Full Text of SB0868 100th General Assembly
SB0868enr 100TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning civil law.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Revised Uniform Unclaimed Property Act is | 5 | | amended by changing Sections 15-102, 15-201, 15-206, 15-403, | 6 | | 15-501, 15-502, 15-503, 15-602, 15-606, 15-607, 15-1002.1, | 7 | | 15-1302, and 15-1401 as follows: | 8 | | (765 ILCS 1026/15-102) | 9 | | (This Section may contain text from a Public Act with a | 10 | | delayed effective date )
| 11 | | Sec. 15-102. Definitions. In this Act: | 12 | | (1) "Administrator" means the State Treasurer. | 13 | | (2) "Administrator's agent" means a person with which | 14 | | the administrator contracts to conduct an examination | 15 | | under Article 10 on behalf of the administrator. The term | 16 | | includes an independent contractor of the person and each | 17 | | individual participating in the examination on behalf of | 18 | | the person or contractor. | 19 | | (2.5) (Blank) "Affiliated group of merchants" means 2 | 20 | | or more affiliated merchants or other persons that are | 21 | | related by common ownership or common corporate control and | 22 | | that share the same name, mark, or logo. The term also | 23 | | applies to 2 or more merchants or other persons that agree |
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| 1 | | among themselves, by contract or otherwise, to redeem | 2 | | cards, codes, or other devices bearing the same name, mark, | 3 | | or logo (other than the mark, logo, or brand of a payment | 4 | | network), for the purchase of goods or services solely at | 5 | | such merchants or persons. However, merchants or other | 6 | | persons are not considered to be affiliated merely because | 7 | | they agree to accept a card that bears the mark, logo, or | 8 | | brand of a payment network . | 9 | | (3) "Apparent owner" means a person whose name appears | 10 | | on the records of a holder as the owner of property held, | 11 | | issued, or owing by the holder. | 12 | | (4) "Business association" means a corporation, joint | 13 | | stock company, investment company, unincorporated | 14 | | association, joint venture, limited liability company, | 15 | | business trust, trust company, land bank, safe deposit | 16 | | company, safekeeping depository, financial organization, | 17 | | insurance company, federally chartered entity, utility, | 18 | | sole proprietorship, or other business entity, whether or | 19 | | not for profit. | 20 | | (5) "Confidential information" means information that | 21 | | is "personal information" under the Personal Information | 22 | | Protection Act, "private information" under the Freedom of | 23 | | Information Act or personal information contained within | 24 | | public records, the disclosure of which would constitute a | 25 | | clearly unwarranted invasion of personal privacy, unless | 26 | | the disclosure is consented to in writing by the individual |
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| 1 | | subjects of the information as provided in the Freedom of | 2 | | Information Act. | 3 | | (6) "Domicile" means: | 4 | | (A) for a corporation, the state of its | 5 | | incorporation; | 6 | | (B) for a business association whose formation | 7 | | requires a filing with a state, other than a | 8 | | corporation, the state of its filing; | 9 | | (C) for a federally chartered entity or an | 10 | | investment company registered under the Investment | 11 | | Company Act of 1940, the state of its home office; and | 12 | | (D) for any other holder, the state of its | 13 | | principal place of business. | 14 | | (7) "Electronic" means relating to technology having | 15 | | electrical, digital, magnetic, wireless, optical, | 16 | | electromagnetic, or similar capabilities. | 17 | | (8) "Electronic mail" means a communication by | 18 | | electronic means which is automatically retained and | 19 | | stored and may be readily accessed or retrieved. | 20 | | (8.5) "Escheat fee" means any charge imposed solely by | 21 | | virtue of property being reported as presumed abandoned. | 22 | | (9) "Financial organization" means a bank, savings | 23 | | bank, foreign bank, corporate fiduciary, currency | 24 | | exchange, money transmitter, or credit union. | 25 | | (10) "Game-related digital content" means digital | 26 | | content that exists only in an electronic game or |
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| 1 | | electronic-game platform. The term: | 2 | | (A) includes: | 3 | | (i) game-play currency such as a virtual | 4 | | wallet, even if denominated in United States | 5 | | currency; and | 6 | | (ii) the following if for use or redemption | 7 | | only within the game or platform or another | 8 | | electronic game or electronic-game platform: | 9 | | (I) points sometimes referred to as gems, | 10 | | tokens, gold, and similar names; and | 11 | | (II) digital codes; and | 12 | | (B) does not include an item that the issuer: | 13 | | (i) permits to be redeemed for use outside a | 14 | | game or platform for: | 15 | | (I) money; or | 16 | | (II) goods or services that have more than | 17 | | minimal value; or | 18 | | (ii) otherwise monetizes for use outside a | 19 | | game or platform. | 20 | | (11) "Gift card" means a record evidencing a promise | 21 | | made for consideration by the seller or issuer of the | 22 | | record that goods, services, or money will be provided to | 23 | | the owner of the record to the value or amount shown in the | 24 | | record that is either : | 25 | | (A) a record stored-value card : | 26 | | (i) issued on a prepaid basis primarily for |
