(765 ILCS 1026/15-401)
Sec. 15-401. Report required by holder. (a) A holder of property presumed abandoned and subject to the custody of the administrator shall report in a record to the administrator concerning the property. A holder shall report via the internet in a format approved by the administrator, unless the administrator gives a holder specific permission to file a paper report. (b) A holder may contract with a third party to make the report required under subsection (a). (c) Whether or not a holder contracts with a third party under subsection (b), the holder is responsible: (1) to the administrator for the complete, accurate, |
| and timely reporting of property presumed abandoned; and
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(2) for paying or delivering to the administrator
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| property described in the report.
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(d) A business association who has no reportable property shall so report to the administrator on forms via the Internet in a format approved by the administrator if the business association has:
(1) annual sales of more than $1,000,000;
(2) securities that are publicly traded;
(3) a net worth of more than $10,000,000; or
(4) more than 100 employees.
The administrator may increase one or more of the thresholds for filing a negative report by administrative rule.
(Source: P.A. 102-288, eff. 8-6-21.)
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(765 ILCS 1026/15-402)
Sec. 15-402. Content of report. (a) The report required under Section 15-401 must: (1) be signed by or on behalf of the holder and |
| verified as to its completeness and accuracy;
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(2) if filed electronically, be in a secure format
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| approved by the administrator which protects confidential information of the apparent owner;
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(3) describe the property;
(4) except for a traveler's check, money order, or
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| similar instrument, contain the name, if known, last-known address, if known, and Social Security number or taxpayer identification number, if known or readily ascertainable, of the apparent owner of property with a value of $5 or more;
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(5) for an amount held or owing under a life or
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| endowment insurance policy, annuity contract, or other property where ownership vests in a beneficiary upon the death of the owner, contain the name and last-known address of the insured, annuitant, or other apparent owner of the policy or contract and of the beneficiary;
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(6) for property held in or removed from a
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| safe-deposit box, indicate the location of the property, where it may be inspected by the administrator, and any amounts owed to the holder under Section 15-606;
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(7) contain the commencement date for determining
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| abandonment under Article 2;
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(8) state that the holder has complied with the
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| notice requirements of Section 15-501;
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(9) identify property that is a non-freely
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| transferable security and explain why it is a non-freely transferable security; and
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(10) contain other information the administrator
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(b) A report under Section 15-401 may include in the aggregate items valued under $5 each. If the report includes items in the aggregate valued under $5 each, the administrator may not require the holder to provide the name and address of an apparent owner of an item unless the information is necessary to verify or process a claim in progress by the apparent owner.
(c) A report under Section 15-401 may include personal information as defined in Section 15-1401(a) about the apparent owner or the apparent owner's property.
(d) If a holder has changed its name while holding property presumed abandoned or is a successor to another person that previously held the property for the apparent owner, the holder must include in the report under Section 15-401 its former name or the name of the previous holder, if any, and the known name and address of each previous holder of the property.
(Source: P.A. 100-22, eff. 1-1-18 .)
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(765 ILCS 1026/15-404)
Sec. 15-404. Retention of records by holder. A holder required to file a report under Section 15-401 shall retain records for 10 years after the later of the date the report was filed or the last date a timely report was due to be filed, unless a shorter period is provided by rule of the administrator. The holder may satisfy the requirement to retain records under this Section through an agent. The records must contain: (1) the information required to be included in the |
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(2) the date, place, and nature of the circumstances
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| that gave rise to the property right;
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(3) the amount or value of the property;
(4) the last address of the apparent owner, if known
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(5) sufficient records of items which were not
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| reported as unclaimed, to allow examination to determine whether the holder has complied with the Act; and
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(6) if the holder sells, issues, or provides to
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| others for sale or issue in this State traveler's checks, money orders, or similar instruments, other than third-party bank checks, on which the holder is directly liable, a record of the instruments while they remain outstanding indicating the state and date of issue.
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(Source: P.A. 100-22, eff. 1-1-18 .)
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