Full Text of SB3343 103rd General Assembly
SB3343sam001 103RD GENERAL ASSEMBLY | Sen. Robert F. Martwick Filed: 3/21/2024 | | 10300SB3343sam001 | | LRB103 37121 JRC 71017 a |
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| 1 | | AMENDMENT TO SENATE BILL 3343
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 3343 by replacing | 3 | | everything after the enacting clause with the following: | 4 | | "Section 5. The State Officers and Employees Money | 5 | | Disposition Act is amended by changing Section 2 as follows: | 6 | | (30 ILCS 230/2) (from Ch. 127, par. 171) | 7 | | Sec. 2. Accounts of money received; payment into State | 8 | | treasury. | 9 | | (a) Every officer, board, commission, commissioner, | 10 | | department, institution, arm or agency brought within the | 11 | | provisions of this Act by Section 1 shall keep in proper books | 12 | | a detailed itemized account of all moneys received for or on | 13 | | behalf of the State of Illinois, showing the date of receipt, | 14 | | the payor, and purpose and amount, and the date and manner of | 15 | | disbursement as hereinafter provided, and, unless a different | 16 | | time of payment is expressly provided by law or by rules or |
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| 1 | | regulations promulgated under subsection (b) of this Section, | 2 | | shall pay into the State treasury the gross amount of money so | 3 | | received on the day of actual physical receipt with respect to | 4 | | any single item of receipt exceeding $10,000, within 24 hours | 5 | | of actual physical receipt with respect to an accumulation of | 6 | | receipts of $10,000 or more, or within 48 hours of actual | 7 | | physical receipt with respect to an accumulation of receipts | 8 | | exceeding $500 but less than $10,000, disregarding holidays, | 9 | | Saturdays and Sundays, after the receipt of same, without any | 10 | | deduction on account of salaries, fees, costs, charges, | 11 | | expenses or claims of any description whatever; provided that: | 12 | | (1) the provisions of (i) Section 2505-475 of the | 13 | | Department of Revenue Law, (ii) any specific taxing | 14 | | statute authorizing a claim for credit procedure instead | 15 | | of the actual making of refunds, (iii) Section 505 of the | 16 | | Illinois Controlled Substances Act, (iv) Section 85 of the | 17 | | Methamphetamine Control and Community Protection Act, | 18 | | authorizing the Director of the Illinois State Police to | 19 | | dispose of forfeited property, which includes the sale and | 20 | | disposition of the proceeds of the sale of forfeited | 21 | | property, and the Department of Central Management | 22 | | Services to be reimbursed for costs incurred with the | 23 | | sales of forfeited vehicles, boats or aircraft and to pay | 24 | | to bona fide or innocent purchasers, conditional sales | 25 | | vendors or mortgagees of such vehicles, boats or aircraft | 26 | | their interest in such vehicles, boats or aircraft, and |
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| 1 | | (v) Section 6b-2 of the State Finance Act, establishing | 2 | | procedures for handling cash receipts from the sale of | 3 | | pari-mutuel wagering tickets, shall not be deemed to be in | 4 | | conflict with the requirements of this Section; | 5 | | (2) any fees received by the State Registrar of Vital | 6 | | Records pursuant to the Vital Records Act which are | 7 | | insufficient in amount may be returned by the Registrar as | 8 | | provided in that Act; | 9 | | (3) any fees received by the Department of Public | 10 | | Health under the Food Handling Regulation Enforcement Act | 11 | | that are submitted for renewal of an expired food service | 12 | | sanitation manager certificate may be returned by the | 13 | | Director as provided in that Act; | 14 | | (3.5) examiners of unclaimed property which is | 15 | | reported and remitted to the State Treasurer and | 16 | | custodians contracted by the State of Illinois to hold | 17 | | presumptively abandoned securities or virtual currency may | 18 | | deduct fees prior to remittance in accordance with the | 19 | | Revised Uniform Unclaimed Property Act the State Treasurer | 20 | | may permit the deduction of fees by third-party unclaimed | 21 | | property examiners from the property recovered by the | 22 | | examiners for the State of Illinois during examinations of | 23 | | holders located outside the State under which the Office | 24 | | of the Treasurer has agreed to pay for the examinations | 25 | | based upon a percentage, in accordance with the Revised | 26 | | Uniform Unclaimed Property Act, of the property recovered |
