Full Text of SB3229 100th General Assembly
SB3229 100TH GENERAL ASSEMBLY |
| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018 SB3229 Introduced 2/15/2018, by Sen. Don Harmon SYNOPSIS AS INTRODUCED: |
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Amends the Revised Uniform Unclaimed Property Act. Provides that certain property is presumed abandoned after 5 (instead of 3) years. Provides that compensation held on a payroll card is reportable 5 years after the date of the last indication of interest in the property by the apparent owner. Provides that for purposes of determining certain duties of a reporting institution, a recurring Automated Clearing House (ACH) debit or credit previously authorized by the apparent owner constitutes a deposit or withdrawal by the apparent owner. Deletes language requiring a holder to inform the administrator of the extended date on a certain reported renewable time deposit. Deletes language requiring the administrator to pay interest at the percentage increase, if any, in the Consumer Price Index for All Urban Consumers for all items published by the United States Department of Labor (CPI-U), if lower than the rate the property earned while in the possession of the holder and reported to the administrator. Provides that the administrator may not commence an action or proceeding with respect to a duty of a holder under the Act more than 5 years after the duty arose. Deletes language tolling the period under certain circumstances. Provides that examinations of State-regulated financial organizations shall occur at reasonable times and upon reasonable notice if the State Treasurer has reason to believe that a financial organization has failed to report property and provides that records obtained in such examinations are subject to the same provisions concerning use and confidentiality as records obtained in examinations of other persons. Provides that if the administrator enters into a contract with a person to conduct an examination of a financial organization, the compensation shall be based upon a fixed fee or hourly fee (instead of fixed fee, hourly fee, or contingent fee). Deletes language providing that an initial report filed under the Act for property that was not required to be reported before the effective date of the Act, but that is required to be reported under the Act, must include all items of property that would have been presumed abandoned during the 5-year period preceding the effective date of the Act as if the Act had been in effect during that period. Effective immediately.
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| | A BILL FOR |
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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 15-201, 15-210, 15-603, 15-607, | 6 | | 15-610, 15-1002.1, 15-1004, 15-1009, 15-1401, 15-1402, and | 7 | | 15-1503 as follows: | 8 | | (765 ILCS 1026/15-201)
| 9 | | Sec. 15-201. When property presumed abandoned. Subject to | 10 | | Section 15-210, the following property is presumed abandoned if | 11 | | it is unclaimed by the apparent owner during the period | 12 | | specified below: | 13 | | (1) a traveler's check, 15 years after issuance; | 14 | | (2) a money order, 7 years after issuance; | 15 | | (3) any instrument on which a financial organization or | 16 | | business association is directly liable, 5 3 years after | 17 | | issuance; | 18 | | (4) a state or municipal bond, bearer bond, or | 19 | | original-issue-discount bond, 3 years after the earliest | 20 | | of the date the bond matures or is called or the obligation | 21 | | to pay the principal of the bond arises; | 22 | | (5) a debt of a business association, 3 years after the | 23 | | obligation to pay arises; |
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| 1 | | (6) a demand, savings, or time deposit, 5 3 years after | 2 | | the later of maturity or the date of the last indication of | 3 | | interest in the property by the apparent owner, except for | 4 | | a deposit that is automatically renewable, 3 years after | 5 | | its initial date of maturity unless with respect to a time | 6 | | deposit the apparent owner consented in a record on file | 7 | | with the holder to automatic renewal of the time deposit at | 8 | | or about the time of the renewal ; | 9 | | (7) money or a credit owed to a customer as a result of | 10 | | a retail business transaction, other than in-store credit | 11 | | for returned merchandise, 3 years after the obligation | 12 | | arose; | 