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| 1 | | personal, family, or household purposes to a | 2 | | consumer in a specified amount; | 3 | | (ii) the value of which does not expire; | 4 | | (iii) that is not subject to a dormancy, | 5 | | inactivity, or post-sale service fee; | 6 | | (iv) that is redeemable upon presentation for | 7 | | goods or services may be decreased in value only by | 8 | | redemption for merchandise, goods, or services | 9 | | upon presentation at a single merchant or an | 10 | | affiliated group of merchants ; and | 11 | | (v) that, unless required by law, may not be | 12 | | redeemed for or converted into money or otherwise | 13 | | monetized by the issuer; or and | 14 | | (B) includes a prepaid commercial mobile radio | 15 | | service, as defined in 47 C.F.R. 20.3, as amended. | 16 | | (12) "Holder" means a person obligated to hold for the | 17 | | account of, or to deliver or pay to, the owner, property | 18 | | subject to this Act. | 19 | | (13) "Insurance company" means an association, | 20 | | corporation, or fraternal or mutual-benefit organization, | 21 | | whether or not for profit, engaged in the business of | 22 | | providing life endowments, annuities, or insurance, | 23 | | including accident, burial, casualty, credit-life, | 24 | | contract-performance, dental, disability, fidelity, fire, | 25 | | health, hospitalization, illness, life, malpractice, | 26 | | marine, mortgage, surety, wage-protection, and |
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| 1 | | worker-compensation insurance. | 2 | | (14) "Loyalty card" means a record given without direct | 3 | | monetary consideration under an award, reward, benefit, | 4 | | loyalty, incentive, rebate, or promotional program which | 5 | | may be used or redeemed only to obtain goods or services or | 6 | | a discount on goods or services. The term does not include | 7 | | a record that may be redeemed for money or otherwise | 8 | | monetized by the issuer. | 9 | | (15) "Mineral" means gas, oil, coal, oil shale, other | 10 | | gaseous liquid or solid hydrocarbon, cement material, sand | 11 | | and gravel, road material, building stone, chemical raw | 12 | | material, gemstone, fissionable and nonfissionable ores, | 13 | | colloidal and other clay, steam and other geothermal | 14 | | resources, and any other substance defined as a mineral by | 15 | | law of this State other than this Act. | 16 | | (16) "Mineral proceeds" means an amount payable for | 17 | | extraction, production, or sale of minerals, or, on the | 18 | | abandonment of the amount, an amount that becomes payable | 19 | | after abandonment. The term includes an amount payable: | 20 | | (A) for the acquisition and retention of a mineral | 21 | | lease, including a bonus, royalty, compensatory | 22 | | royalty, shut-in royalty, minimum royalty, and delay | 23 | | rental; | 24 | | (B) for the extraction, production, or sale of | 25 | | minerals, including a net revenue interest, royalty, | 26 | | overriding royalty, extraction payment, and production |
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| 1 | | payment; and | 2 | | (C) under an agreement or option, including a | 3 | | joint-operating agreement, unit agreement, pooling | 4 | | agreement, and farm-out agreement. | 5 | | (17) "Money order" means a payment order for a | 6 | | specified amount of money. The term includes an express | 7 | | money order and a personal money order on which the | 8 | | remitter is the purchaser. | 9 | | (18) "Municipal bond" means a bond or evidence of | 10 | | indebtedness issued by a municipality or other political | 11 | | subdivision of a state. | 12 | | (19) "Net card value" means the original purchase price | 13 | | or original issued value of a stored-value card, plus | 14 | | amounts added to the original price or value, minus amounts | 15 | | used and any service charge, fee, or dormancy charge | 16 | | permitted by law. | 17 | | (20) "Non-freely transferable security" means a | 18 | | security that cannot be delivered to the administrator by | 19 | | the Depository Trust Clearing Corporation or similar | 20 | | custodian of securities providing post-trade clearing and | 21 | | settlement services to financial markets or cannot be | 22 | | delivered because there is no agent to effect transfer. The | 23 | | term includes a worthless security. | 24 | | (21) "Owner" , unless the context otherwise requires, | 25 | | means a person that has a legal, beneficial, or equitable | 26 | | interest in property subject to this Act or the person's |
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| 1 | | legal representative when acting on behalf of the owner. | 2 | | The term includes: | 3 | | (A) a depositor, for a deposit; | 4 | | (B) a beneficiary, for a trust other than a deposit | 5 | | in trust; | 6 | | (C) a creditor, claimant, or payee, for other | 7 | | property; and | 8 | | (D) the lawful bearer of a record that may be used | 9 | | to obtain money, a reward, or a thing of value. | 10 | | (22) "Payroll card" means a record that evidences a | 11 | | payroll-card account as defined in Regulation E, 12 CFR | 12 | | Part 1005, as amended. | 13 | | (23) "Person" means an individual, estate, business | 14 | | association, public corporation, government or | 15 | | governmental subdivision, agency, or instrumentality, or | 16 | | other legal entity , whether or not for profit. | 17 | | (24) "Property" means tangible property described in | 18 | | Section 15-201 or a fixed and certain interest in | 19 | | intangible property held, issued, or owed in the course of | 20 | | a holder's business or by a government, governmental | 21 | | subdivision, agency, or instrumentality. The term: | 22 | | (A) includes all income from or increments to the | 23 | | property; | 24 | | (B) includes property referred to as or evidenced | 25 | | by: | 26 | | (i) money, virtual currency, interest, or a |