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| 1 | | during the examination ; and | 2 | | (4) if the amount of money received does not exceed | 3 | | $500, such money may be retained and need not be paid into | 4 | | the State treasury until the total amount of money so | 5 | | received exceeds $500, or until the next succeeding 1st or | 6 | | 15th day of each month (or until the next business day if | 7 | | these days fall on Sunday or a holiday), whichever is | 8 | | earlier, at which earlier time such money shall be paid | 9 | | into the State treasury, except that if a local bank or | 10 | | savings and loan association account has been authorized | 11 | | by law, any balances shall be paid into the State treasury | 12 | | on Monday of each week if more than $500 is to be deposited | 13 | | in any fund. | 14 | | Single items of receipt exceeding $10,000 received after 2 | 15 | | p.m. on a working day may be deemed to have been received on | 16 | | the next working day for purposes of fulfilling the | 17 | | requirement that the item be deposited on the day of actual | 18 | | physical receipt. | 19 | | No money belonging to or left for the use of the State | 20 | | shall be expended or applied except in consequence of an | 21 | | appropriation made by law and upon the warrant of the State | 22 | | Comptroller. However, payments made by the Comptroller to | 23 | | persons by direct deposit need not be made upon the warrant of | 24 | | the Comptroller, but if not made upon a warrant, shall be made | 25 | | in accordance with Section 9.02 of the State Comptroller Act. | 26 | | All moneys so paid into the State treasury shall, unless |
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| 1 | | required by some statute to be held in the State treasury in a | 2 | | separate or special fund, be covered into the General Revenue | 3 | | Fund in the State treasury. Moneys received in the form of | 4 | | checks, drafts or similar instruments shall be properly | 5 | | endorsed, if necessary, and delivered to the State Treasurer | 6 | | for collection. The State Treasurer shall remit such collected | 7 | | funds to the depositing officer, board, commission, | 8 | | commissioner, department, institution, arm or agency by | 9 | | Treasurers Draft or through electronic funds transfer. The | 10 | | draft or notification of the electronic funds transfer shall | 11 | | be provided to the State Comptroller to allow deposit into the | 12 | | appropriate fund. | 13 | | (b) Different time periods for the payment of public funds | 14 | | into the State treasury or to the State Treasurer, in excess of | 15 | | the periods established in subsection (a) of this Section, but | 16 | | not in excess of 30 days after receipt of such funds, may be | 17 | | established and revised from time to time by rules or | 18 | | regulations promulgated jointly by the State Treasurer and the | 19 | | State Comptroller in accordance with the Illinois | 20 | | Administrative Procedure Act. The different time periods | 21 | | established by rule or regulation under this subsection may | 22 | | vary according to the nature and amounts of the funds | 23 | | received, the locations at which the funds are received, | 24 | | whether compliance with the deposit requirements specified in | 25 | | subsection (a) of this Section would be cost effective, and | 26 | | such other circumstances and conditions as the promulgating |
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| 1 | | authorities consider to be appropriate. The Treasurer and the | 2 | | Comptroller shall review all such different time periods | 3 | | established pursuant to this subsection every 2 years from the | 4 | | establishment thereof and upon such review, unless it is | 5 | | determined that it is economically unfeasible for the agency | 6 | | to comply with the provisions of subsection (a), shall repeal | 7 | | such different time period. | 8 | | (Source: P.A. 102-538, eff. 8-20-21.) | 9 | | Section 7. The Illinois Trust Code is amended by changing | 10 | | Sections 809 and 810 as follows: | 11 | | (760 ILCS 3/809) | 12 | | Sec. 809. Control and protection of trust property. A | 13 | | trustee shall take reasonable steps to take control of and | 14 | | protect the trust property , including searching for and | 15 | | claiming any unclaimed or presumptively abandoned property . If | 16 | | a corporation is acting as co-trustee with one or more | 17 | | individuals, the corporate trustee shall have custody of the | 18 | | trust estate unless all the trustees otherwise agree. | 19 | | (Source: P.A. 101-48, eff. 1-1-20 .) | 20 | | (760 ILCS 3/810) | 21 | | Sec. 810. Recordkeeping and identification of trust | 22 | | property. | 23 | | (a) A trustee shall keep adequate records of the |
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| 1 | | administration of the trust. | 2 | | (b) A trustee shall keep trust property separate from the | 3 | | trustee's own property. | 4 | | (c) Except as otherwise provided in subsection (d), a | 5 | | trustee not subject to federal or state banking regulation | 6 | | shall cause the trust property to be designated so that the | 7 | | interest of the trust, to the extent feasible, appears in | 8 | | records maintained by a party other than a trustee or | 9 | | beneficiary to whom the trustee has delivered the property. | 10 | | (d) If the trustee maintains records clearly indicating | 11 | | the respective interests, a trustee may invest as a whole the | 12 | | property of 2 or more separate trusts. | 13 | | (e) A trustee shall maintain or cause to be maintained | 14 | | trust records for a minimum of 7 years after the dissolution of | 15 | | the trust. | 16 | | (f) Prior to the destruction of trust records, a trustee | 17 | | shall conduct a reasonable search for any trust property that | 18 | | is presumptively abandoned or that has been reported and | 19 | | remitted to a state unclaimed property administrator. | 20 | | (Source: P.A. 101-48, eff. 1-1-20 .) | 21 | | Section 10. The Revised Uniform Unclaimed Property Act is | 22 | | amended by changing Sections 15-201, 15-301, 15-501, 15-503, | 23 | | 15-603, 15-903, 15-906, and 15-1302 as follows: | 24 | | (765 ILCS 1026/15-201) |