13 | | (8) an amount owed by an insurance company on a life or | 14 | | endowment insurance policy or an annuity contract that has | 15 | | matured or terminated, 3 years after the obligation to pay | 16 | | arose under the terms of the policy or contract or, if a | 17 | | policy or contract for which an amount is owed on proof of | 18 | | death has not matured by proof of the death of the insured | 19 | | or annuitant, as follows: | 20 | | (A) with respect to an amount owed on a life or | 21 | | endowment insurance policy, the earlier of: | 22 | | (i) 3 years after the death of the insured; or | 23 | | (ii) 2 years after the insured has attained, or | 24 | | would have attained if living, the limiting age | 25 | | under the mortality table on which the reserve for | 26 | | the policy is based; and |
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| 1 | | (B) with respect to an amount owed on an annuity | 2 | | contract, 3 years after the death of the annuitant. | 3 | | (9) funds on deposit or held in trust pursuant to the | 4 | | Illinois Funeral or Burial Funds Act, the earliest of: | 5 | | (A) 2 years after the date of death of the | 6 | | beneficiary; | 7 | | (B) one year after the date the beneficiary has | 8 | | attained, or would have attained if living, the age of | 9 | | 105 where the holder does not know whether the | 10 | | beneficiary is deceased; | 11 | | (C) 40 years after the contract for prepayment was | 12 | | executed; | 13 | | (10) property distributable by a business association | 14 | | in the course of dissolution or distributions from the | 15 | | termination of a retirement plan, one year after the | 16 | | property becomes distributable; | 17 | | (11) property held by a court, including property | 18 | | received as proceeds of a class action, 3 years after the | 19 | | property becomes distributable; | 20 | | (12) property held by a government or governmental | 21 | | subdivision, agency, or instrumentality, including | 22 | | municipal bond interest and unredeemed principal under the | 23 | | administration of a paying agent or indenture trustee, 3 | 24 | | years after the property becomes distributable; | 25 | | (13) wages, commissions, bonuses, or reimbursements to | 26 | | which an employee is entitled, or other compensation for |
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| 1 | | personal services : , including amounts held on a payroll | 2 | | card, one year after the amount becomes payable; | 3 | | (A) not held on a payroll card, one year after the | 4 | | amount becomes payable; or | 5 | | (B) held on a payroll card, 5 years after the date | 6 | | of the last indication of interest in the property by | 7 | | the apparent owner; | 8 | | (14) a deposit or refund owed to a subscriber by a | 9 | | utility, one year after the deposit or refund becomes | 10 | | payable, except that any capital credits or patronage | 11 | | capital retired, returned, refunded or tendered to a member | 12 | | of an electric cooperative, as defined in Section 3.4 of | 13 | | the Electric Supplier Act, or a telephone or | 14 | | telecommunications cooperative, as defined in Section | 15 | | 13-212 of the Public Utilities Act, that has remained | 16 | | unclaimed by the person appearing on the records of the | 17 | | entitled cooperative for more than 2 years, shall not be | 18 | | subject to, or governed by, any other provisions of this | 19 | | Act, but rather shall be used by the cooperative for the | 20 | | benefit of the general membership of the cooperative; and | 21 | | (15) property not specified in this Section or Sections | 22 | | 15-202 through 15-208, the earlier of 3 years after the | 23 | | owner first has a right to demand the property or the | 24 | | obligation to pay or distribute the property arises. | 25 | | Notwithstanding anything to the contrary in this Section | 26 | | 15-201, and subject to Section 15-210, a deceased owner cannot |
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| 1 | | indicate interest in his or her property. If the owner is | 2 | | deceased and the abandonment period for the owner's property | 3 | | specified in this Section 15-201 is greater than 2 years, then | 4 | | the property, other than an amount owed by an insurance company | 5 | | on a life or endowment insurance policy or an annuity contract | 6 | | that has matured or terminated, shall instead be presumed | 7 | | abandoned 2 years from the date of the owner's last indication | 8 | | of interest in the property.