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| 1 | | dividend, check, draft, deposit, or payroll card; | 2 | | (ii) a credit balance, customer's overpayment, | 3 | | stored-value card, security deposit, refund, | 4 | | credit memorandum, unpaid wage, unused ticket for | 5 | | which the issuer has an obligation to provide a | 6 | | refund, mineral proceeds, or unidentified | 7 | | remittance; | 8 | | (iii) a security except for: | 9 | | (I) a worthless security; or | 10 | | (II) a security that is subject to a lien, | 11 | | legal hold, or restriction evidenced on the | 12 | | records of the holder or imposed by operation | 13 | | of law, if the lien, legal hold, or restriction | 14 | | restricts the holder's or owner's ability to | 15 | | receive, transfer, sell, or otherwise | 16 | | negotiate the security; | 17 | | (iv) a bond, debenture, note, or other | 18 | | evidence of indebtedness; | 19 | | (v) money deposited to redeem a security, make | 20 | | a distribution, or pay a dividend; | 21 | | (vi) an amount due and payable under an annuity | 22 | | contract or insurance policy; and | 23 | | (vii) an amount distributable from a trust or | 24 | | custodial fund established under a plan to provide | 25 | | health, welfare, pension, vacation, severance, | 26 | | retirement, death, stock purchase, profit-sharing, |
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| 1 | | employee-savings, supplemental-unemployment | 2 | | insurance, or a similar benefit; and | 3 | | (viii) any instrument on which a financial | 4 | | organization or business association is directly | 5 | | liable; and | 6 | | (C) does not include: | 7 | | (i) game-related digital content; | 8 | | (ii) a loyalty card; or | 9 | | (iii) a gift card. | 10 | | (25) "Putative holder" means a person believed by the | 11 | | administrator to be a holder, until the person pays or | 12 | | delivers to the administrator property subject to this Act | 13 | | or the administrator or a court makes a final determination | 14 | | that the person is or is not a holder. | 15 | | (26) "Record" means information that is inscribed on a | 16 | | tangible medium or that is stored in an electronic or other | 17 | | medium and is retrievable in perceivable form. The phrase | 18 | | "records of the holder" includes records maintained by a | 19 | | third party that has contracted with the holder. | 20 | | (27) "Security" means: | 21 | | (A) a security as defined in Article 8 of the | 22 | | Uniform Commercial Code; | 23 | | (B) a security entitlement as defined in Article 8 | 24 | | of the Uniform Commercial Code, including a customer | 25 | | security account held by a registered broker-dealer, | 26 | | to the extent the financial assets held in the security |
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| 1 | | account are not: | 2 | | (i) registered on the books of the issuer in | 3 | | the name of the person for which the broker-dealer | 4 | | holds the assets; | 5 | | (ii) payable to the order of the person; or | 6 | | (iii) specifically indorsed to the person; or | 7 | | (C) an equity interest in a business association | 8 | | not included in subparagraph (A) or (B). | 9 | | (28) "Sign" means, with present intent to authenticate | 10 | | or adopt a record: | 11 | | (A) to execute or adopt a tangible symbol; or | 12 | | (B) to attach to or logically associate with the | 13 | | record an electronic symbol, sound, or process. | 14 | | (29) "State" means a state of the United States, the | 15 | | District of Columbia, the Commonwealth of Puerto Rico, the | 16 | | United States Virgin Islands, or any territory or insular | 17 | | possession subject to the jurisdiction of the United | 18 | | States. | 19 | | (30) "Stored-value card" means a card, code, or other | 20 | | device that is: a record evidencing a promise made for | 21 | | consideration by the seller or issuer of the record that | 22 | | goods, services, or money will be provided to the owner of | 23 | | the record to the value or amount shown in the record. The | 24 | | term: | 25 | | (A) issued on a prepaid basis primarily for | 26 | | personal, family, or household purposes to a consumer |
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| 1 | | in a specified amount, whether or not that amount may | 2 | | be increased or reloaded in exchange for payment; and | 3 | | includes: | 4 | | (i) a record that contains or consists of a | 5 | | microprocessor chip, magnetic strip, or other | 6 | | means for the storage of information, which is | 7 | | prefunded and whose value or amount is decreased on | 8 | | each use and increased by payment of additional | 9 | | consideration; and | 10 | | (ii) a gift card and payroll card; and | 11 | | (B) redeemable upon presentation at multiple | 12 | | unaffiliated merchants for goods or services or usable | 13 | | at automated teller machines; and | 14 | | "Stored-value card" does not include a gift card, | 15 | | payroll card, loyalty card , or game-related digital | 16 | | content. | 17 | | (31) "Utility" means a person that owns or operates for | 18 | | public use a plant, equipment, real property, franchise, or | 19 | | license for the following public services: | 20 | | (A) transmission of communications or information; | 21 | | (B) production, storage, transmission, sale, | 22 | | delivery, or furnishing of electricity, water, steam, | 23 | | or gas; or | 24 | | (C) provision of sewage or septic services, or | 25 | | trash, garbage, or recycling disposal. | 26 | | (32) "Virtual currency" means a digital representation |
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| 1 | | of value used as a medium of exchange, unit of account, or | 2 | | store of value, which does not have legal tender status | 3 | | recognized by the United States. The term does not include: | 4 | | (A) the software or protocols governing the | 5 | | transfer of the digital representation of value; | 6 | | (B) game-related digital content; or | 7 | | (C) a loyalty card or gift card. | 8 | | (33) "Worthless security" means a security whose cost | 9 | | of liquidation and delivery to the administrator would | 10 | | exceed the value of the security on the date a report is | 11 | | due under this Act.