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| 1 | | Sec. 15-201. When property presumed abandoned. Subject to | 2 | | Section 15-210, the following property is presumed abandoned | 3 | | if it is unclaimed by the apparent owner during the period | 4 | | specified below: | 5 | | (1) a traveler's check, 15 years after issuance; | 6 | | (2) a money order, 5 years after issuance; | 7 | | (3) any instrument on which a financial organization | 8 | | or business association is directly liable, other than a | 9 | | money order, 3 years after issuance; | 10 | | (4) a corporate state or municipal bond, bearer bond, | 11 | | or original-issue-discount bond, 3 years after the | 12 | | earliest of the date the bond matures or is called or the | 13 | | obligation to pay the principal of the bond arises; | 14 | | (5) a debt of a business association, 3 years after | 15 | | the obligation to pay arises; | 16 | | (6) financial organization deposits as follows: | 17 | | (i) a demand deposit, 3 years after the date of the | 18 | | last indication of interest in the property by the | 19 | | apparent owner; | 20 | | (ii) a savings deposit, 3 years after the date of | 21 | | last indication of interest in the property by the | 22 | | apparent owner; | 23 | | (iii) a time deposit for which the owner has not | 24 | | consented to automatic renewal of the time deposit, 3 | 25 | | years after the later of maturity or the date of the | 26 | | last indication of interest in the property by the |
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| 1 | | apparent owner; | 2 | | (iv) an automatically renewable time deposit for | 3 | | which the owner consented to the automatic renewal in | 4 | | a record on file with the holder, 3 years after the | 5 | | date of last indication of interest in the property by | 6 | | the apparent owner, following the completion of the | 7 | | initial term of the time deposit and one automatic | 8 | | renewal term of the time deposit; | 9 | | (6.5) virtual currency, 5 years after the last | 10 | | indication of interest in the property; | 11 | | (7) money or a credit owed to a customer as a result of | 12 | | a retail business transaction, other than in-store credit | 13 | | for returned merchandise, 3 years after the obligation | 14 | | arose; | 15 | | (8) an amount owed by an insurance company on a life or | 16 | | endowment insurance policy or an annuity contract that has | 17 | | matured or terminated, 3 years after the obligation to pay | 18 | | arose under the terms of the policy or contract or, if a | 19 | | policy or contract for which an amount is owed on proof of | 20 | | death has not matured by proof of the death of the insured | 21 | | or annuitant, as follows: | 22 | | (A) with respect to an amount owed on a life or | 23 | | endowment insurance policy, the earlier of: | 24 | | (i) 3 years after the death of the insured; or | 25 | | (ii) 2 years after the insured has attained, | 26 | | or would have attained if living, the limiting age |
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| 1 | | under the mortality table on which the reserve for | 2 | | the policy is based; and | 3 | | (B) with respect to an amount owed on an annuity | 4 | | contract, 3 years after the death of the annuitant. | 5 | | (9) funds on deposit or held in trust pursuant to the | 6 | | Illinois Funeral or Burial Funds Act, the earliest of: | 7 | | (A) 2 years after the date of death of the | 8 | | beneficiary; | 9 | | (B) one year after the date the beneficiary has | 10 | | attained, or would have attained if living, the age of | 11 | | 105 where the holder does not know whether the | 12 | | beneficiary is deceased; | 13 | | (C) 40 years after the contract for prepayment was | 14 | | executed, unless the apparent owner has indicated an | 15 | | interest in the property more than 40 years after the | 16 | | contract for prepayment was executed, in which case, 3 | 17 | | years after the last indication of interest in the | 18 | | property by the apparent owner; | 19 | | (10) property distributable by a business association | 20 | | in the course of bankruptcy or | | | dissolution or | 21 | | distributions from the termination of a retirement plan, | 22 | | one year after the property becomes distributable; | 23 | | (11) property held by a court, including property | 24 | | received as proceeds of a class action, 3 years after the | 25 | | property becomes distributable; | 26 | | (12) property held by a government or governmental |
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| 1 | | subdivision, agency, or instrumentality, including | 2 | | municipal bond interest and unredeemed principal under the | 3 | | administration of a paying agent or indenture trustee, 3 | 4 | | years after the property becomes distributable; | 5 | | (12.5) amounts payable pursuant to Section 20-175 of | 6 | | the Property Tax Code, 3 years after the property becomes | 7 | | payable; | 8 | | (13) wages, commissions, bonuses, or reimbursements to | 9 | | which an employee is entitled, or other compensation for | 10 | | personal services, including amounts held on a payroll | 11 | | card, one year after the amount becomes payable; | 12 | | (14) a deposit or refund owed to a subscriber by a | 13 | | utility, one year after the deposit or refund becomes | 14 | | payable, except that any capital credits or patronage | 15 | | capital retired, returned, refunded or tendered to a | 16 | | member of an electric cooperative, as defined in Section | 17 | | 3.4 of the Electric Supplier Act, or a telephone or | 18 | | telecommunications cooperative, as defined in Section | 19 | | 13-212 of the Public Utilities Act, that has remained | 20 | | unclaimed by the person appearing on the records of the | 21 | | entitled cooperative for more than 2 years, shall not be | 22 | | subject to, or governed by, any other provisions of this | 23 | | Act, but rather shall be used by the cooperative for the | 24 | | benefit of the general membership of the cooperative; and | 25 | | (15) property not specified in this Section or | 26 | | Sections 15-202 through 15-208, the earlier of 3 years |