| 9 | | (Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.) | 10 | | (765 ILCS 1026/15-210)
| 11 | | Sec. 15-210. Indication of apparent owner interest in | 12 | | property. | 13 | | (a) The period after which property is presumed abandoned | 14 | | is measured from the later of: | 15 | | (1) the date the property is presumed abandoned under | 16 | | this Article; or | 17 | | (2) the latest indication of interest by the apparent | 18 | | owner in the property. | 19 | | (b) Under this Act, an indication of an apparent owner's | 20 | | interest in property includes: | 21 | | (1) a record communicated by the apparent owner to the | 22 | | holder or agent of the holder concerning the property or | 23 | | the account in which the property is held; | 24 | | (2) an oral communication by the apparent owner to the | 25 | | holder or agent of the holder concerning the property or |
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| 1 | | the account in which the property is held, if the holder or | 2 | | its agent contemporaneously makes and preserves a record of | 3 | | the fact of the apparent owner's communication; | 4 | | (3) presentment of a check or other instrument of | 5 | | payment of a dividend, interest payment, or other | 6 | | distribution, or evidence of receipt of a distribution made | 7 | | by electronic or similar means, with respect to an account, | 8 | | underlying security, or interest in a business | 9 | | association; | 10 | | (4) activity directed by an apparent owner in the | 11 | | account in which the property is held, including accessing | 12 | | the account or information concerning the account, or a | 13 | | direction by the apparent owner to increase, decrease, or | 14 | | otherwise change the amount or type of property held in the | 15 | | account; | 16 | | (5) a deposit into or withdrawal from an account at a | 17 | | financial organization, except for a recurring Automated | 18 | | Clearing House (ACH) debit or credit previously authorized | 19 | | by the apparent owner or an automatic reinvestment of | 20 | | dividends or interest; and | 21 | | (6) subject to subsection (e), payment of a premium on | 22 | | an insurance policy. | 23 | | (c) An action by an agent or other representative of an | 24 | | apparent owner, other than the holder acting as the apparent | 25 | | owner's agent, is presumed to be an action on behalf of the | 26 | | apparent owner. |
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| 1 | | (d) A communication with an apparent owner by a person | 2 | | other than the holder or the holder's representative is not an | 3 | | indication of interest in the property by the apparent owner | 4 | | unless a record of the communication evidences the apparent | 5 | | owner's knowledge of a right to the property. | 6 | | (e) If the insured dies or the insured or beneficiary of an | 7 | | insurance policy otherwise becomes entitled to the proceeds | 8 | | before depletion of the cash surrender value of the policy by | 9 | | operation of an automatic-premium-loan provision or other | 10 | | nonforfeiture provision contained in the policy, the operation | 11 | | does not prevent the policy from maturing or terminating. | 12 | | (f) If the apparent owner has another property with the | 13 | | holder to which Section 201(6) applies, then activity directed | 14 | | by an apparent owner in any other accounts, including loan | 15 | | accounts, at a financial organization holding an inactive | 16 | | account of the apparent owner shall be an indication of | 17 | | interest in all such accounts if:
| 18 | | (A) the apparent owner engages in one or more of | 19 | | the following activities:
| 20 | | (i) the apparent owner undertakes one or more | 21 | | of the actions described in subsection (b) of this | 22 | | Section regarding any account that appears on a | 23 | | consolidated statement with the inactive account;
| 24 | | (ii) the apparent owner increases or decreases | 25 | | the amount of funds in any other account the | 26 | | apparent owner has with the financial |
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| 1 | | organization; or
| 2 | | (iii) the apparent owner engages in any other | 3 | | relationship with the financial organization, | 4 | | including payment of any amounts due on a loan; and
| 5 | | (B) the foregoing apply so long as the mailing | 6 | | address for the apparent owner in the financial | 7 | | organization's books and records is the same for both | 8 | | the inactive account and the active account.
| 9 | | (Source: P.A. 100-22, eff. 1-1-18 .) | 10 | | (765 ILCS 1026/15-603)
| 11 | | Sec. 15-603. Payment or delivery of property to | 12 | | administrator. | 13 | | (a) Except as otherwise provided in this Section, on filing | 14 | | a report under Section 15-401, the holder shall pay or deliver | 15 | | to the administrator the property described in the report. | 16 | | (b) If property in a report under Section 15-401 is an | 17 | | automatically renewable time deposit and a penalty or | 18 | | forfeiture in the payment of interest would result from paying | 19 | | the deposit to the administrator at the time of the report, the | 20 | | date for payment of the property to the administrator is | 21 | | extended until a penalty or forfeiture no longer would result | 22 | | from payment , if the holder informs the administrator of the | 23 | | extended date . | 24 | | (c) Tangible property in a safe-deposit box may not be | 25 | | delivered to the administrator until a mutually agreed upon |
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| 1 | | date that is no sooner than 60 days after filing the report | 2 | | under Section 15-401. | 3 | | (d) If property reported to the administrator under Section | 4 | | 15-401 is a security, the administrator may: | 5 | | (1) make an endorsement, instruction, or entitlement | 6 | | order on behalf of the apparent owner to invoke the duty of | 7 | | the issuer, its transfer agent, or the securities | 8 | | intermediary to transfer the security; or | 9 | | (2) dispose of the security under Section 15-702. | 10 | | (e) If the holder of property reported to the administrator | 11 | | under Section 15-401 is the issuer of a certificated security, | 12 | | the administrator may obtain a replacement certificate in | 13 | | physical or book-entry form under Section 8-405 of the Uniform | 14 | | Commercial Code. An indemnity bond is not required. | 15 | | (f) The administrator shall establish procedures for the | 16 | | registration, issuance, method of delivery, transfer, and | 17 | | maintenance of securities delivered to the administrator by a | 18 | | holder. | 19 | | (g) An issuer, holder, and transfer agent or other person | 20 | | acting in good faith under this Section under instructions of | 21 | | and on behalf of the issuer or holder is not liable to the | 22 | | apparent owner for a claim arising with respect to property | 23 | | after the property has been delivered to the administrator. | 24 | | (h) A holder is not required to deliver to the | 25 | | administrator a security identified by the holder as a | 26 | | non-freely transferable security in a report filed under |
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| 1 | | Section 15-401. If the administrator or holder determines that | 2 | | a security is no longer a non-freely transferable security, the | 3 | | holder shall report and deliver the security on the next | 4 | | regular date prescribed for delivery of securities under this | 5 | | Act. The holder shall make a determination annually whether a | 6 | | security identified in a report filed under Section 15-401 as a | 7 | | non-freely transferable security is no longer a non-freely | 8 | | transferable security.