| 12 | | (Source: P.A. 100-22, eff. 1-1-18.) | 13 | | (765 ILCS 1026/15-201) | 14 | | (This Section may contain text from a Public Act with a | 15 | | delayed effective date )
| 16 | | Sec. 15-201. When property presumed abandoned. Subject to | 17 | | Section 15-210, the following property is presumed abandoned if | 18 | | it is unclaimed by the apparent owner during the period | 19 | | specified below: | 20 | | (1) a traveler's check, 15 years after issuance; | 21 | | (2) a money order, 7 years after issuance; | 22 | | (3) any instrument on which a financial organization or | 23 | | business association is directly liable, 3 years after | 24 | | issuance; (Blank). | 25 | | (4) a state or municipal bond, bearer bond, or |
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| 1 | | original-issue-discount bond, 3 years after the earliest | 2 | | of the date the bond matures or is called or the obligation | 3 | | to pay the principal of the bond arises; | 4 | | (5) a debt of a business association, 3 years after the | 5 | | obligation to pay arises; | 6 | | (6) a demand, savings, or time deposit, 3 years after | 7 | | the later of maturity or the date of the last indication of | 8 | | interest in the property by the apparent owner, except for | 9 | | a deposit that is automatically renewable, 3 years after | 10 | | its initial date of maturity unless the apparent owner | 11 | | consented in a record on file with the holder to renewal at | 12 | | or about the time of the renewal; | 13 | | (7) money or a credit owed to a customer as a result of | 14 | | a retail business transaction, other than in-store credit | 15 | | for returned merchandise, other than a stored-value card, 3 | 16 | | years after the obligation arose; | 17 | | (8) an amount owed by an insurance company on a life or | 18 | | endowment insurance policy or an annuity contract that has | 19 | | matured or terminated, 3 years after the obligation to pay | 20 | | arose under the terms of the policy or contract or, if a | 21 | | policy or contract for which an amount is owed on proof of | 22 | | death has not matured by proof of the death of the insured | 23 | | or annuitant, as follows: | 24 | | (A) with respect to an amount owed on a life or | 25 | | endowment insurance policy, the earlier of: | 26 | | (i) 3 years after the death of the insured; or |
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| 1 | | (ii) 2 years after the insured has attained, or | 2 | | would have attained if living, the limiting age | 3 | | under the mortality table on which the reserve for | 4 | | the policy is based; and | 5 | | (B) with respect to an amount owed on an annuity | 6 | | contract, 3 years after the death of the annuitant. | 7 | | (9) funds on deposit or held in trust pursuant to the | 8 | | Illinois Funeral or Burial Funds Act for the prepayment of | 9 | | a funeral or other funeral-related expenses , the earliest | 10 | | of: | 11 | | (A) 2 years after the date of death of the | 12 | | beneficiary; | 13 | | (B) one year after the date the beneficiary has | 14 | | attained, or would have attained if living, the age of | 15 | | 105 where the holder does not know whether the | 16 | | beneficiary is deceased; | 17 | | (C) 40 30 years after the contract for prepayment | 18 | | was executed; | 19 | | (10) property distributable by a business association | 20 | | in the course of dissolution or distributions from the | 21 | | termination of a retirement plan, one year after the | 22 | | 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 | | (13) wages, commissions, bonuses, or reimbursements to | 6 | | which an employee is entitled, or other compensation for | 7 | | personal services, including amounts held on a payroll | 8 | | card, one year after the amount becomes payable; | 9 | | (14) a deposit or refund owed to a subscriber by a | 10 | | utility, one year after the deposit or refund becomes | 11 | | payable, except that any capital credits or patronage | 12 | | capital retired, returned, refunded or tendered to a member | 13 | | of an electric cooperative, as defined in Section 3.4 of | 14 | | the Electric Supplier Act, or a telephone or | 15 | | telecommunications cooperative, as defined in Section | 16 | | 13-212 of the Public Utilities Act, that has remained | 17 | | unclaimed by the person appearing on the records of the | 18 | | entitled cooperative for more than 2 years, shall not be | 19 | | subject to, or governed by, any other provisions of this | 20 | | Act, but rather shall be used by the cooperative for the | 21 | | benefit of the general membership of the cooperative; and | 22 | | (15) property not specified in this Section or Sections | 23 | | 15-202 through 15-208, the earlier of 3 years after the | 24 | | owner first has a right to demand the property or the | 25 | | obligation to pay or distribute the property arises. | 26 | | Notwithstanding anything to the contrary in this Section |
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| 1 | | 15-201, and subject to Section 15-210, a deceased owner cannot | 2 | | indicate interest in his or her property. If the owner is | 3 | | deceased and the abandonment period for the owner's property | 4 | | specified in this Section 15-201 is greater than 2 years, then | 5 | | the property, other than an amount owed by an insurance company | 6 | | on a life or endowment insurance policy or an annuity contract | 7 | | that has matured or terminated, shall instead be presumed | 8 | | abandoned 2 years from the date of the owner's last indication | 9 | | of interest in the property.
| 10 | | (Source: P.A. 100-22, eff. 1-1-18.) | 11 | | (765 ILCS 1026/15-206) | 12 | | (This Section may contain text from a Public Act with a | 13 | | delayed effective date )
| 14 | | Sec. 15-206. When stored-value card presumed abandoned. | 15 | | (a) Subject to Section 15-210, the net card value of a | 16 | | stored-value card , other than a payroll card or a gift card, is | 17 | | presumed abandoned on the latest of 5 years after: | 18 | | (1) December 31 of the year in which the card is issued | 19 | | or additional funds are deposited into it; | 20 | | (2) the most recent indication of interest in the card | 21 | | by the apparent owner; or | 22 | | (3) a verification or review of the balance by or on | 23 | | behalf of the apparent owner. | 24 | | (b) The amount presumed abandoned in a stored-value card is | 25 | | the net card value at the time it is presumed abandoned. |
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| 1 | | (c) However, if a holder has reported and remitted to the | 2 | | administrator the net card value on a stored-value card | 3 | | presumed abandoned under this Section and the stored-value card | 4 | | does not have an expiration date, then the holder must honor | 5 | | the card on presentation indefinitely and may then request | 6 | | reimbursement from the administrator under Section 605.