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| 1 | | after the owner first has a right to demand the property or | 2 | | the obligation to pay or distribute the property arises. | 3 | | Notwithstanding anything to the contrary in this Section | 4 | | 15-201, and subject to Section 15-210, a deceased owner cannot | 5 | | indicate interest in his or her property. If the owner is | 6 | | deceased and the abandonment period for the owner's property | 7 | | specified in this Section 15-201 is greater than 2 years, then | 8 | | the property, other than an amount owed by an insurance | 9 | | company on a life or endowment insurance policy or an annuity | 10 | | contract that has matured or terminated, shall instead be | 11 | | presumed abandoned 2 years from the date of the owner's last | 12 | | indication of interest in the property. | 13 | | (Source: P.A. 102-288, eff. 8-6-21; 103-148, eff. 6-30-23.) | 14 | | (765 ILCS 1026/15-301) | 15 | | Sec. 15-301. Address of apparent owner to establish | 16 | | priority. In this Article, the following rules apply: | 17 | | (1) The last-known address of an apparent owner is any | 18 | | description, code, or other indication of the location of | 19 | | the apparent owner which identifies the state, even if the | 20 | | description, code, or indication of location is not | 21 | | sufficient to direct the delivery of first-class United | 22 | | States mail to the apparent owner. | 23 | | (2) If the United States postal zip code associated | 24 | | with the apparent owner is for a post office located in | 25 | | this State, this State is deemed to be the state of the |
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| 1 | | last-known address of the apparent owner unless other | 2 | | records associated with the apparent owner specifically | 3 | | identify the physical address of the apparent owner to be | 4 | | in another state. | 5 | | (3) If the address under paragraph (2) is in another | 6 | | state, the other state is deemed to be the state of the | 7 | | last-known address of the apparent owner. | 8 | | (4) The address of the apparent owner of a life or | 9 | | endowment insurance policy or annuity contract or its | 10 | | proceeds is presumed to be the address of the insured or | 11 | | annuitant if a person other than the insured or annuitant | 12 | | is entitled to the amount owed under the policy or | 13 | | contract and the address of the other person is not known | 14 | | by the insurance company and cannot be determined under | 15 | | Section 15-302. The address of the apparent owner of other | 16 | | property where ownership vests in a beneficiary upon the | 17 | | death of the owner is presumed to be the address of the | 18 | | now-deceased owner if the address of the beneficiary is | 19 | | not known by the holder and cannot be determined under | 20 | | Section 15-302. | 21 | | (5) The address of the owner of other property where | 22 | | ownership vests in a beneficiary upon the death of the | 23 | | owner is presumed to be the address of the deceased owner | 24 | | if the address of the beneficiary is not known by the | 25 | | holder and cannot be determined under Section 15-302. | 26 | | (Source: P.A. 100-22, eff. 1-1-18 .) |
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| 1 | | (765 ILCS 1026/15-501) | 2 | | Sec. 15-501. Notice to apparent owner by holder. | 3 | | (a) Subject to subsections (b) and (c), the holder of | 4 | | property presumed abandoned shall send to the apparent owner | 5 | | notice by first-class United States mail that complies with | 6 | | Section 15-502 in a format acceptable to the administrator not | 7 | | more than one year nor less than 60 days before filing the | 8 | | report under Section 15-401 if: | 9 | | (1) the holder has in its records an address for the | 10 | | apparent owner which the holder's records do not disclose | 11 | | to be invalid and is sufficient to direct the delivery of | 12 | | first-class United States mail to the apparent owner; and | 13 | | (2) the value of the property is $50 or more. | 14 | | (b) If an apparent owner has consented to receive | 15 | | electronic-mail delivery from the holder, the holder shall | 16 | | send the notice described in subsection (a) both by | 17 | | first-class United States mail to the apparent owner's | 18 | | last-known mailing address and by electronic mail, unless the | 19 | | holder believes that the apparent owner's electronic-mail | 20 | | address is invalid. | 21 | | (c) The holder of virtual currency or securities presumed | 22 | | abandoned under Sections 15-202, 15-203, or 15-208 shall send | 23 | | to the apparent owner notice by certified United States mail | 24 | | that complies with Section 15-502 in a format acceptable to | 25 | | the administrator not less than 60 days before filing the |
