender status
11    recognized by the United States. The term does not include:
12            (A) the software or protocols governing the
13        transfer of the digital representation of value;
14            (B) game-related digital content; or
15            (C) a loyalty card or gift card.
16        (33) "Worthless security" means a security whose cost
17    of liquidation and delivery to the administrator would
18    exceed the value of the security on the date a report is
19    due under this Act.
20(Source: P.A. 100-22, eff. 1-1-18.)
21    (765 ILCS 1026/15-201)
22    (This Section may contain text from a Public Act with a
23delayed effective date)
24    Sec. 15-201. When property presumed abandoned. Subject to
25Section 15-210, the following property is presumed abandoned if



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1it is unclaimed by the apparent owner during the period
2specified below:
3        (1) a traveler's check, 15 years after issuance;
4        (2) a money order, 7 years after issuance;
5        (3) any instrument on which a financial organization or
6    business association is directly liable, 3 years after
7    issuance; (Blank).
8        (4) a state or municipal bond, bearer bond, or
9    original-issue-discount bond, 3 years after the earliest
10    of the date the bond matures or is called or the obligation
11    to pay the principal of the bond arises;
12        (5) a debt of a business association, 3 years after the
13    obligation to pay arises;
14        (6) a demand, savings, or time deposit, 3 years after
15    the later of maturity or the date of the last indication of
16    interest in the property by the apparent owner, except for
17    a deposit that is automatically renewable, 3 years after
18    its initial date of maturity unless the apparent owner
19    consented in a record on file with the holder to renewal at
20    or about the time of the renewal;
21        (7) money or a credit owed to a customer as a result of
22    a retail business transaction, other than in-store credit
23    for returned merchandise, other than a stored-value card, 3
24    years after the obligation arose;
25        (8) an amount owed by an insurance company on a life or
26    endowment insurance policy or an annuity contract that has



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1    matured or terminated, 3 years after the obligation to pay
2    arose under the terms of the policy or contract or, if a
3    policy or contract for which an amount is owed on proof of
4    death has not matured by proof of the death of the insured
5    or annuitant, as follows:
6            (A) with respect to an amount owed on a life or
7        endowment insurance policy, the earlier of:
8                (i) 3 years after the death of the insured; or
9                (ii) 2 years after the insured has attained, or
10            would have attained if living, the limiting age
11            under the mortality table on which the reserve for
12            the policy is based; and
13            (B) with respect to an amount owed on an annuity
14        contract, 3 years after the death of the annuitant.
15        (9) funds on deposit or held in trust pursuant to the
16    Illinois Funeral or Burial Funds Act for the prepayment of
17    a funeral or other funeral-related expenses, the earliest
18    of:
19            (A) 2 years after the date of death of the
20        beneficiary;
21            (B) one year after the date the beneficiary has
22        attained, or would have attained if living, the age of
23        105 where the holder does not know whether the
24        beneficiary is deceased;
25            (C) 40 30 years after the contract for prepayment
26        was executed;



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1        (10) property distributable by a business association
2    in the course of dissolution or distributions from the
3    termination of a retirement plan, one year after the
4    property becomes distributable;
5        (11) property held by a court, including property
6    received as proceeds of a class action, 3 years after the
7    property becomes distributable;
8        (12) property held by a government or governmental
9    subdivision, agency, or instrumentality, including
10    municipal bond interest and unredeemed principal under the
11    administration of a paying agent or indenture trustee, 3
12    years after the property becomes distributable;
13        (13) wages, commissions, bonuses, or reimbursements to
14    which an employee is entitled, or other compensation for
15    personal services, including amounts held on a payroll
16    card, one year after the amount becomes payable;
17        (14) a deposit or refund owed to a subscriber by a
18    utility, one year after the deposit or refund becomes
19    payable, except that any capital credits or patronage
20    capital retired, returned, refunded or tendered to a member
21    of an electric cooperative, as defined in Section 3.4 of
22    the Electric Supplier Act, or a telephone or
23    telecommunications cooperative, as defined in Section
24    13-212 of the Public Utilities Act, that has remained
25    unclaimed by the person appearing on the records of the
26    entitled cooperative for more than 2 years, shall not be



