Full Text of HB4242 98th General Assembly
HB4242 98TH GENERAL ASSEMBLY |
| | 98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014 HB4242 Introduced , by Rep. Jeanne M Ives SYNOPSIS AS INTRODUCED: |
| 765 ILCS 1025/11 | from Ch. 141, par. 111 | 765 ILCS 1025/11.3 new | |
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Amends the Uniform Disposition of Unclaimed Property Act. Provides that at least one communication made under the Act by the holder of property to the owner of property at his or her last known address shall be by certified mail. Provides that all of the following shall be completed at least 45 days prior to the reporting and remitting of property under the Act: (1) the holder of the property shall notify the State Treasurer that the holder believes the property is subject to being reported and remitted under the Act and shall provide the State Treasurer with specified information; (2) the State Treasurer shall provide the Department of Revenue with the information provided by the holder; (3) the Department of Revenue shall use its databases to attempt to locate the owner of the abandoned property and shall notify the State Treasurer if it was able to locate the owner of the property; (4) if the Department of Revenue locates the owner of the property, the Department of Revenue shall provide the State Treasurer with the location of the owner of the abandoned property; and (5) the State Treasurer shall send, by first class mail, a notice to the owner of abandoned property informing the owner (i) that the property is subject to remittance under the Act; and (ii) how to contact the holder and retrieve the property. Provides that the State Treasurer shall adopt rules to implement the new provisions.
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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 Uniform Disposition of Unclaimed Property | 5 | | Act is amended by changing Section 11 and by adding Section | 6 | | 11.3 as follows:
| 7 | | (765 ILCS 1025/11) (from Ch. 141, par. 111)
| 8 | | Sec. 11. Report of holder.
| 9 | | (a) Except as otherwise provided in
subsection (c) of | 10 | | Section
4, every person holding funds or other property, | 11 | | tangible or intangible,
presumed abandoned under this Act shall | 12 | | report and remit all abandoned property
specified in the report | 13 | | to the State Treasurer with respect to the property as
| 14 | | hereinafter provided. The State Treasurer may exempt any | 15 | | businesses from the
reporting requirement if he deems such | 16 | | businesses unlikely to be holding
unclaimed property.
| 17 | | (b) The information shall be obtained in one or more | 18 | | reports as required
by the State Treasurer. The information | 19 | | shall be verified and shall include:
| 20 | | (1) the name, social security or federal tax | 21 | | identification number,
if known, and last known address, | 22 | | including zip code, of each
person appearing from the | 23 | | records of the holder to be the owner of any
property of |
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| 1 | | the value of $5 or more presumed abandoned under this Act;
| 2 | | (2) in case of unclaimed funds of life insurance | 3 | | corporations the
full name of the insured and any | 4 | | beneficiary or annuitant and the
last known address | 5 | | according to the life insurance corporation's records;
| 6 | | (3) the date when the property became payable, | 7 | | demandable, or
returnable, and the date of the last | 8 | | transaction with the owner with
respect to the property; | 9 | | and
| 10 | | (4) other information which the State Treasurer | 11 | | prescribes by rule as
necessary for the administration of | 12 | | this Act.
| 13 | | (c) If the person holding property presumed abandoned is a | 14 | | successor
to other persons who previously held the property for | 15 | | the owner, or if
the holder has changed his name while holding | 16 | | the property, he shall
file with his report all prior known | 17 | | names and addresses of each holder
of the property.
| 18 | | (d) The report and remittance of the property specified in | 19 | | the
report shall be filed by banking organizations, financial | 20 | | organizations,
insurance companies other than life insurance | 21 | | corporations, and governmental
entities before November 1 of | 22 | | each year as of June 30 next preceding.
The report and | 23 | | remittance of the property specified in the report shall be
| 24 | | filed by business associations, utilities, and life insurance | 25 | | corporations
before May 1 of each year as of December 31 next | 26 | | preceding. The Director may
postpone the reporting date upon |
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| 1 | | written request by any person required to file
a report. The | 2 | | report and remittance of the property specified in the report | 3 | | for property subject to subsection (a) of Section 3a of this | 4 | | Act shall be filed before a date established by the State | 5 | | Treasurer that is on or after the later of: (i) 30 days after | 6 | | the effective date of this amendatory Act of the 94th General | 7 | | Assembly; or (ii) November 1, 2005.
| 8 | | (d-5) Notwithstanding the foregoing, currency exchanges | 9 | | shall be required
to report and remit property specified in the | 10 | | report within 30 days after the
conclusion of its annual | 11 | | examination by the Department of Financial
Institutions.