| 7 | | (Source: P.A. 100-22, eff. 1-1-18.) | 8 | | (765 ILCS 1026/15-403) | 9 | | (This Section may contain text from a Public Act with a | 10 | | delayed effective date )
| 11 | | Sec. 15-403. When report to be filed. | 12 | | (a) Except as otherwise provided in subsection (b) and | 13 | | subject to subsection (c), the report under Section 15-401 must | 14 | | be filed before November 1 of each year and cover the 12 months | 15 | | preceding July 1 of that year. Business associations which must | 16 | | report under this subsection (a) include financial | 17 | | organizations and insurance companies other than life | 18 | | insurance companies; all other business associations must file | 19 | | under subsection (b). | 20 | | (b) Subject to subsection (c), the report under Section | 21 | | 15-401 to be filed by any business associations that do not | 22 | | report under subsection (a) , utilities, and life insurance | 23 | | companies must be filed before May 1 of each year for the | 24 | | immediately preceding calendar year. | 25 | | (c) Before the date for filing the report under Section |
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| 1 | | 15-401, the holder of property presumed abandoned may request | 2 | | the administrator to extend the time for filing. The | 3 | | administrator may grant an extension. If the extension is | 4 | | granted, the holder may pay or make a partial payment of the | 5 | | amount the holder estimates ultimately will be due. The payment | 6 | | or partial payment terminates accrual of interest on the amount | 7 | | paid.
| 8 | | (Source: P.A. 100-22, eff. 1-1-18.) | 9 | | (765 ILCS 1026/15-501) | 10 | | (This Section may contain text from a Public Act with a | 11 | | delayed effective date )
| 12 | | Sec. 15-501. Notice to apparent owner by holder. | 13 | | (a) Subject to subsections (b) and (c), the holder of | 14 | | property presumed abandoned shall send to the apparent owner | 15 | | notice by first-class United States mail that complies with | 16 | | Section 15-502 in a format acceptable to the administrator not | 17 | | more than one year nor less than 60 days before filing the | 18 | | report under Section 15-401 if: | 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 | | first-class United States mail to the apparent owner; and | 23 | | (2) the value of the property is $50 or more. | 24 | | (b) If an apparent owner has consented to receive | 25 | | electronic-mail delivery from the holder, the holder shall send |
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| 1 | | the notice described in subsection (a) both by first-class | 2 | | United States mail to the apparent owner's last-known mailing | 3 | | address and by electronic mail, unless the holder believes that | 4 | | the apparent owner's electronic-mail address is invalid. | 5 | | (c) The holder of securities presumed abandoned under | 6 | | Sections 15-202, 15-203, or 15-208 shall send to the apparent | 7 | | owner notice by certified United States mail that complies with | 8 | | Section 15-502 in a format acceptable to the administrator not | 9 | | less than 60 days before filing the report under Section 15-401 | 10 | | if: | 11 | | (1) the holder has in its records an address for the | 12 | | apparent owner which the holder's records do not disclose | 13 | | to be invalid and is sufficient to direct the delivery of | 14 | | United States mail to the apparent owner; and | 15 | | (2) the value of the property is $1,000 or more. | 16 | | The administrator may issue rules allowing a holder to | 17 | | deduct reasonable costs incurred in sending a notice by | 18 | | certified United States mail under this subsection. | 19 | | (d) In addition to other indications of an apparent owner's | 20 | | interest in property pursuant to Section 15-210, a signed | 21 | | return receipt in response to a notice sent pursuant to this | 22 | | Section by certified United States mail shall constitute a | 23 | | record communicated by the apparent owner to the holder | 24 | | concerning the property or the account in which the property is | 25 | | held. | 26 | | (e) The administrator may adopt rules allowing a holder to |
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| 1 | | deduct reasonable costs incurred in sending a notice by United | 2 | | States mail under this Section.
| 3 | | (Source: P.A. 100-22, eff. 1-1-18.) | 4 | | (765 ILCS 1026/15-502) | 5 | | (This Section may contain text from a Public Act with a | 6 | | delayed effective date )
| 7 | | Sec. 15-502. Contents of notice by holder. | 8 | | (a) Notice under Section 15-501 must contain a heading that | 9 | | reads substantially as follows: "Notice. The State of Illinois | 10 | | requires us to notify you that your property may be transferred | 11 | | to the custody of the State Treasurer administrator if you do | 12 | | not contact us before (insert date that is 30 days after the | 13 | | date of this notice)." . | 14 | | (b) The notice under Section 15-501 must: | 15 | | (1) identify the nature and, except for property that | 16 | | does not have a fixed value, the value of the property that | 17 | | is the subject of the notice; | 18 | | (2) state that the property will be turned over to the | 19 | | State Treasurer; | 20 | | (3) state that after the property is turned over to the | 21 | | State Treasurer an apparent owner that seeks return of the | 22 | | property may file a claim with the State Treasurer | 23 | | administrator ; | 24 | | (4) state that property that is not legal tender of the | 25 | | United States may be sold by the State Treasurer; |
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| 1 | | (5) provide instructions that the apparent owner must | 2 | | follow to prevent the holder from reporting and paying or | 3 | | delivering the property to the State Treasurer; and | 4 | | (6) provide the name, address, and e-mail address or | 5 | | telephone number to contact the holder. | 6 | | (c) The holder may supplement the required information by | 7 | | listing a website where apparent owners may obtain more | 8 | | information about how to prevent the holder from reporting and | 9 | | paying or delivering the property to the State Treasurer.