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1    subject to, or governed by, any other provisions of this
2    Act, but rather shall be used by the cooperative for the
3    benefit of the general membership of the cooperative; and
4        (15) property not specified in this Section or Sections
5    15-202 through 15-208, the earlier of 3 years after the
6    owner first has a right to demand the property or the
7    obligation to pay or distribute the property arises.
8    Notwithstanding anything to the contrary in this Section
915-201, and subject to Section 15-210, a deceased owner cannot
10indicate interest in his or her property. If the owner is
11deceased and the abandonment period for the owner's property
12specified in this Section 15-201 is greater than 2 years, then
13the property, other than an amount owed by an insurance company
14on a life or endowment insurance policy or an annuity contract
15that has matured or terminated, shall instead be presumed
16abandoned 2 years from the date of the owner's last indication
17of interest in the property.
18(Source: P.A. 100-22, eff. 1-1-18.)
19    (765 ILCS 1026/15-206)
20    (This Section may contain text from a Public Act with a
21delayed effective date)
22    Sec. 15-206. When stored-value card presumed abandoned.
23    (a) Subject to Section 15-210, the net card value of a
24stored-value card, other than a payroll card or a gift card, is
25presumed abandoned on the latest of 5 years after:



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1        (1) December 31 of the year in which the card is issued
2    or additional funds are deposited into it;
3        (2) the most recent indication of interest in the card
4    by the apparent owner; or
5        (3) a verification or review of the balance by or on
6    behalf of the apparent owner.
7    (b) The amount presumed abandoned in a stored-value card is
8the net card value at the time it is presumed abandoned.
9    (c) However, if a holder has reported and remitted to the
10administrator the net card value on a stored-value card
11presumed abandoned under this Section and the stored-value card
12does not have an expiration date, then the holder must honor
13the card on presentation indefinitely and may then request
14reimbursement from the administrator under Section 605.
15(Source: P.A. 100-22, eff. 1-1-18.)
16    (765 ILCS 1026/15-403)
17    (This Section may contain text from a Public Act with a
18delayed effective date)
19    Sec. 15-403. When report to be filed.
20    (a) Except as otherwise provided in subsection (b) and
21subject to subsection (c), the report under Section 15-401 must
22be filed before November 1 of each year and cover the 12 months
23preceding July 1 of that year. Business associations which must
24report under this subsection (a) include financial
25organizations and insurance companies other than life



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1insurance companies; all other business associations must file
2under subsection (b).
3    (b) Subject to subsection (c), the report under Section
415-401 to be filed by any business associations that do not
5report under subsection (a) , utilities, and life insurance
6companies must be filed before May 1 of each year for the
7immediately preceding calendar year.
8    (c) Before the date for filing the report under Section
915-401, the holder of property presumed abandoned may request
10the administrator to extend the time for filing. The
11administrator may grant an extension. If the extension is
12granted, the holder may pay or make a partial payment of the
13amount the holder estimates ultimately will be due. The payment
14or partial payment terminates accrual of interest on the amount
16(Source: P.A. 100-22, eff. 1-1-18.)
17    (765 ILCS 1026/15-501)
18    (This Section may contain text from a Public Act with a
19delayed effective date)
20    Sec. 15-501. Notice to apparent owner by holder.
21    (a) Subject to subsections (b) and (c), the holder of
22property presumed abandoned shall send to the apparent owner
23notice by first-class United States mail that complies with
24Section 15-502 in a format acceptable to the administrator not
25more than one year nor less than 60 days before filing the