| 9 | | (Source: P.A. 100-22, eff. 1-1-18 .) | 10 | | (765 ILCS 1026/15-607)
| 11 | | Sec. 15-607. Crediting income or gain to owner's account. | 12 | | (a) If property other than money is delivered to the | 13 | | administrator, the owner is entitled to receive from the | 14 | | administrator income or gain realized or accrued on the | 15 | | property before the property is sold. | 16 | | (b) Except as provided in subsection (c), interest on money | 17 | | is not payable to an owner for periods where the property is in | 18 | | the possession of the administrator.
| 19 | | (c) If an interest-bearing demand, savings, or time deposit | 20 | | is paid or delivered to the administrator on or after July 1, | 21 | | 2018, then the administrator shall pay interest to the owner at | 22 | | the lesser of: (i) the percentage increase, if any, in the | 23 | | Consumer Price Index for All Urban Consumers for all items | 24 | | published by the United States Department of Labor (CPI-U); or | 25 | | (ii) the rate the property earned while in the possession of |
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| 1 | | the holder and reported to the administrator. Interest begins | 2 | | to accrue when the property is delivered to the administrator | 3 | | and ends on the earlier of the expiration of 10 years after its | 4 | | delivery or the date on which payment is made to the owner. The | 5 | | administrator may establish by administrative rule more | 6 | | detailed methodologies for calculating the amount of interest | 7 | | to be paid to an owner under this Section using CPI-U or the | 8 | | rate the property earned while in the possession of the holder. | 9 | | (Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.) | 10 | | (765 ILCS 1026/15-610)
| 11 | | Sec. 15-610. Periods of limitation and repose. | 12 | | (a) Expiration, before, on, or after the effective date of | 13 | | this Act, of a period of limitation on an owner's right to | 14 | | receive or recover property, whether specified by contract, | 15 | | statute, or court order, does not prevent the property from | 16 | | being presumed abandoned or affect the duty of a holder under | 17 | | this Act to file a report or pay or deliver property to the | 18 | | administrator. | 19 | | (b) An action or proceeding may not be maintained by the | 20 | | administrator to enforce this Act in regard to the reporting, | 21 | | delivery, or payment of property more than 5 10 years after the | 22 | | holder specifically identified the property in a report filed | 23 | | with the administrator or gave express notice to the | 24 | | administrator of a dispute regarding the property. In the | 25 | | absence of such a report or other express notice, the period of |
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| 1 | | limitation is tolled. The period of limitation is also tolled | 2 | | by the filing of a report that is fraudulent.
| 3 | | (Source: P.A. 100-22, eff. 1-1-18 .) | 4 | | (765 ILCS 1026/15-1002.1)
| 5 | | Sec. 15-1002.1. Examination of State-regulated financial | 6 | | organizations. | 7 | | (a) Notwithstanding Section 15-1002 of this Act, for any | 8 | | financial organization for which the Department of Financial | 9 | | and Professional Regulation is the primary prudential | 10 | | regulator, the administrator shall not examine such financial | 11 | | institution unless the administrator has consulted with the | 12 | | Secretary of Financial and Professional Regulation and the | 13 | | Department of Financial and Professional Regulation has not | 14 | | examined such financial organization for compliance with this | 15 | | Act within the past 5 years. The Secretary of Financial and | 16 | | Professional Regulation may waive in writing the provisions of | 17 | | this subsection (a) in order to permit the administrator to | 18 | | examine a financial organization or group of financial | 19 | | organizations for compliance with this Act. | 20 | | (b) Nothing in this Section shall be construed to prohibit | 21 | | the administrator from examining a financial organization for | 22 | | which the Department of Financial and Professional Regulation | 23 | | is not the primary prudential regulator. Further, nothing is | 24 | | this Act shall be construed to limit the authority of the | 25 | | Department of Financial and Professional Regulation to examine |
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| 1 | | financial organizations.