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| 1 | | report 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 | | United States mail to the apparent owner; and | 6 | | (2) the value of the property is $1,000 or more. | 7 | | (d) In addition to other indications of an apparent | 8 | | owner's interest in property pursuant to Section 15-210, a | 9 | | signed return receipt in response to a notice sent pursuant to | 10 | | this Section by certified United States mail shall constitute | 11 | | a record communicated by the apparent owner to the holder | 12 | | concerning the property or the account in which the property | 13 | | is held. | 14 | | (e) The administrator may adopt rules allowing a holder to | 15 | | deduct reasonable costs incurred in sending a notice by United | 16 | | States mail under this Section. | 17 | | (Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.) | 18 | | (765 ILCS 1026/15-503) | 19 | | Sec. 15-503. Notice by administrator. | 20 | | (a) The administrator shall give notice to an apparent | 21 | | owner that property presumed abandoned and appears to be owned | 22 | | by the apparent owner is held by the administrator under this | 23 | | Act. | 24 | | (b) In providing notice under subsection (a), the | 25 | | administrator shall: |
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| 1 | | (1) except as otherwise provided in paragraph (2), | 2 | | send written notice by first-class United States mail to | 3 | | each apparent owner of property valued at $100 or more | 4 | | held by the administrator, unless the administrator | 5 | | determines that a mailing by first-class United States | 6 | | mail would not be received by the apparent owner, and, in | 7 | | the case of a security held in an account for which the | 8 | | apparent owner had consented to receiving electronic mail | 9 | | from the holder, send notice by electronic mail if the | 10 | | electronic-mail address of the apparent owner is known to | 11 | | the administrator instead of by first-class United States | 12 | | mail; or | 13 | | (2) send the notice to the apparent owner's | 14 | | electronic-mail address if the administrator does not have | 15 | | a valid United States mail address for an apparent owner, | 16 | | but has an electronic-mail address that the administrator | 17 | | does not know to be invalid. | 18 | | (c) In addition to the notice under subsection (b), the | 19 | | administrator shall: | 20 | | (1) publish twice every year every 6 months in at | 21 | | least one English language newspaper of general | 22 | | circulation in each county in this State notice of | 23 | | property held by the administrator which must include: | 24 | | (A) an estimate of the total value of property | 25 | | available to be claimed from received by the | 26 | | administrator during the preceding 6-month period, |
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| 1 | | taken from the reports under Section 15-401 ; | 2 | | (B) the approximate total value of claims paid by | 3 | | the administrator during the preceding fiscal year | 4 | | 6-month period ; | 5 | | (C) the Internet web address of the unclaimed | 6 | | property website maintained by the administrator; | 7 | | (D) an electronic-mail address to contact the | 8 | | administrator to inquire about or claim property; and | 9 | | (E) a statement that a person may access the | 10 | | Internet by a computer to search for unclaimed | 11 | | property and a computer may be available as a service | 12 | | to the public at a local public library. | 13 | | (2) The administrator shall maintain a website | 14 | | accessible by the public and electronically searchable | 15 | | which contains the names reported to the administrator of | 16 | | apparent owners for whom property is being held by the | 17 | | administrator. The administrator need not list property on | 18 | | such website when: no owner name was reported, a claim has | 19 | | been initiated or is pending for the property, the | 20 | | administrator has made direct contact with the apparent | 21 | | owner of the property, and in other instances where the | 22 | | administrator reasonably believes exclusion of the | 23 | | property is in the best interests of both the State and the | 24 | | owner of the property. | 25 | | (d) The website or database maintained under subsection | 26 | | (c)(2) must include instructions for filing with the |
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| 1 | | administrator a claim to property and an online claim form | 2 | | with instructions. The website may also provide a printable | 3 | | claim form with instructions for its use. | 4 | | (e) Tax return identification of apparent owners of | 5 | | abandoned property. | 6 | | (1) At least annually the administrator shall notify | 7 | | the Department of Revenue of the names of persons | 8 | | appearing to be owners of abandoned property under this | 9 | | Section. The administrator shall also provide to the | 10 | | Department of Revenue the social security numbers of the | 11 | | persons, if available. | 12 | | (2) The Department of Revenue shall notify the | 13 | | administrator if any person under subsection (e)(1) has | 14 | | filed an Illinois income tax return and shall provide the | 15 | | administrator with the last known address of the person as | 16 | | it appears in Department of Revenue records, except as | 17 | | prohibited by federal law. The Department of Revenue may | 18 | | also provide additional addresses for the same taxpayer | 19 | | from the records of the Department, except as prohibited | 20 | | by federal law. | 21 | | (3) In order to facilitate the return of property | 22 | | under this subsection, the administrator and the | 23 | | Department of Revenue may enter into an interagency | 24 | | agreement concerning protection of confidential | 25 | | information, data match rules, and other issues. | 26 | | (4) The administrator may deliver, as provided under |