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1report under Section 15-401 if:
2        (1) the holder has in its records an address for the
3    apparent owner which the holder's records do not disclose
4    to be invalid and is sufficient to direct the delivery of
5    first-class United States mail to the apparent owner; and
6        (2) the value of the property is $50 or more.
7    (b) If an apparent owner has consented to receive
8electronic-mail delivery from the holder, the holder shall send
9the notice described in subsection (a) both by first-class
10United States mail to the apparent owner's last-known mailing
11address and by electronic mail, unless the holder believes that
12the apparent owner's electronic-mail address is invalid.
13    (c) The holder of securities presumed abandoned under
14Sections 15-202, 15-203, or 15-208 shall send to the apparent
15owner notice by certified United States mail that complies with
16Section 15-502 in a format acceptable to the administrator not
17less than 60 days before filing the report under Section 15-401
19        (1) the holder has in its records an address for the
20    apparent owner which the holder's records do not disclose
21    to be invalid and is sufficient to direct the delivery of
22    United States mail to the apparent owner; and
23        (2) the value of the property is $1,000 or more.
24    The administrator may issue rules allowing a holder to
25deduct reasonable costs incurred in sending a notice by
26certified United States mail under this subsection.



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1    (d) In addition to other indications of an apparent owner's
2interest in property pursuant to Section 15-210, a signed
3return receipt in response to a notice sent pursuant to this
4Section by certified United States mail shall constitute a
5record communicated by the apparent owner to the holder
6concerning the property or the account in which the property is
8    (e) The administrator may adopt rules allowing a holder to
9deduct reasonable costs incurred in sending a notice by United
10States mail under this Section.
11(Source: P.A. 100-22, eff. 1-1-18.)
12    (765 ILCS 1026/15-502)
13    (This Section may contain text from a Public Act with a
14delayed effective date)
15    Sec. 15-502. Contents of notice by holder.
16    (a) Notice under Section 15-501 must contain a heading that
17reads substantially as follows: "Notice. The State of Illinois
18requires us to notify you that your property may be transferred
19to the custody of the State Treasurer administrator if you do
20not contact us before (insert date that is 30 days after the
21date of this notice).".
22    (b) The notice under Section 15-501 must:
23        (1) identify the nature and, except for property that
24    does not have a fixed value, the value of the property that
25    is the subject of the notice;



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1        (2) state that the property will be turned over to the
2    State Treasurer;
3        (3) state that after the property is turned over to the
4    State Treasurer an apparent owner that seeks return of the
5    property may file a claim with the State Treasurer
6    administrator;
7        (4) state that property that is not legal tender of the
8    United States may be sold by the State Treasurer;
9        (5) provide instructions that the apparent owner must
10    follow to prevent the holder from reporting and paying or
11    delivering the property to the State Treasurer; and
12        (6) provide the name, address, and e-mail address or
13    telephone number to contact the holder.
14    (c) The holder may supplement the required information by
15listing a website where apparent owners may obtain more
16information about how to prevent the holder from reporting and
17paying or delivering the property to the State Treasurer.
18(Source: P.A. 100-22, eff. 1-1-18.)
19    (765 ILCS 1026/15-503)
20    (This Section may contain text from a Public Act with a
21delayed effective date)
22    Sec. 15-503. Notice by administrator.
23    (a) The administrator shall give notice to an apparent
24owner that property presumed abandoned and appears to be owned
25by the apparent owner is held by the administrator under this



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2    (b) In providing notice under subsection (a), the
3administrator shall:
4        (1) except as otherwise provided in paragraph (2), send
5    written notice by first-class United States mail to each
6    apparent owner of property valued at $100 or more held by
7    the administrator, unless the administrator determines
8    that a mailing by first-class United States mail would not
9    be received by the apparent owner, and, in the case of a
10    security held in an account for which the apparent owner
11    had consented to receiving electronic mail from the holder,
12    send notice by electronic mail if the electronic-mail
13    address of the apparent owner is known to the administrator
14    instead of by first-class United States mail; or
15        (2) send the notice to the apparent owner's
16    electronic-mail address if the administrator does not have
17    a valid United States mail address for an apparent owner,
18    but has an electronic-mail address that the administrator
19    does not know to be invalid.
20    (c) In addition to the notice under subsection (b), the
21administrator shall:
22        (1) publish every 6 months in at least one English
23    language newspaper of general circulation in each county in
24    this State notice of property held by the administrator
25    which must include:
26            (A) the total value of property received by the