As | 12 | | part of the examination of a currency exchange, the Department | 13 | | of Financial
Institutions shall instruct the currency exchange | 14 | | to submit a complete
unclaimed
property report using the State | 15 | | Treasurer's formatted diskette reporting
program or an | 16 | | alternative reporting format approved by the State Treasurer.
| 17 | | The Department of Financial Institutions shall provide the | 18 | | State Treasurer with
an accounting of the money orders located | 19 | | in the course of the annual
examination including, where | 20 | | available, the amount of service fees deducted and
the date of | 21 | | the
conclusion of the examination.
| 22 | | (e) Before filing the annual report, the holder of property | 23 | | presumed
abandoned under this Act shall communicate with the | 24 | | owner at his last known
address if any address is known to the | 25 | | holder, setting forth the provisions
hereof necessary to occur | 26 | | in order to prevent abandonment from being presumed.
If the |
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| 1 | | holder has not communicated with the owner at his last known | 2 | | address at
least 120 days before the deadline for filing the | 3 | | annual report, the holder
shall mail, at least 60 days before | 4 | | that deadline, a letter by first class mail
to the owner at his | 5 | | last known address unless any address
is shown to be | 6 | | inaccurate, setting forth the provisions hereof
necessary to | 7 | | prevent abandonment from being presumed. At least one | 8 | | communication made under this subsection (e) shall be by | 9 | | certified mail.
| 10 | | (f) Verification, if made by a partnership, shall be | 11 | | executed by a
partner; if made by an unincorporated association | 12 | | or private
corporation, by an officer; and if made by a public | 13 | | corporation, by its
chief fiscal officer.
| 14 | | (g) Any person who has possession of property which he has | 15 | | reason to
believe will be reportable in the future as unclaimed | 16 | | property, may
report and deliver it prior to the date required | 17 | | for such reporting in
accordance with this Section and is then | 18 | | relieved of responsibility as
provided in Section 14.
| 19 | | (h) (1) Records pertaining to presumptively abandoned | 20 | | property held by a
trust
division or trust department or by a | 21 | | trust company, or affiliate of any of the
foregoing that | 22 | | provides nondealer corporate custodial services for securities
| 23 | | or securities transactions, organized under the laws of this or | 24 | | another state
or the United States shall be retained until the | 25 | | property is delivered to the
State Treasurer.
| 26 | | As of January 1, 1998, this subdivision (h)(1) shall not be |
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| 1 | | applicable
unless the Department of Financial Institutions has | 2 | | commenced, but
not finalized, an examination of the
holder as | 3 | | of that date and the property is included in a final | 4 | | examination
report for the period covered by the examination.
| 5 | | (2) In the case of all other holders commencing on the | 6 | | effective date of
this amendatory Act of 1993, property records | 7 | | for the period required for
presumptive abandonment plus the 9 | 8 | | years immediately preceding the beginning of
that period shall | 9 | | be retained for 5 years after the property was reportable.
| 10 | | (i) The State Treasurer may promulgate rules establishing
| 11 | | the format and media to be used by a holder in submitting | 12 | | reports required
under this Act.
| 13 | | (j) Other than the Notice to Owners required by Section 12 | 14 | | and other
discretionary means employed by the State Treasurer | 15 | | for notifying owners of the
existence of abandoned property, | 16 | | the State Treasurer shall not disclose any
information provided | 17 | | in reports filed with the State Treasurer or any
information | 18 | | obtained in the course of an examination by the State Treasurer | 19 | | to
any person other than governmental agencies for the purposes | 20 | | of returning
abandoned property to its owners or to those | 21 | | individuals who appear to be the
owner of the property or | 22 | | otherwise have a valid claim to the property, unless
written | 23 | | consent from the person entitled to the property is obtained by | 24 | | the
State Treasurer.
| 25 | | (Source: P.A. 98-495, eff. 8-16-13.)
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| 1 | | (765 ILCS 1025/11.3 new) | 2 | | Sec. 11.3. Department of Revenue databases. | 3 | | (a) The following shall be completed at least 45 days | 4 | | before any report and remittance is made under this Act: | 5 | | (1) the holder of property shall notify the State | 6 | | Treasurer that the holder believes the property is subject | 7 | | to being reported and remitted under this Act and shall | 8 | | provide the State Treasurer with the information contained | 9 | | in paragraphs (1) through (4) of subsection (b) of Section | 10 | | 11 of this Act; | 11 | | (2) the State Treasurer shall provide the Department of | 12 | | Revenue with the information provided by the holder; | 13 | | (3) the Department of Revenue shall use its databases | 14 | | to attempt to locate the owner of the abandoned property | 15 | | and shall notify the State Treasurer if it was able to | 16 | | locate the owner of the property; | 17 | | (4) if the Department of Revenue locates the owner of | 18 | | the property, the Department of Revenue shall provide the | 19 | | State Treasurer with the location of the owner of the | 20 | | abandoned property; and | 21 | | (5) the State Treasurer shall send, by first class | 22 | | mail, a notice to the owner of abandoned property informing | 23 | | the owner (i) that the property is subject to remittance | 24 | | under this Act; and (ii) how to contact the holder and | 25 | | retrieve the property. | 26 | | (b) The State Treasurer shall adopt rules to implement this |
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| 1 | | amendatory Act of the 98th General Assembly.
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