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| 1 | | Section 15-904 of this Act, property or pay the amount | 2 | | owing to a person matched under this Section without the | 3 | | person filing a claim under Section 15-903 of this Act if | 4 | | the following conditions are met: | 5 | | (A) the value of the property that is owed the | 6 | | person is $5,000 or less; | 7 | | (B) the property is not either tangible property | 8 | | or securities; | 9 | | (C) the last known address for the person | 10 | | according to the Department of Revenue records is less | 11 | | than 12 months old; and | 12 | | (D) the administrator has evidence sufficient to | 13 | | establish that the person who appears in Department of | 14 | | Revenue records is the owner of the property and the | 15 | | owner currently resides at the last known address from | 16 | | the Department of Revenue. | 17 | | (5) If the value of the property that is owed the | 18 | | person is greater than $5,000, or is tangible property or | 19 | | securities the administrator shall provide notice to the | 20 | | person, informing the person that he or she is the owner of | 21 | | abandoned property held by the State and may file a claim | 22 | | with the administrator for return of the property. | 23 | | (6) The administrator does not need to notify the | 24 | | Department of Revenue of the names or social security | 25 | | numbers of apparent owners of abandoned property if the | 26 | | administrator reasonably believes that the Department of |
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| 1 | | Revenue will be unable to provide information that would | 2 | | provide sufficient evidence to establish that the person | 3 | | in the Department of Revenue's records is the apparent | 4 | | owner of unclaimed property in the custody of the | 5 | | administrator. | 6 | | (f) The administrator may use additional databases to | 7 | | verify the identity of the person and that the person | 8 | | currently resides at the last known address. The administrator | 9 | | may utilize publicly and commercially available databases to | 10 | | find and update or add information for apparent owners of | 11 | | property held by the administrator. | 12 | | (g) In addition to giving notice under subsection (b), | 13 | | publishing the information under subsection (c)(1) and | 14 | | maintaining the website or database under subsection (c)(2), | 15 | | the administrator may use other printed publication, | 16 | | telecommunication, the Internet, or other media to inform the | 17 | | public of the existence of unclaimed property held by the | 18 | | administrator. | 19 | | (h) Identification of apparent owners of abandoned | 20 | | property using other State databases. | 21 | | (1) The administrator may enter into interagency | 22 | | agreements with the Secretary of State and the Illinois | 23 | | State Board of Elections to identify persons appearing to | 24 | | be owners of abandoned property with databases under the | 25 | | control of the Secretary of State and the Illinois State | 26 | | Board of Elections. Such interagency agreements shall |
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| 1 | | include protection of confidential information, data match | 2 | | rules, and other necessary and proper issues. | 3 | | (2) Except as prohibited by federal law, after January | 4 | | 1, 2022 the administrator may provide the Secretary of | 5 | | State with names and other identifying information of | 6 | | persons appearing to be owners of abandoned property. The | 7 | | Secretary of State may provide the administrator with the | 8 | | last known address as it appears in its respective records | 9 | | of any person reasonably believed to be the apparent owner | 10 | | of abandoned property. | 11 | | (3) The Illinois State Board of Elections shall, upon | 12 | | request, annually provide the administrator with | 13 | | electronic data or compilations of voter registration | 14 | | information. The administrator may use such electronic | 15 | | data or compilations of voter registration information to | 16 | | identify persons appearing to be owners of abandoned | 17 | | property. | 18 | | (4) The administrator may deliver, as provided under | 19 | | Section 15-904, property or pay the amount owing to a | 20 | | person matched under this Section without the person | 21 | | filing a claim under Section 15-903 if: | 22 | | (i) the value of the property that is owed the | 23 | | person is $5,000 or less; | 24 | | (ii) the property is not either tangible property | 25 | | or securities; | 26 | | (iii) the last known address for the person |