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1        administrator during the preceding 6-month period,
2        taken from the reports under Section 15-401;
3            (B) the total value of claims paid by the
4        administrator during the preceding 6-month period;
5            (C) the Internet web address of the unclaimed
6        property website maintained by the administrator;
7            (D) a telephone number and electronic-mail address
8        to contact the administrator to inquire about or claim
9        property; and
10            (E) a statement that a person may access the
11        Internet by a computer to search for unclaimed property
12        and a computer may be available as a service to the
13        public at a local public library.
14        (2) The administrator shall maintain a website
15    accessible by the public and electronically searchable
16    which contains the names reported to the administrator of
17    apparent owners for whom property is being held by the
18    administrator. The administrator need not list property on
19    such website when: no owner name was reported, a claim has
20    been initiated or is pending for the property, the
21    administrator has made direct contact with the apparent
22    owner of the property, and in other instances where the
23    administrator reasonably believes exclusion of the
24    property is in the best interests of both the State and the
25    owner of the property.
26    (d) The website or database maintained under subsection



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1(c)(2) must include instructions for filing with the
2administrator a claim to property and an online claim form with
3instructions. The website may also provide a printable claim
4form with instructions for its use.
5    (e) Tax return identification of apparent owners of
6abandoned property.
7        (1) At least annually the administrator shall notify
8    the Department of Revenue of the names of persons appearing
9    to be owners of abandoned property under this Section. The
10    administrator shall also provide to the Department of
11    Revenue the social security numbers of the persons, if
12    available.
13        (2) The Department of Revenue shall notify the
14    administrator if any person under subsection (e)(1) has
15    filed an Illinois income tax return and shall provide the
16    administrator with the last known address of the person as
17    it appears in Department of Revenue records, except as
18    prohibited by federal law. The Department of Revenue may
19    also provide additional addresses for the same taxpayer
20    from the records of the Department, except as prohibited by
21    federal law.
22        (3) In order to facilitate the return of property under
23    this subsection, the administrator and the Department of
24    Revenue may enter into an interagency agreement concerning
25    protection of confidential information, data match rules,
26    and other issues.



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1        (4) The administrator may deliver, as provided under
2    Section 15-904 of this Act, property or pay the amount
3    owing to a person matched under this Section without the
4    person filing a claim under Section 15-903 of this Act if
5    the following conditions are met:
6            (A) the value of the property that is owed the
7        person is $2,000 or less;
8            (B) the property is not either tangible property or
9        securities;
10            (C) the last known address for the person according
11        to the Department of Revenue records is less than 12
12        months old; and
13            (D) the administrator has evidence sufficient to
14        establish that the person who appears in Department of
15        Revenue records is the owner of the property and the
16        owner currently resides at the last known address from
17        the Department of Revenue.
18        (5) If the value of the property that is owed the
19    person is greater than $2,000, or is tangible property or
20    securities the administrator shall provide notice to the
21    person, informing the person that he or she is the owner of
22    abandoned property held by the State and may file a claim
23    with the administrator for return of the property.
24    (f) The administrator may use additional databases to
25verify the identity of the person and that the person currently
26resides at the last known address. The administrator may



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1utilize publicly and commercially available databases to find
2and update or add information for apparent owners of property
3held by the administrator.
4    (g) In addition to giving notice under subsection (b),
5publishing the information under subsection (c)(1) and
6maintaining the website or database under subsection (c)(2),
7the administrator may use other printed publication,
8telecommunication, the Internet, or other media to inform the
9public of the existence of unclaimed property held by the
11(Source: P.A. 100-22, eff. 1-1-18.)
12    (765 ILCS 1026/15-602)
13    (This Section may contain text from a Public Act with a
14delayed effective date)
15    Sec. 15-602. Dormancy charge; escheat fee.
16    (a) A holder may deduct a dormancy charge or an escheat fee
17from property required to be paid or delivered to the
18administrator if:
19        (1) a valid contract between the holder and the
20    apparent owner authorizes imposition of the charge for the
21    apparent owner's failure to claim the property within a
22    specified time; and
23        (2) the holder regularly imposes the charge and
24    regularly does not reverse or otherwise cancel the charge.
25    (b) The amount of the deduction under subsection (a) is



