Full Text of HB2536 98th General Assembly
HB2536eng 98TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning State government.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The State Treasurer Act is amended by changing | 5 | | Section 18 as follows:
| 6 | | (15 ILCS 505/18)
| 7 | | Sec. 18. Banking and automatic teller machine
services.
| 8 | | (a) The Treasurer may enter into written agreements with | 9 | | financial
institutions for the provision of banking services at | 10 | | the State Capitol and
for the provision of automatic
teller | 11 | | machine services at State office
buildings, State parks, State | 12 | | tourism centers, and State fairs at Springfield and DuQuoin. | 13 | | The Treasurer shall
establish competitive procedures for the | 14 | | selection of financial institutions
to provide the services | 15 | | authorized under this Section. No State agency may procure | 16 | | services authorized by this Section without the approval of the | 17 | | Treasurer.
| 18 | | (b) The Treasurer shall enter into written agreements with | 19 | | the
authorities having jurisdiction of the property where the | 20 | | services are intended
to be provided. These agreements shall | 21 | | include, but need not be limited
to, the quantity of machines | 22 | | to be located at the property and the exact
location of the | 23 | | service or machine and shall establish responsibility for
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| 1 | | payment of expenses incurred in locating the machine or | 2 | | service.
| 3 | | (c) The Treasurer's agreement with a financial institution | 4 | | may authorize
the financial institution to provide any or all | 5 | | of the banking services that
the financial institution is | 6 | | otherwise authorized by law to provide to the
public.
| 7 | | The Treasurer's agreement with a financial
institution | 8 | | shall establish the amount of compensation to
be paid by the | 9 | | financial institution. The financial institution shall pay the
| 10 | | compensation to the Treasurer in accordance with the terms of | 11 | | the agreement.
The Treasurer shall deposit moneys received | 12 | | under this Section into the
Treasurer's Rental Fee Fund, a | 13 | | special fund hereby created in the State
treasury. The | 14 | | Treasurer shall use the moneys in the Fund for the operation
of | 15 | | the program established under this Section. If the Treasurer | 16 | | determines that any moneys in the Treasurer's Rental Fee Fund | 17 | | are in excess of the amount necessary to sustain the operation | 18 | | of the program established under this Section, the Treasurer | 19 | | may transfer any unobligated and unexpended moneys from the | 20 | | Treasurer's Rental Fee Fund into the State Pensions Fund.
| 21 | | (d) This Section does not apply to a State office building | 22 | | in which a
currency exchange or a credit union providing | 23 | | financial services located in the
building on July 1, 1995 (the | 24 | | effective date of Public Act 88-640) is
operating.
| 25 | | (Source: P.A. 94-513, eff. 1-1-06.)
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| 1 | | Section 10. The Uniform Disposition of Unclaimed Property | 2 | | Act is amended by changing Section 18 as follows:
| 3 | | (765 ILCS 1025/18) (from Ch. 141, par. 118)
| 4 | | Sec. 18. Deposit of funds received under the Act.
| 5 | | (a) The State Treasurer shall retain all funds received | 6 | | under this Act,
including the proceeds from
the sale of | 7 | | abandoned property under Section 17, in a trust fund. The State | 8 | | Treasurer may deposit any amount in the Trust Fund into the | 9 | | State Pensions Fund during the fiscal year at his or her | 10 | | discretion; however, he or she shall,
on April 15 and October | 11 | | 15 of each year, deposit any amount in the trust fund
exceeding | 12 | | $2,500,000 into the State Pensions Fund. If on either April 15 | 13 | | or October 15, the State Treasurer determines that a balance of | 14 | | $2,500,000 is insufficient for the prompt payment of unclaimed | 15 | | property claims authorized under this Act, the Treasurer may | 16 | | retain more than $2,500,000 in the Unclaimed Property Trust | 17 | | Fund in order to ensure the prompt payment of claims. Beginning | 18 | | in State fiscal year 2014, all amounts in excess of $2,500,000 | 19 | | that are deposited into the State Pensions Fund from the | 20 | | unclaimed Property Trust Fund shall be apportioned to the | 21 | | designated retirement systems as provided in subsection (c-6) | 22 | | of Section 8.12 of the State Finance Act to reduce their | 23 | | actuarial reserve deficiencies. He or she shall make prompt | 24 | | payment of claims he or she
duly allows as provided for in this | 25 | | Act for the trust fund.
Before making the deposit the State |
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| 1 | | Treasurer
shall record the name and last known address of each | 2 | | person appearing from the
holders' reports to be entitled to | 3 | | the abandoned property. The record shall be
available for | 4 | | public inspection during reasonable business
hours.
| 5 | | (b) Before making any deposit to the credit of the State | 6 | | Pensions Fund,
the State Treasurer may deduct: (1) any costs in | 7 | | connection with sale of
abandoned property, (2) any costs of | 8 | | mailing and publication in connection with
any abandoned | 9 | | property, and (3) any costs in connection with the maintenance | 10 | | of
records or disposition of claims made pursuant to this Act. | 11 | | The State
Treasurer shall semiannually file an itemized report | 12 | | of all such expenses with
the Legislative Audit Commission.
| 13 | | (Source: P.A. 96-1000, eff. 7-2-10; 97-732, eff. 6-30-12.)
| 14 | | Section 99. Effective date. This Act takes effect upon | 15 | | becoming law.
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