| 2 | | (c) Examinations authorized by this Section shall occur at | 3 | | reasonable times and upon reasonable notice if the State | 4 | | Treasurer has reason to believe that a financial organization | 5 | | has failed to report property that should have been reported | 6 | | pursuant to this Act. | 7 | | (Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.) | 8 | | (765 ILCS 1026/15-1004)
| 9 | | Sec. 15-1004. Records obtained in examination. Records | 10 | | obtained and records, including work papers, compiled by the | 11 | | administrator or administrator's agent in the course of | 12 | | conducting an examination under Section 15-1002 or Section | 13 | | 15-1002.1 : | 14 | | (1) are subject to the confidentiality and security | 15 | | provisions of Article 14 and are exempt from disclosure | 16 | | under the Freedom of Information Act; | 17 | | (2) may be used by the administrator in an action to | 18 | | collect property or otherwise enforce this Act; | 19 | | (3) may be used in a joint examination conducted with | 20 | | another state, the United States, a foreign country or | 21 | | subordinate unit of a foreign country, or any other | 22 | | governmental entity if the governmental entity conducting | 23 | | the examination is legally bound to maintain the | 24 | | confidentiality and security of information obtained from | 25 | | a person subject to examination in a manner substantially |
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| 1 | | equivalent to Article 14; | 2 | | (4) may be disclosed, on request, to the person that | 3 | | administers the unclaimed property law of another state for | 4 | | that state's use in circumstances equivalent to | 5 | | circumstances described in this Article, if the other state | 6 | | is required to maintain the confidentiality and security of | 7 | | information obtained in a manner substantially equivalent | 8 | | to Article 14; | 9 | | (5) must be produced by the administrator under an | 10 | | administrative or judicial subpoena or administrative or | 11 | | court order; and | 12 | | (6) must be produced by the administrator on request of | 13 | | the person subject to the examination in an administrative | 14 | | or judicial proceeding relating to the property.
| 15 | | (Source: P.A. 100-22, eff. 1-1-18 .) | 16 | | (765 ILCS 1026/15-1009)
| 17 | | Sec. 15-1009. Administrator's contract with another to | 18 | | conduct examination. | 19 | | (a) The administrator may contract with a person to conduct | 20 | | an examination under this Article. The contract shall be | 21 | | awarded pursuant to a request for proposals issued in | 22 | | compliance with the procurement rules of the administrator. | 23 | | (b) If the administrator contracts with a person under | 24 | | subsection (a): | 25 | | (1) the contract may provide for compensation of the |
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| 1 | | person based on a fixed fee, hourly fee, or contingent fee , | 2 | | except that with respect to the examination of a financial | 3 | | organization, the compensation shall be based upon a fixed | 4 | | fee or hourly fee ; | 5 | | (2) a contingent fee arrangement may not provide for a | 6 | | payment that exceeds 15% of the amount or value of property | 7 | | paid or delivered as a result of the examination; and | 8 | | (3) as authorized in the State Officers and Employees | 9 | | Money Disposition Act, the administrator may permit the | 10 | | deduction of fees from property recovered during an | 11 | | examination under this Article prior to depositing funds | 12 | | received under this Act into the Unclaimed Property Trust | 13 | | Fund. | 14 | | (c) A contract under subsection (a) is a public record | 15 | | under the Freedom of Information Act.