10000SB0868ham002- 28 -LRB100 08111 HEP 30466 a

1limited to an amount that is not unconscionable considering all
2relevant factors, including the marginal transactional costs
3incurred by the holder in maintaining the apparent owner's
4property and any services received by the apparent owner.
5    (c) (Blank) A holder may not deduct an escheat fee or other
6charges imposed solely by virtue of property being reported as
7presumed abandoned.
8(Source: P.A. 100-22, eff. 1-1-18.)
9    (765 ILCS 1026/15-606)
10    (This Section may contain text from a Public Act with a
11delayed effective date)
12    Sec. 15-606. Property removed from safe-deposit box.
13Property removed from a safe-deposit box and delivered under
14this Act to the administrator under this Act is subject to the
15holder's right to reimbursement for the cost of opening the box
16and a lien or contract providing reimbursement to the holder
17for unpaid rent charges for the box. Upon application by the
18holder, and after there are sufficient cash funds available
19either from the contents of the box or the sale of the
20property, the administrator shall reimburse the holder from the
21proceeds after the sale of the property, and after deducting
22the expense incurred by the administrator in selling the
23property, the administrator shall reimburse the holder from the
24proceeds remaining. The administrator shall promulgate
25administrative rules concerning the reimbursement process



10000SB0868ham002- 29 -LRB100 08111 HEP 30466 a

1under this Section.
2(Source: P.A. 100-22, eff. 1-1-18.)
3    (765 ILCS 1026/15-607)
4    (This Section may contain text from a Public Act with a
5delayed effective date)
6    Sec. 15-607. Crediting income or gain to owner's account.
7    (a) If property other than money is delivered to the
8administrator, the owner is entitled to receive from the
9administrator income or gain realized or accrued on the
10property before the property is sold.
11    (b) Except as provided in subsection (c), interest Interest
12on money is not payable to an owner for periods where the
13property is in the possession of the administrator.
14    (c) If an interest-bearing demand, savings, or time deposit
15is paid or delivered to the administrator on or after July 1,
162018, then the administrator shall pay interest to the owner at
17the lesser of: (i) the percentage increase, if any, in the
18Consumer Price Index for All Urban Consumers for all items
19published by the United States Department of Labor (CPI-U); or
20(ii) the rate the property earned while in the possession of
21the holder and reported to the administrator. Interest begins
22to accrue when the property is delivered to the administrator
23and ends on the earlier of the expiration of 10 years after its
24delivery or the date on which payment is made to the owner. The
25administrator may establish by administrative rule more



10000SB0868ham002- 30 -LRB100 08111 HEP 30466 a

1detailed methodologies for calculating the amount of interest
2to be paid to an owner under this Section using CPI-U or the
3rate the property earned while in the possession of the holder.
4(Source: P.A. 100-22, eff. 1-1-18.)
5    (765 ILCS 1026/15-1002.1)
6    (This Section may contain text from a Public Act with a
7delayed effective date)
8    Sec. 15-1002.1. Examination of State-regulated financial
9organizations institutions.
10    (a) Notwithstanding Section 15-1002 of this Act, for any
11financial organization for which the Department of Financial
12and Professional Regulation is the primary prudential
13regulator, the administrator shall not examine such financial
14institution unless the administrator has consulted with the
15Secretary of Financial and Professional Regulation and the
16Department of Financial and Professional Regulation has not
17examined such financial organization for compliance with this
18Act within the past 5 years. The Secretary of Financial and
19Professional Regulation may waive in writing the provisions of
20this subsection (a) in order to permit the administrator to
21examine a financial organization or group of financial
22organizations for compliance with this Act.
23    (b) Nothing in this Section shall be construed to prohibit
24the administrator from examining a financial organization for
25which the Department of Financial and Professional Regulation