| 10 | | (Source: P.A. 100-22, eff. 1-1-18.) | 11 | | (765 ILCS 1026/15-503) | 12 | | (This Section may contain text from a Public Act with a | 13 | | delayed effective date )
| 14 | | Sec. 15-503. Notice by administrator. | 15 | | (a) The administrator shall give notice to an apparent | 16 | | owner that property presumed abandoned and appears to be owned | 17 | | by the apparent owner is held by the administrator under this | 18 | | Act. | 19 | | (b) In providing notice under subsection (a), the | 20 | | administrator shall: | 21 | | (1) except as otherwise provided in paragraph (2), send | 22 | | written notice by first-class United States mail to each | 23 | | apparent owner of property valued at $100 or more held by | 24 | | the administrator, unless the administrator determines | 25 | | that a mailing by first-class United States mail would not |
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| 1 | | be received by the apparent owner, and, in the case of a | 2 | | security held in an account for which the apparent owner | 3 | | had consented to receiving electronic mail from the holder, | 4 | | send notice by electronic mail if the electronic-mail | 5 | | address of the apparent owner is known to the administrator | 6 | | instead of by first-class United States mail; or | 7 | | (2) send the notice to the apparent owner's | 8 | | electronic-mail address if the administrator does not have | 9 | | a valid United States mail address for an apparent owner, | 10 | | but has an electronic-mail address that the administrator | 11 | | does not know to be invalid. | 12 | | (c) In addition to the notice under subsection (b), the | 13 | | administrator shall: | 14 | | (1) publish every 6 months in at least one English | 15 | | language newspaper of general circulation in each county in | 16 | | this State notice of property held by the administrator | 17 | | which must include: | 18 | | (A) the total value of property received by the | 19 | | administrator during the preceding 6-month period, | 20 | | taken from the reports under Section 15-401; | 21 | | (B) the total value of claims paid by the | 22 | | administrator during the preceding 6-month period; | 23 | | (C) the Internet web address of the unclaimed | 24 | | property website maintained by the administrator; | 25 | | (D) a telephone number and electronic-mail address | 26 | | to contact the administrator to inquire about or claim |
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| 1 | | property; and | 2 | | (E) a statement that a person may access the | 3 | | Internet by a computer to search for unclaimed property | 4 | | and a computer may be available as a service to the | 5 | | public at a local public library. | 6 | | (2) The administrator shall maintain a website | 7 | | accessible by the public and electronically searchable | 8 | | which contains the names reported to the administrator of | 9 | | apparent owners for whom property is being held by the | 10 | | administrator. The administrator need not list property on | 11 | | such website when: no owner name was reported, a claim has | 12 | | been initiated or is pending for the property, the | 13 | | administrator has made direct contact with the apparent | 14 | | owner of the property, and in other instances where the | 15 | | administrator reasonably believes exclusion of the | 16 | | property is in the best interests of both the State and the | 17 | | owner of the property. | 18 | | (d) The website or database maintained under subsection | 19 | | (c)(2) must include instructions for filing with the | 20 | | administrator a claim to property and an online claim form with | 21 | | instructions. The website may also provide a printable claim | 22 | | form with instructions for its use. | 23 | | (e) Tax return identification of apparent owners of | 24 | | abandoned property. | 25 | | (1) At least annually the administrator shall notify | 26 | | the Department of Revenue of the names of persons appearing |
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| 1 | | to be owners of abandoned property under this Section. The | 2 | | administrator shall also provide to the Department of | 3 | | Revenue the social security numbers of the persons, if | 4 | | available. | 5 | | (2) The Department of Revenue shall notify the | 6 | | administrator if any person under subsection (e)(1) has | 7 | | filed an Illinois income tax return and shall provide the | 8 | | administrator with the last known address of the person as | 9 | | it appears in Department of Revenue records, except as | 10 | | prohibited by federal law. The Department of Revenue may | 11 | | also provide additional addresses for the same taxpayer | 12 | | from the records of the Department, except as prohibited by | 13 | | federal law. | 14 | | (3) In order to facilitate the return of property under | 15 | | this subsection, the administrator and the Department of | 16 | | Revenue may enter into an interagency agreement concerning | 17 | | protection of confidential information, data match rules, | 18 | | and other issues. | 19 | | (4) The administrator may deliver, as provided under | 20 | | Section 15-904 of this Act, property or pay the amount | 21 | | owing to a person matched under this Section without the | 22 | | person filing a claim under Section 15-903 of this Act if | 23 | | the following conditions are met: | 24 | | (A) the value of the property that is owed the | 25 | | person is $2,000 or less; | 26 | | (B) the property is not either tangible property or |
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| 1 | | securities; | 2 | | (C) the last known address for the person according | 3 | | to the Department of Revenue records is less than 12 | 4 | | months old; and | 5 | | (D) the administrator has evidence sufficient to | 6 | | establish that the person who appears in Department of | 7 | | Revenue records is the owner of the property and the | 8 | | owner currently resides at the last known address from | 9 | | the Department of Revenue. | 10 | | (5) If the value of the property that is owed the | 11 | | person is greater than $2,000, or is tangible property or | 12 | | securities the administrator shall provide notice to the | 13 | | person, informing the person that he or she is the owner of | 14 | | abandoned property held by the State and may file a claim | 15 | | with the administrator for return of the property. | 16 | | (f) The administrator may use additional databases to | 17 | | verify the identity of the person and that the person currently | 18 | | resides at the last known address. The administrator may | 19 | | utilize publicly and commercially available databases to find | 20 | | and update or add information for apparent owners of property | 21 | | held by the administrator. | 22 | | (g) In addition to giving notice under subsection (b), | 23 | | publishing the information under subsection (c)(1) and | 24 | | maintaining the website or database under subsection (c)(2), | 25 | | the administrator may use other printed publication, | 26 | | telecommunication, the Internet, or other media to inform the |
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| 1 | | public of the existence of unclaimed property held by the | 2 | | administrator.