| 16 | | (Source: P.A. 100-22, eff. 1-1-18 .) | 17 | | (765 ILCS 1026/15-1401)
| 18 | | Sec. 15-1401. Confidential information. | 19 | | (a) Except as otherwise provided in this Section, | 20 | | information that is confidential under law of this State other | 21 | | than this Act, another state, or the United States, including | 22 | | "private information" as defined in the Freedom of Information | 23 | | Act and "personal information" as defined in the Personal | 24 | | Information Protection Act, continues to be confidential when | 25 | | disclosed or delivered under this Act to the administrator or |
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| 1 | | administrator's agent. | 2 | | (b) Information provided in reports filed pursuant to | 3 | | Section 15-401, information obtained in the course of an | 4 | | examination pursuant to Section 15-1002 or Section 15-1002.1 , | 5 | | and the database required by Section 15-503 is exempt from | 6 | | disclosure under the Freedom of Information Act. | 7 | | (c) If reasonably necessary to enforce or implement this | 8 | | Act, the administrator or the administrator's agent may | 9 | | disclose confidential information concerning property held by | 10 | | the administrator or the administrator's agent to: | 11 | | (1) an apparent owner or the apparent owner's | 12 | | representative under the Probate Act of 1975, attorney, | 13 | | other legal representative, or relative; | 14 | | (2) the representative under the Probate Act of 1975, | 15 | | other legal representative, relative of a deceased | 16 | | apparent owner, or a person entitled to inherit from the | 17 | | deceased apparent owner; | 18 | | (3) another department or agency of this State or the | 19 | | United States; | 20 | | (4) the person that administers the unclaimed property | 21 | | law of another state, if the other state accords | 22 | | substantially reciprocal privileges to the administrator | 23 | | of this State if the other state is required to maintain | 24 | | the confidentiality and security of information obtained | 25 | | in a manner substantially equivalent to Article 14; | 26 | | (5) a person subject to an examination as required by |
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| 1 | | Section 15-1004; and | 2 | | (6) an agent of the administrator. | 3 | | (d) The administrator may include on the website or in the | 4 | | database the names and addresses of apparent owners of property | 5 | | held by the administrator as provided in Section 15-503. The | 6 | | administrator may include in published notices, printed | 7 | | publications, telecommunications, the Internet, or other media | 8 | | and on the website or in the database additional information | 9 | | concerning the apparent owner's property if the administrator | 10 | | believes the information will assist in identifying and | 11 | | returning property to the owner and does not disclose personal | 12 | | information as defined in the Personal Information Protection | 13 | | Act. | 14 | | (e) The administrator and the administrator's agent may not | 15 | | use confidential information provided to them or in their | 16 | | possession except as expressly authorized by this Act or | 17 | | required by law other than this Act.
| 18 | | (Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.) | 19 | | (765 ILCS 1026/15-1402)
| 20 | | Sec. 15-1402. Confidentiality agreement. A person to be | 21 | | examined under Section 15-1002 or Section 15-1002.1 may | 22 | | require, as a condition of disclosure of the records of the | 23 | | person to be examined, that the administrator or the | 24 | | administrator's agent execute and deliver to the person to be | 25 | | examined a confidentiality agreement that: |
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| 1 | | (1) is in a form that is reasonably satisfactory to the | 2 | | administrator; and | 3 | | (2) requires the person having access to the records to | 4 | | comply with the provisions of this Article applicable to | 5 | | the person.
| 6 | | (Source: P.A. 100-22, eff. 1-1-18 .) | 7 | | (765 ILCS 1026/15-1503)
| 8 | | Sec. 15-1503. Transitional provision. | 9 | | (a) (Blank). An initial report filed under this Act for | 10 | | property that was not required to be reported before the | 11 | | effective date of this Act, but that is required to be reported | 12 | | under this Act, must include all items of property that would | 13 | | have been presumed abandoned during the 5-year period preceding | 14 | | the effective date of this Act as if this Act had been in | 15 | | effect during that period. | 16 | | (b) This Act does not relieve a holder of a duty that arose | 17 | | before the effective date of this Act to report, pay, or | 18 | | deliver property. Subject to subsection (b) of Section 15-610, | 19 | | a holder that did not comply with the law governing unclaimed | 20 | | property before the effective date of this Act is subject to | 21 | | applicable provisions for enforcement and penalties in effect | 22 | | before the effective date of this Act.
| 23 | | (Source: P.A. 100-22, eff. 1-1-18 .)
| 24 | | Section 99. Effective date. This Act takes effect upon | 25 | | becoming law.
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| 1 | |
INDEX
| 2 | |
Statutes amended in order of appearance
| | 3 | | 765 ILCS 1026/15-201 | | | 4 | | 765 ILCS 1026/15-210 | | | 5 | | 765 ILCS 1026/15-603 | | | 6 | | 765 ILCS 1026/15-607 | | | 7 | | 765 ILCS 1026/15-610 | | | 8 | | 765 ILCS 1026/15-1002.1 | | | 9 | | 765 ILCS 1026/15-1004 | | | 10 | | 765 ILCS 1026/15-1009 | | | 11 | | 765 ILCS 1026/15-1401 | | | 12 | | 765 ILCS 1026/15-1402 | | | 13 | | 765 ILCS 1026/15-1503 | |
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