10000SB0868ham002- 31 -LRB100 08111 HEP 30466 a

1is not the primary prudential regulator. Further, nothing is
2this Act shall be construed to limit the authority of the
3Department of Financial and Professional Regulation to examine
4financial organizations.
5(Source: P.A. 100-22, eff. 1-1-18.)
6    (765 ILCS 1026/15-1302)
7    (This Section may contain text from a Public Act with a
8delayed effective date)
9    Sec. 15-1302. When agreement to locate property void.
10    (a) Subject to subsection (b), an agreement under Section
1115-1301 is void if it is entered into during the period
12beginning on the date the property was presumed abandoned under
13this Act and ending 24 months after the payment or delivery of
14the property to the administrator.
15    (b) If a provision in an agreement described in Section
1615-1301 applies to mineral proceeds for which compensation is
17to be paid to the other person based in whole or in part on a
18part of the underlying minerals or mineral proceeds not then
19presumed abandoned, the provision is void regardless of when
20the agreement was entered into.
21    (c) An agreement under this Article 13 subsection (a) which
22provides for compensation in an amount that is more than 10% of
23the amount collected is unenforceable except by the apparent
25    (d) An apparent owner or the administrator may assert that



10000SB0868ham002- 32 -LRB100 08111 HEP 30466 a

1an agreement described in this Article 13 Section is void on a
2ground other than it provides for payment of unconscionable
4    (e) A person attempting to collect a contingent fee for
5discovering, on behalf of an apparent owner, presumptively
6abandoned property must be licensed as a private detective
7pursuant to the Private Detective, Private Alarm, Private
8Security, Fingerprint Vendor, and Locksmith Act of 2004.
9    (f) This Section does not apply to an apparent owner's
10agreement with an attorney to pursue a claim for recovery of
11specifically identified property held by the administrator or
12to contest the administrator's denial of a claim for recovery
13of the property.
14(Source: P.A. 100-22, eff. 1-1-18.)
15    (765 ILCS 1026/15-1401)
16    (This Section may contain text from a Public Act with a
17delayed effective date)
18    Sec. 15-1401. Confidential information.
19    (a) Except as otherwise provided provide in this Section,
20information that is confidential under law of this State other
21than this Act, another state, or the United States, including
22"private information" as defined in the Freedom of Information
23Act and "personal information" as defined in the Personal
24Information Protection Act, continues to be confidential when
25disclosed or delivered under this Act to the administrator or



10000SB0868ham002- 33 -LRB100 08111 HEP 30466 a

1administrator's agent.
2    (b) Information provided in reports filed pursuant to
3Section 15-401, information obtained in the course of an
4examination pursuant to Section 15-1002, and the database
5required by Section 15-503 is exempt from disclosure under the
6Freedom of Information Act.
7    (c) If reasonably necessary to enforce or implement this
8Act, the administrator or the administrator's agent may
9disclose confidential information concerning property held by
10the administrator or the administrator's agent to:
11        (1) an apparent owner or the apparent owner's
12    representative under the Probate Act of 1975, attorney,
13    other legal representative, or relative;
14        (2) the representative under the Probate Act of 1975,
15    other legal representative, relative of a deceased
16    apparent owner, or a person entitled to inherit from the
17    deceased apparent owner;
18        (3) another department or agency of this State or the
19    United States;
20        (4) the person that administers the unclaimed property
21    law of another state, if the other state accords
22    substantially reciprocal privileges to the administrator
23    of this State if the other state is required to maintain
24    the confidentiality and security of information obtained
25    in a manner substantially equivalent to Article 14;
26        (5) a person subject to an examination as required by



10000SB0868ham002- 34 -LRB100 08111 HEP 30466 a

1    Section 15-1004; and
2        (6) an agent of the administrator.
3    (d) (b) The administrator may include on the website or in
4the database the names and addresses of apparent owners of
5property held by the administrator as provided in Section
615-503. The administrator may include in published notices,
7printed publications, telecommunications, the Internet, or
8other media and on the website or in the database additional
9information concerning the apparent owner's property if the
10administrator believes the information will assist in
11identifying and returning property to the owner and does not
12disclose personal information as defined in the Personal
13Information Protection Act.
14    (e) (c) The administrator and the administrator's agent may
15not use confidential information provided to them or in their
16possession except as expressly authorized by this Act or
17required by law other than this Act.
18(Source: P.A. 100-22, eff. 1-1-18.)
19    Section 99. Effective date. This Act takes effect January
201, 2018.".