| 3 | | (Source: P.A. 100-22, eff. 1-1-18.) | 4 | | (765 ILCS 1026/15-602) | 5 | | (This Section may contain text from a Public Act with a | 6 | | delayed effective date )
| 7 | | Sec. 15-602. Dormancy charge ; escheat fee . | 8 | | (a) A holder may deduct a dormancy charge or an escheat fee | 9 | | from property required to be paid or delivered to the | 10 | | administrator if: | 11 | | (1) a valid contract between the holder and the | 12 | | apparent owner authorizes imposition of the charge for the | 13 | | apparent owner's failure to claim the property within a | 14 | | specified time; and | 15 | | (2) the holder regularly imposes the charge and | 16 | | regularly does not reverse or otherwise cancel the charge. | 17 | | (b) The amount of the deduction under subsection (a) is | 18 | | limited to an amount that is not unconscionable considering all | 19 | | relevant factors, including the marginal transactional costs | 20 | | incurred by the holder in maintaining the apparent owner's | 21 | | property and any services received by the apparent owner. | 22 | | (c) (Blank) A holder may not deduct an escheat fee or other | 23 | | charges imposed solely by virtue of property being reported as | 24 | | presumed abandoned .
| 25 | | (Source: P.A. 100-22, eff. 1-1-18.) |
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| 1 | | (765 ILCS 1026/15-606) | 2 | | (This Section may contain text from a Public Act with a | 3 | | delayed effective date )
| 4 | | Sec. 15-606. Property removed from safe-deposit box. | 5 | | Property removed from a safe-deposit box and delivered under | 6 | | this Act to the administrator under this Act is subject to the | 7 | | holder's right to reimbursement for the cost of opening the box | 8 | | and a lien or contract providing reimbursement to the holder | 9 | | for unpaid rent charges for the box. Upon application by the | 10 | | holder, and after there are sufficient cash funds available | 11 | | either from the contents of the box or the sale of the | 12 | | property, the administrator shall reimburse the holder from the | 13 | | proceeds after the sale of the property, and after deducting | 14 | | the expense incurred by the administrator in selling the | 15 | | property, the administrator shall reimburse the holder from the | 16 | | proceeds remaining . The administrator shall promulgate | 17 | | administrative rules concerning the reimbursement process | 18 | | under this Section.
| 19 | | (Source: P.A. 100-22, eff. 1-1-18.) | 20 | | (765 ILCS 1026/15-607) | 21 | | (This Section may contain text from a Public Act with a | 22 | | delayed effective date )
| 23 | | Sec. 15-607. Crediting income or gain to owner's account. | 24 | | (a) If property other than money is delivered to the |
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| 1 | | administrator, the owner is entitled to receive from the | 2 | | administrator income or gain realized or accrued on the | 3 | | property before the property is sold. | 4 | | (b) Except as provided in subsection (c), interest Interest | 5 | | on money is not payable to an owner for periods where the | 6 | | property is in the possession of the administrator.
| 7 | | (c) If an interest-bearing demand, savings, or time deposit | 8 | | is paid or delivered to the administrator on or after July 1, | 9 | | 2018, then the administrator shall pay interest to the owner at | 10 | | the lesser of: (i) the percentage increase, if any, in the | 11 | | Consumer Price Index for All Urban Consumers for all items | 12 | | published by the United States Department of Labor (CPI-U); or | 13 | | (ii) the rate the property earned while in the possession of | 14 | | the holder and reported to the administrator. Interest begins | 15 | | to accrue when the property is delivered to the administrator | 16 | | and ends on the earlier of the expiration of 10 years after its | 17 | | delivery or the date on which payment is made to the owner. The | 18 | | administrator may establish by administrative rule more | 19 | | detailed methodologies for calculating the amount of interest | 20 | | to be paid to an owner under this Section using CPI-U or the | 21 | | rate the property earned while in the possession of the holder. | 22 | | (Source: P.A. 100-22, eff. 1-1-18.) | 23 | | (765 ILCS 1026/15-1002.1) | 24 | | (This Section may contain text from a Public Act with a | 25 | | delayed effective date )
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| 1 | | Sec. 15-1002.1. Examination of State-regulated financial | 2 | | organizations institutions . | 3 | | (a) Notwithstanding Section 15-1002 of this Act, for any | 4 | | financial organization for which the Department of Financial | 5 | | and Professional Regulation is the primary prudential | 6 | | regulator, the administrator shall not examine such financial | 7 | | institution unless the administrator has consulted with the | 8 | | Secretary of Financial and Professional Regulation and the | 9 | | Department of Financial and Professional Regulation has not | 10 | | examined such financial organization for compliance with this | 11 | | Act within the past 5 years. The Secretary of Financial and | 12 | | Professional Regulation may waive in writing the provisions of | 13 | | this subsection (a) in order to permit the administrator to | 14 | | examine a financial organization or group of financial | 15 | | organizations for compliance with this Act. | 16 | | (b) Nothing in this Section shall be construed to prohibit | 17 | | the administrator from examining a financial organization for | 18 | | which the Department of Financial and Professional Regulation | 19 | | is not the primary prudential regulator. Further, nothing is | 20 | | this Act shall be construed to limit the authority of the | 21 | | Department of Financial and Professional Regulation to examine | 22 | | financial organizations.