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| 1 | | according to the records of the Secretary of State or | 2 | | Illinois State Board of Elections is less than 12 | 3 | | months old; and | 4 | | (iv) the administrator has evidence sufficient to | 5 | | establish that the person who appears in the records | 6 | | of the Secretary of State or Illinois State Board of | 7 | | Elections is the owner of the property and the owner | 8 | | currently resides at the last known address from the | 9 | | Secretary of State or the Illinois State Board of | 10 | | Elections. | 11 | | (Source: P.A. 102-288, eff. 8-6-21; 102-835, eff. 5-13-22.) | 12 | | (765 ILCS 1026/15-603) | 13 | | Sec. 15-603. Payment or delivery of property to | 14 | | administrator. | 15 | | (a) Except as otherwise provided in this Section, on | 16 | | filing a report under Section 15-401, the holder shall pay or | 17 | | deliver to the administrator the property described in the | 18 | | report. | 19 | | (b) If property in a report under Section 15-401 is an | 20 | | automatically renewable time deposit and the holder determines | 21 | | that a penalty or forfeiture in the payment of interest would | 22 | | result from paying the deposit to the administrator at the | 23 | | time of the report, the date for reporting and delivering the | 24 | | property to the administrator is extended until a penalty or | 25 | | forfeiture no longer would result from delivery of the |
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| 1 | | property to the administrator. The holder shall report and | 2 | | deliver the property on the next regular date prescribed for | 3 | | reporting by the holder under this Act after this extended | 4 | | date, and the holder shall indicate in its report to the | 5 | | administrator that the property is being reported on an | 6 | | extended date pursuant to this subsection (b). | 7 | | (c) Tangible property in a safe-deposit box may not be | 8 | | delivered to the administrator until a mutually agreed upon | 9 | | date that is no sooner than 60 days after filing the report | 10 | | under Section 15-401. | 11 | | (d) If property reported to the administrator under | 12 | | Section 15-401 is a security, the administrator may: | 13 | | (1) make an endorsement, instruction, or entitlement | 14 | | order on behalf of the apparent owner to invoke the duty of | 15 | | the issuer, its transfer agent, or the securities | 16 | | intermediary to transfer the security; or | 17 | | (2) dispose of the security under Section 15-702. | 18 | | (e) If the holder of property reported to the | 19 | | administrator under Section 15-401 is the issuer of a | 20 | | certificated security, the administrator may obtain a | 21 | | replacement certificate in physical or book-entry form under | 22 | | Section 8-405 of the Uniform Commercial Code. An indemnity | 23 | | bond is not required. | 24 | | (f) The administrator shall establish procedures for the | 25 | | registration, issuance, method of delivery, transfer, and | 26 | | maintenance of securities delivered to the administrator by a |
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| 1 | | holder. | 2 | | (g) An issuer, holder, and transfer agent or other person | 3 | | acting in good faith under this Section under instructions of | 4 | | and on behalf of the issuer or holder is not liable to the | 5 | | apparent owner for a claim arising with respect to property | 6 | | after the property has been delivered to the administrator. | 7 | | (h) A holder is not required to deliver to the | 8 | | administrator a security identified by the holder as a | 9 | | non-freely transferable security in a report filed under | 10 | | Section 15-401. If the administrator or holder determines that | 11 | | a security is no longer a non-freely transferable security, | 12 | | the holder shall report and deliver the security on the next | 13 | | regular date prescribed for delivery of securities by the | 14 | | holder under this Act. The holder shall make a determination | 15 | | annually whether a security identified in a report filed under | 16 | | Section 15-401 as a non-freely transferable security is no | 17 | | longer a non-freely transferable security. | 18 | | (i) Virtual currency. | 19 | | (1) If property reported to the administrator is | 20 | | virtual currency, the holder shall liquidate the virtual | 21 | | currency and remit the proceeds to the administrator. | 22 | | (2) The liquidation shall occur anytime within 30 days | 23 | | prior to the filing of the report under Section 15-401. | 24 | | The owner shall not have recourse against the holder or | 25 | | the administrator to recover any gain in value that occurs | 26 | | after the liquidation of the virtual currency under this |