| 23 | | (Source: P.A. 100-22, eff. 1-1-18.) | 24 | | (765 ILCS 1026/15-1302) | 25 | | (This Section may contain text from a Public Act with a |
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| 1 | | delayed effective date )
| 2 | | Sec. 15-1302. When agreement to locate property void. | 3 | | (a) Subject to subsection (b), an agreement under Section | 4 | | 15-1301 is void if it is entered into during the period | 5 | | beginning on the date the property was presumed abandoned under | 6 | | this Act and ending 24 months after the payment or delivery of | 7 | | the property to the administrator. | 8 | | (b) If a provision in an agreement described in Section | 9 | | 15-1301 applies to mineral proceeds for which compensation is | 10 | | to be paid to the other person based in whole or in part on a | 11 | | part of the underlying minerals or mineral proceeds not then | 12 | | presumed abandoned, the provision is void regardless of when | 13 | | the agreement was entered into. | 14 | | (c) An agreement under this Article 13 subsection (a) which | 15 | | provides for compensation in an amount that is more than 10% of | 16 | | the amount collected is unenforceable except by the apparent | 17 | | owner. | 18 | | (d) An apparent owner or the administrator may assert that | 19 | | an agreement described in this Article 13 Section is void on a | 20 | | ground other than it provides for payment of unconscionable | 21 | | compensation. | 22 | | (e) A person attempting to collect a contingent fee for | 23 | | discovering, on behalf of an apparent owner, presumptively | 24 | | abandoned property must be licensed as a private detective | 25 | | pursuant to the Private Detective, Private Alarm, Private | 26 | | Security, Fingerprint Vendor, and Locksmith Act of 2004. |
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| 1 | | (f) This Section does not apply to an apparent owner's | 2 | | agreement with an attorney to pursue a claim for recovery of | 3 | | specifically identified property held by the administrator or | 4 | | to contest the administrator's denial of a claim for recovery | 5 | | of the property.
| 6 | | (Source: P.A. 100-22, eff. 1-1-18.) | 7 | | (765 ILCS 1026/15-1401) | 8 | | (This Section may contain text from a Public Act with a | 9 | | delayed effective date )
| 10 | | Sec. 15-1401. Confidential information. | 11 | | (a) Except as otherwise provided provide in this Section, | 12 | | information that is confidential under law of this State other | 13 | | than this Act, another state, or the United States, including | 14 | | "private information" as defined in the Freedom of Information | 15 | | Act and "personal information" as defined in the Personal | 16 | | Information Protection Act, continues to be confidential when | 17 | | disclosed or delivered under this Act to the administrator or | 18 | | administrator's agent. | 19 | | (b) Information provided in reports filed pursuant to | 20 | | Section 15-401, information obtained in the course of an | 21 | | examination pursuant to Section 15-1002, and the database | 22 | | required by Section 15-503 is exempt from disclosure under the | 23 | | Freedom of Information Act. | 24 | | (c) If reasonably necessary to enforce or implement this | 25 | | Act, the administrator or the administrator's agent may |
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| 1 | | disclose confidential information concerning property held by | 2 | | the administrator or the administrator's agent to: | 3 | | (1) an apparent owner or the apparent owner's | 4 | | representative under the Probate Act of 1975, attorney, | 5 | | other legal representative, or relative; | 6 | | (2) the representative under the Probate Act of 1975, | 7 | | other legal representative, relative of a deceased | 8 | | apparent owner, or a person entitled to inherit from the | 9 | | deceased apparent owner; | 10 | | (3) another department or agency of this State or the | 11 | | United States; | 12 | | (4) the person that administers the unclaimed property | 13 | | law of another state, if the other state accords | 14 | | substantially reciprocal privileges to the administrator | 15 | | of this State if the other state is required to maintain | 16 | | the confidentiality and security of information obtained | 17 | | in a manner substantially equivalent to Article 14; | 18 | | (5) a person subject to an examination as required by | 19 | | Section 15-1004; and | 20 | | (6) an agent of the administrator. | 21 | | (d) (b) The administrator may include on the website or in | 22 | | the database the names and addresses of apparent owners of | 23 | | property held by the administrator as provided in Section | 24 | | 15-503. The administrator may include in published notices, | 25 | | printed publications, telecommunications, the Internet, or | 26 | | other media and on the website or in the database additional |
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| 1 | | information concerning the apparent owner's property if the | 2 | | administrator believes the information will assist in | 3 | | identifying and returning property to the owner and does not | 4 | | disclose personal information as defined in the Personal | 5 | | Information Protection Act. | 6 | | (e) (c) The administrator and the administrator's agent may | 7 | | not use confidential information provided to them or in their | 8 | | possession except as expressly authorized by this Act or | 9 | | required by law other than this Act.
| 10 | | (Source: P.A. 100-22, eff. 1-1-18.)
| 11 | | Section 99. Effective date. This Act takes effect January | 12 | | 1, 2018. |
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