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| 1 | | subsection. | 2 | | (3) If a holder cannot liquidate virtual currency and | 3 | | cannot otherwise cause virtual currency to be liquidated, | 4 | | the holder shall promptly notify the administrator in | 5 | | writing and explain the reasons why the virtual currency | 6 | | cannot be liquidated. The administrator, in his or her | 7 | | absolute and sole discretion, may direct the holder to | 8 | | either (1) transfer the virtual currency that cannot be | 9 | | liquidated to a custodian selected by the administrator, | 10 | | or (2) continue to hold the virtual currency until the | 11 | | administrator or the holder determines that the virtual | 12 | | currency can be liquidated pursuant to this Act or there | 13 | | is an indication of apparent owner interest pursuant to | 14 | | Section 15-210. | 15 | | (Source: P.A. 102-288, eff. 8-6-21.) | 16 | | (765 ILCS 1026/15-903) | 17 | | Sec. 15-903. Claim for property by person claiming to be | 18 | | owner. | 19 | | (a) A person claiming to be the owner of property held | 20 | | under this Act by the administrator or to the proceeds from the | 21 | | sale thereof may file a claim for the property on a form | 22 | | prescribed by the administrator. The claimant must verify the | 23 | | claim as to its completeness and accuracy. | 24 | | (b) The administrator may waive the requirement in | 25 | | subsection (a) and may pay or deliver property directly to a |
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| 1 | | person if: | 2 | | (1) the person receiving the property or payment is | 3 | | shown to be the apparent owner included on a report filed | 4 | | under Section 15-401; | 5 | | (2) the administrator reasonably believes the person | 6 | | is entitled to receive the property or payment; and | 7 | | (3) the property has a value of less than $5,000 | 8 | | $2,000 . | 9 | | (c) The administrator may change the maximum value in | 10 | | subsection (b) by administrative rule. | 11 | | (d) This Section is the sole administrative and legal | 12 | | procedure for claiming property under this Act. Compliance | 13 | | with this Section is required prior to exercising the | 14 | | exclusive judicial remedy found in Section 15-906. | 15 | | (Source: P.A. 102-835, eff. 5-13-22.) | 16 | | (765 ILCS 1026/15-906) | 17 | | Sec. 15-906. Action by person whose claim is denied. Not | 18 | | later than one year after filing a claim under subsection (a) | 19 | | of Section 15-903, the claimant may commence a contested case | 20 | | pursuant to the Illinois Administrative Procedure Act to | 21 | | establish a claim by the preponderance of the evidence after | 22 | | either receiving notice under subsection (b) of Section 15-904 | 23 | | or the claim is deemed denied under subsection (b) of Section | 24 | | 15-904. Any appeal from the administrator's decision pursuant | 25 | | to the Illinois Administrative Procedure Act must be taken via |
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| 1 | | the provisions of the Administrative Review Law. | 2 | | (Source: P.A. 102-288, eff. 8-6-21.) | 3 | | (765 ILCS 1026/15-1302) | 4 | | Sec. 15-1302. When agreement to locate property void. | 5 | | (a) Subject to subsection (b), an agreement under Section | 6 | | 15-1301 is void if it is entered into during the period | 7 | | beginning on the date the property was presumed abandoned | 8 | | under this Act and ending 24 months after the payment or | 9 | | delivery of the property to the administrator. | 10 | | (b) If a provision in an agreement described in Section | 11 | | 15-1301 applies to mineral proceeds for which compensation is | 12 | | to be paid to the other person based in whole or in part on a | 13 | | part of the underlying minerals or mineral proceeds not then | 14 | | presumed abandoned, the provision is void regardless of when | 15 | | the agreement was entered into. | 16 | | (c) An agreement under this Article 13 which provides for | 17 | | compensation in an amount that is more than 10% of the amount | 18 | | collected is unenforceable except by the apparent owner. | 19 | | (d) An apparent owner or the administrator may assert that | 20 | | an agreement described in this Article 13 is void on a ground | 21 | | other than it provides for payment of unconscionable | 22 | | compensation. | 23 | | (e) A person attempting to collect a contingent fee for | 24 | | discovering, on behalf of an apparent owner, presumptively | 25 | | abandoned property must be licensed as a private detective |
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| 1 | | pursuant to the Private Detective, Private Alarm, Private | 2 | | Security, Fingerprint Vendor, and Locksmith Act of 2004. | 3 | | (f) This Section does not apply to an apparent owner's | 4 | | agreement between an owner and with an attorney to pursue a | 5 | | claim for recovery of specifically identified property held by | 6 | | the administrator or to contest the administrator's denial of | 7 | | a claim for recovery of the property where the attorney has an | 8 | | attorney-client relationship with the owner . | 9 | | (g) This Section does not apply to an apparent owner's | 10 | | agreement with a CPA firm licensed under the Illinois Public | 11 | | Accounting Act, or with an affiliate of such firm, if all of | 12 | | the following apply: | 13 | | (1) the CPA firm has registered with the administrator | 14 | | and is in good standing with the Illinois Department of | 15 | | Financial and Professional Regulation; | 16 | | (2) the apparent owner is not a natural person; and | 17 | | (3) the CPA firm, or with an affiliate of such firm, | 18 | | also provides the apparent owner professional services to | 19 | | assist with the apparent owner's compliance with the | 20 | | reporting requirements of this Act. The administrator | 21 | | shall adopt rules to implement and administer the | 22 | | registration of CPA firms and the claims process under | 23 | | this paragraph (g). | 24 | | (Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.)". |
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